Download or read book Enhancing the Role of Insurance in Cyber Risk Management written by OECD and published by OECD Publishing. This book was released on 2017-12-08 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges.

Download or read book Enhancing the Role of Insurance in Cyber Risk Management written by Organization for Economic Cooperation and Development and published by Organization for Economic Co-Operation & Development. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, recent major incidents have highlighted the digital security and privacy protection risks that come with an increased reliance on digital technologies. While not a substitute for investing in cyber security and risk management, insurance coverage for cyber risk can make a significant contribution to the management of cyber risk by promoting awareness about exposure to cyber losses, sharing expertise on risk management, encouraging investment in risk reduction and facilitating the response to cyber incidents. This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. It includes a number of policy recommendations which support the development of the cyber insurance market and contribute to improving the management of cyber risk.

Download or read book Security Risk Models for Cyber Insurance written by David Rios Insua and published by CRC Press. This book was released on 2020-12-21 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tackling the cybersecurity challenge is a matter of survival for society at large. Cyber attacks are rapidly increasing in sophistication and magnitude—and in their destructive potential. New threats emerge regularly, the last few years having seen a ransomware boom and distributed denial-of-service attacks leveraging the Internet of Things. For organisations, the use of cybersecurity risk management is essential in order to manage these threats. Yet current frameworks have drawbacks which can lead to the suboptimal allocation of cybersecurity resources. Cyber insurance has been touted as part of the solution – based on the idea that insurers can incentivize companies to improve their cybersecurity by offering premium discounts – but cyber insurance levels remain limited. This is because companies have difficulty determining which cyber insurance products to purchase, and insurance companies struggle to accurately assess cyber risk and thus develop cyber insurance products. To deal with these challenges, this volume presents new models for cybersecurity risk management, partly based on the use of cyber insurance. It contains: A set of mathematical models for cybersecurity risk management, including (i) a model to assist companies in determining their optimal budget allocation between security products and cyber insurance and (ii) a model to assist insurers in designing cyber insurance products. The models use adversarial risk analysis to account for the behavior of threat actors (as well as the behavior of companies and insurers). To inform these models, we draw on psychological and behavioural economics studies of decision-making by individuals regarding cybersecurity and cyber insurance. We also draw on organizational decision-making studies involving cybersecurity and cyber insurance. Its theoretical and methodological findings will appeal to researchers across a wide range of cybersecurity-related disciplines including risk and decision analysis, analytics, technology management, actuarial sciences, behavioural sciences, and economics. The practical findings will help cybersecurity professionals and insurers enhance cybersecurity and cyber insurance, thus benefiting society as a whole. This book grew out of a two-year European Union-funded project under Horizons 2020, called CYBECO (Supporting Cyber Insurance from a Behavioral Choice Perspective).

Download or read book Cyberinsurance Policy written by Josephine Wolff and published by MIT Press. This book was released on 2022-08-30 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why cyberinsurance has not improved cybersecurity and what governments can do to make it a more effective tool for cyber risk management. As cybersecurity incidents—ranging from data breaches and denial-of-service attacks to computer fraud and ransomware—become more common, a cyberinsurance industry has emerged to provide coverage for any resulting liability, business interruption, extortion payments, regulatory fines, or repairs. In this book, Josephine Wolff offers the first comprehensive history of cyberinsurance, from the early “Internet Security Liability” policies in the late 1990s to the expansive coverage offered today. Drawing on legal records, government reports, cyberinsurance policies, and interviews with regulators and insurers, Wolff finds that cyberinsurance has not improved cybersecurity or reduced cyber risks. Wolff examines the development of cyberinsurance, comparing it to other insurance sectors, including car and flood insurance; explores legal disputes between insurers and policyholders about whether cyber-related losses were covered under policies designed for liability, crime, or property and casualty losses; and traces the trend toward standalone cyberinsurance policies and government efforts to regulate and promote the industry. Cyberinsurance, she argues, is ineffective at curbing cybersecurity losses because it normalizes the payment of online ransoms, whereas the goal of cybersecurity is the opposite—to disincentivize such payments to make ransomware less profitable. An industry built on modeling risk has found itself confronted by new technologies before the risks posed by those technologies can be fully understood.

