11,805 research outputs found

    Models and Measures for Correlation in Cyber-Insurance

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    The future of Cybersecurity in Italy: Strategic focus area

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    This volume has been created as a continuation of the previous one, with the aim of outlining a set of focus areas and actions that the Italian Nation research community considers essential. The book touches many aspects of cyber security, ranging from the definition of the infrastructure and controls needed to organize cyberdefence to the actions and technologies to be developed to be better protected, from the identification of the main technologies to be defended to the proposal of a set of horizontal actions for training, awareness raising, and risk management

    Cyber insurance: the current situation and prospects of development

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    The aim of the article is to analyze current trends in the development of cyber insurance. The following methods of scientific research were used in the preparation of the article: generalization, correlation analysis, comparative analysis. The authors analyze in detail the main trends in the spread of cybercrime. The correlation analysis between the number of registered cybercrimes in a particular country and its GDP, the number of business entities, indicated the lack of correlation between the studied indicators. It states that the most common types of cybercrime are: hacking, unauthorized access, accidental exposure, insider and physical theft. The sectoral analysis of the distribution of cybercrime has revealed a decrease in the share of financial companies while increasing the share of health care companies. It is noted that cyber insurance is one of the effective preventive measures that minimize the negative effects of cybercrime intervention. The article presents segmentation of the cyber insurance market by geography and size of insurance companies. The results of the analysis showed the dominance of US companies in the cyber insurance market. It is stated that the sectoral distribution of cybersecurity policy purchasers in general follows the trends of the sectoral distribution of cybercrime. The volume of cyber insurance, expenses of insured legal entities is analyzed. The main trends in the development of cyber insurance have been identified. The factors that hold back the development of cyber risk insurance have been identified. The main ones include the following: high level of information entropy in the process of cyber risk assessment, lack of a single standard for filling insurance services in the field of cyber insurance. It is noted that in the medium term the cyber insurance market is prospective for insurance companies. This is caused by the increasing scale of cyber threats and the costs associated with cyberattacks

    Modeling and pricing cyber insurance: Idiosyncratic, systematic, and systemic risks

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    The paper provides a comprehensive overview of modeling and pricing cyber insurance and includes clear and easily understandable explanations of the underlying mathematical concepts. We distinguish three main types of cyber risks: idiosyncratic, systematic, and systemic cyber risks. While for idiosyncratic and systematic cyber risks, classical actuarial and financial mathematics appear to be well-suited, systemic cyber risks require more sophisticated approaches that capture both network and strategic interactions. In the context of pricing cyber insurance policies, issues of interdependence arise for both systematic and systemic cyber risks; classical actuarial valuation needs to be extended to include more complex methods, such as concepts of risk-neutral valuation and (set-valued) monetary risk measures
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