Download or read book Solving Cyber Risk written by Andrew Coburn and published by John Wiley & Sons. This book was released on 2018-12-18 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The non-technical handbook for cyber security risk management Solving Cyber Risk distills a decade of research into a practical framework for cyber security. Blending statistical data and cost information with research into the culture, psychology, and business models of the hacker community, this book provides business executives, policy-makers, and individuals with a deeper understanding of existing future threats, and an action plan for safeguarding their organizations. Key Risk Indicators reveal vulnerabilities based on organization type, IT infrastructure and existing security measures, while expert discussion from leading cyber risk specialists details practical, real-world methods of risk reduction and mitigation. By the nature of the business, your organization’s customer database is packed with highly sensitive information that is essentially hacker-bait, and even a minor flaw in security protocol could spell disaster. This book takes you deep into the cyber threat landscape to show you how to keep your data secure. Understand who is carrying out cyber-attacks, and why Identify your organization’s risk of attack and vulnerability to damage Learn the most cost-effective risk reduction measures Adopt a new cyber risk assessment and quantification framework based on techniques used by the insurance industry By applying risk management principles to cyber security, non-technical leadership gains a greater understanding of the types of threat, level of threat, and level of investment needed to fortify the organization against attack. Just because you have not been hit does not mean your data is safe, and hackers rely on their targets’ complacence to help maximize their haul. Solving Cyber Risk gives you a concrete action plan for implementing top-notch preventative measures before you’re forced to implement damage control.

Download or read book Managing Cyber Risk written by Ariel Evans and published by Routledge. This book was released on 2019-03-28 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk is the second highest perceived business risk according to U.S. risk managers and corporate insurance experts. Digital assets now represent over 85% of an organization’s value. In a survey of Fortune 1000 organizations, 83% surveyed described cyber risk as an organizationally complex topic, with most using only qualitative metrics that provide little, if any insight into an effective cyber strategy. Written by one of the foremost cyber risk experts in the world and with contributions from other senior professionals in the field, Managing Cyber Risk provides corporate cyber stakeholders – managers, executives, and directors – with context and tools to accomplish several strategic objectives. These include enabling managers to understand and have proper governance oversight of this crucial area and ensuring improved cyber resilience. Managing Cyber Risk helps businesses to understand cyber risk quantification in business terms that lead risk owners to determine how much cyber insurance they should buy based on the size and the scope of policy, the cyber budget required, and how to prioritize risk remediation based on reputational, operational, legal, and financial impacts. Directors are held to standards of fiduciary duty, loyalty, and care. These insights provide the ability to demonstrate that directors have appropriately discharged their duties, which often dictates the ability to successfully rebut claims made against such individuals. Cyber is a strategic business issue that requires quantitative metrics to ensure cyber resiliency. This handbook acts as a roadmap for executives to understand how to increase cyber resiliency and is unique since it quantifies exposures at the digital asset level.

Download or read book Cyber Risk Market Failures and Financial Stability written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2017-08-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

Download or read book The Cyber Risk Handbook written by Domenic Antonucci and published by John Wiley & Sons. This book was released on 2017-05-01 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Actionable guidance and expert perspective for real-world cybersecurity The Cyber Risk Handbook is the practitioner's guide to implementing, measuring and improving the counter-cyber capabilities of the modern enterprise. The first resource of its kind, this book provides authoritative guidance for real-world situations, and cross-functional solutions for enterprise-wide improvement. Beginning with an overview of counter-cyber evolution, the discussion quickly turns practical with design and implementation guidance for the range of capabilities expected of a robust cyber risk management system that is integrated with the enterprise risk management (ERM) system. Expert contributors from around the globe weigh in on specialized topics with tools and techniques to help any type or size of organization create a robust system tailored to its needs. Chapter summaries of required capabilities are aggregated to provide a new cyber risk maturity model used to benchmark capabilities and to road-map gap-improvement. Cyber risk is a fast-growing enterprise risk, not just an IT risk. Yet seldom is guidance provided as to what this means. This book is the first to tackle in detail those enterprise-wide capabilities expected by Board, CEO and Internal Audit, of the diverse executive management functions that need to team up with the Information Security function in order to provide integrated solutions. Learn how cyber risk management can be integrated to better protect your enterprise Design and benchmark new and improved practical counter-cyber capabilities Examine planning and implementation approaches, models, methods, and more Adopt a new cyber risk maturity model tailored to your enterprise needs The need to manage cyber risk across the enterprise—inclusive of the IT operations—is a growing concern as massive data breaches make the news on an alarmingly frequent basis. With a cyber risk management system now a business-necessary requirement, practitioners need to assess the effectiveness of their current system, and measure its gap-improvement over time in response to a dynamic and fast-moving threat landscape. The Cyber Risk Handbook brings the world's best thinking to bear on aligning that system to the enterprise and vice-a-versa. Every functional head of any organization must have a copy at-hand to understand their role in achieving that alignment.

Download or read book Risk Management Role of Insurance in Energy Infrastructure Security and Resilience written by David Favaloro and published by . This book was released on 2014-05-14 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines key risks that the Nation's critical energy infrastructure is confronting and the ways in which the insurance industry can help manage these risks, including how it identifies, assesses, and manages them and their potential impacts. Today, weather-related incidents account for the majority of economic losses in the insurance industry as well as in the critical infrastructure sectors. In addition to the traditionally-recognized natural hazards, critical energy infrastructure faces significant emerging threats, including cybersecurity and space weather risks. While the United.

Download or read book Global Cyber Security Labor Shortage and International Business Risk written by Christiansen, Bryan and published by IGI Global. This book was released on 2018-10-05 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global events involving cybersecurity breaches have highlighted the ever-growing dependence on interconnected online systems in international business. The increasing societal dependence on information technology has pushed cybersecurity to the forefront as one of the most urgent challenges facing the global community today. Poor cybersecurity is the primary reason hackers are able to penetrate safeguards in business computers and other networks, and the growing global skills gap in cybersecurity simply exacerbates the problem. Global Cyber Security Labor Shortage and International Business Risk provides emerging research exploring the theoretical and practical aspects of protecting computer systems against online threats as well as transformative business models to ensure sustainability and longevity. Featuring coverage on a broad range of topics such as cybercrime, technology security training, and labor market understanding, this book is ideally designed for professionals, managers, IT consultants, programmers, academicians, and students seeking current research on cyber security’s influence on business, education, and social networks.

Download or read book Cyber Risk Management written by Atle Refsdal and published by Springer. This book was released on 2015-10-01 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a brief and general introduction to cybersecurity and cyber-risk assessment. Not limited to a specific approach or technique, its focus is highly pragmatic and is based on established international standards (including ISO 31000) as well as industrial best practices. It explains how cyber-risk assessment should be conducted, which techniques should be used when, what the typical challenges and problems are, and how they should be addressed. The content is divided into three parts. First, part I provides a conceptual introduction to the topic of risk management in general and to cybersecurity and cyber-risk management in particular. Next, part II presents the main stages of cyber-risk assessment from context establishment to risk treatment and acceptance, each illustrated by a running example. Finally, part III details four important challenges and how to reasonably deal with them in practice: risk measurement, risk scales, uncertainty, and low-frequency risks with high consequence. The target audience is mainly practitioners and students who are interested in the fundamentals and basic principles and techniques of security risk assessment, as well as lecturers seeking teaching material. The book provides an overview of the cyber-risk assessment process, the tasks involved, and how to complete them in practice.

Download or read book Economics of Information Security and Privacy written by Tyler Moore and published by Springer Science & Business Media. This book was released on 2010-07-20 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Workshop on the Economics of Information Security (WEIS) is the leading forum for interdisciplinary research and scholarship on information security and privacy, combining ideas, techniques, and expertise from the fields of economics, social science, business, law, policy, and computer science. In 2009, WEIS was held in London, at UCL, a constituent college of the University of London. Economics of Information Security and Privacy includes chapters presented at WEIS 2009, having been carefully reviewed by a program committee composed of leading researchers. Topics covered include identity theft, modeling uncertainty's effects, future directions in the economics of information security, economics of privacy, options, misaligned incentives in systems, cyber-insurance, and modeling security dynamics. Economics of Information Security and Privacy is designed for managers, policy makers, and researchers working in the related fields of economics of information security. Advanced-level students focusing on computer science, business management and economics will find this book valuable as a reference.

Download or read book Digital Asset Valuation and Cyber Risk Measurement written by Keyun Ruan and published by Academic Press. This book was released on 2019-05-29 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital Asset Valuation and Cyber Risk Measurement: Principles of Cybernomics is a book about the future of risk and the future of value. It examines the indispensable role of economic modeling in the future of digitization, thus providing industry professionals with the tools they need to optimize the management of financial risks associated with this megatrend. The book addresses three problem areas: the valuation of digital assets, measurement of risk exposures of digital valuables, and economic modeling for the management of such risks. Employing a pair of novel cyber risk measurement units, bitmort and hekla, the book covers areas of value, risk, control, and return, each of which are viewed from the perspective of entity (e.g., individual, organization, business), portfolio (e.g., industry sector, nation-state), and global ramifications. Establishing adequate, holistic, and statistically robust data points on the entity, portfolio, and global levels for the development of a cybernomics databank is essential for the resilience of our shared digital future. This book also argues existing economic value theories no longer apply to the digital era due to the unique characteristics of digital assets. It introduces six laws of digital theory of value, with the aim to adapt economic value theories to the digital and machine era. Comprehensive literature review on existing digital asset valuation models, cyber risk management methods, security control frameworks, and economics of information security Discusses the implication of classical economic theories under the context of digitization, as well as the impact of rapid digitization on the future of value Analyzes the fundamental attributes and measurable characteristics of digital assets as economic goods Discusses the scope and measurement of digital economy Highlights cutting-edge risk measurement practices regarding cybersecurity risk management Introduces novel concepts, models, and theories, including opportunity value, Digital Valuation Model, six laws of digital theory of value, Cyber Risk Quadrant, and most importantly, cyber risk measures hekla and bitmort Introduces cybernomics, that is, the integration of cyber risk management and economics to study the requirements of a databank in order to improve risk analytics solutions for (1) the valuation of digital assets, (2) the measurement of risk exposure of digital assets, and (3) the capital optimization for managing residual cyber risK Provides a case study on cyber insurance

Download or read book Enterprise Cyber Risk Management as a Value Creator written by Bob Chaput and published by Apress. This book was released on 2024-02-14 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will help you learn the importance of organizations treating enterprise cyber risk management (ECRM) as a value creator, a business enabler, and a mechanism to create a competitive advantage. Organizations began to see the real value of information and information technology in the mid-1980s. Forty years later, it’s time to leverage your ECRM program and cybersecurity strategy in the same way. The main topics covered include the case for action with specific coverage on the topic of cybersecurity as a value creator, including how the courts, legislators, and regulators are raising the bar for C-suite executives and board members. The book covers how the board’s three primary responsibilities (talent management, strategy, and risk management) intersect with their ECRM responsibilities. ECRM was once solely focused on managing the downside of risk by defending the organization from adversarial, accidental, structural, and environmental threat sources. Author Bob Chaput presents the view that we must focus equally on managing the upside of cyber strengths to increase customer trust and brand loyalty, improving social responsibility, driving revenue growth, lowering the cost of capital, attracting higher quality investments, creating competitive advantage, attracting and retaining talent, and facilitating M&A work. He focuses on the C-suite and board role in the first part and provides guidance on their roles and responsibilities, the most important decision about ECRM they must facilitate, and how to think differently about ECRM funding. You will learn how to the pivot from cost-center thinking to value-center thinking. Having built the case for action, in the second part, the book details the steps that organizations must take to develop and document their ECRM program and cybersecurity strategy. The book first covers how ECRM must be integrated into business strategy. The remainder of that part presents a sample table of contents for an ECRM Program and Cybersecurity Strategy document and works through each section to facilitate development of your own program and strategy. With all the content and ideas presented, you will be able to establish, implement, and mature your program and strategy. What You Will Learn Read new information and treat ECRM and cybersecurity as a value creator Receive updates on legal cases, legislative actions, and regulations that are raising the stakes for organizations, their C-suites, and boards Think differently about funding ECRM and cybersecurity initiatives Understand the most critical ECRM decision that boards must facilitate in their organizations Use practical, tangible, actionable content to develop and document your ECRM program and cybersecurity strategy “This book should be mandatory reading for C-suite executives and board members. It shows you how to move from viewing cybersecurity as a risk to avoid, and a cost center that does not add value and is overhead, to seeing cybersecurity as an enabler and part of your core strategy to transform your business and earn customer and stakeholder trust.” —Paul Connelly, First CISO at the White House and HCA Healthcare Who This Book Is For The primary audience includes Chief Information Security Officers, Chief Risk Officers, and Chief Compliance Officers. The secondary audience includes C-suite executives and board members. The tertiary audience includes any stakeholder responsible for privacy, security, compliance, and cyber risk management or students of these topics.

Download or read book Cyber Risk for the Financial Sector A Framework for Quantitative Assessment written by Antoine Bouveret and published by International Monetary Fund. This book was released on 2018-06-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income.

Download or read book Computers at Risk written by National Research Council and published by National Academies Press. This book was released on 1990-02-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computers at Risk presents a comprehensive agenda for developing nationwide policies and practices for computer security. Specific recommendations are provided for industry and for government agencies engaged in computer security activities. The volume also outlines problems and opportunities in computer security research, recommends ways to improve the research infrastructure, and suggests topics for investigators. The book explores the diversity of the field, the need to engineer countermeasures based on speculation of what experts think computer attackers may do next, why the technology community has failed to respond to the need for enhanced security systems, how innovators could be encouraged to bring more options to the marketplace, and balancing the importance of security against the right of privacy.

Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.