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Author : ERIC. DOLDEN
Publisher : Unknown
Page : 128 pages
File Size : 46,9 Mb
Release : 2020
Category : Electronic
ISBN : 0779892062
Author : OECD
Publisher : OECD Publishing
Page : 140 pages
File Size : 44,5 Mb
Release : 2017-12-08
Category : Electronic
ISBN : 9789264282148
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.
Author : David Rios Insua,Caroline Baylon,Jose Vila
Publisher : CRC Press
Page : 168 pages
File Size : 47,5 Mb
Release : 2020-12-21
Category : Mathematics
ISBN : 9781000336221
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).
Author : Dean Armstrong KC,Thomas Steward,Shyam Thakerar
Publisher : Bloomsbury Publishing
Page : 182 pages
File Size : 43,8 Mb
Release : 2021-07-22
Category : Law
ISBN : 9781526514141
Full of tips, case studies, tables and checklists this new title sets out the parameters of liability in respect of potential and actual cyber insurance claims and examines the significant areas where such claims will have the greatest impact. Covering First and Third party insurance, it provides the answers to questions such as: What is the extent to which a data breach can be protected or mitigated against by having suitable insurance in place? How does having insurance interplay with obligations under the GDPR? To what extent can insurance be used to safeguard driverless cars, drones and other AI-machines? How can insurance companies assist when hackers hold companies to ransom after stealing data? How can insurance assist with smart contracts on the blockchain and for potential coding errors? How can insurance mitigate against the hacking of online systems of manned ships?
Author : Josephine Wolff
Publisher : MIT Press
Page : 291 pages
File Size : 44,5 Mb
Release : 2022-08-30
Category : Business & Economics
ISBN : 9780262370769
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.
Author : T. R. Franklin,Donald K. S. Peterson
Publisher : Unknown
Page : 276 pages
File Size : 46,8 Mb
Release : 2009
Category : Business & Economics
ISBN : 0872188280
This book is designed to provide information and guidance to employees of all levels looking for ways to best handle the ever-changing and emerging world of intellectual property, its related issues, and associated risk management concerns. *Information on identifying, managing, and controlling e-risk, including cybercrime and e-discovery *Includes executive's guide for protecting electronically stored information
Author : EILEEN R. GARCZYNSKI
Publisher : Unknown
Page : 31 pages
File Size : 55,7 Mb
Release : 2019
Category : Computer insurance
ISBN : 1641055804
Author : Christopher A. Myers,Kwamina Thomas Williford
Publisher : Unknown
Page : 2384 pages
File Size : 47,5 Mb
Release : 2018-11
Category : Auditing, Internal
ISBN : 1402431198
Representing the combined work of more than forty leading compliance attorneys, Corporate Compliance Answer Book helps you develop, implement, and enforce compliance programs that detect and prevent wrongdoing. You'll learn how to: Use risk assessment to pinpoint and reduce your company's areas of legal exposureApply gap analysis to detect and eliminate flaws in your compliance programConduct internal investigations that prevent legal problems from becoming major crisesDevelop records management programs that prepare you for the e-discovery involved in investigations and litigationSatisfy labor and employment mandates, environmental rules, lobbying and campaign finance laws, export control regulations, and FCPA anti-bribery standardsMake voluntary disclosures and cooperate with government agencies in ways that mitigate the legal, financial and reputational damages caused by violationsFeaturing dozens of real-world case studies, charts, tables, compliance checklists, and best practice tips, Corporate Compliance Answer Book pays for itself over and over again by helping you avoid major legal and financial burdens.
Author : Celso de Azevedo
Publisher : Unknown
Page : 395 pages
File Size : 47,6 Mb
Release : 2019
Category : Data protection
ISBN : 0414070348
Author : David Rios Insua,Caroline Baylon,Jose Vila
Publisher : CRC Press
Page : 173 pages
File Size : 53,8 Mb
Release : 2020-12-20
Category : Computers
ISBN : 9781000336160
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).
Author : Jeannie Eunice Franks
Publisher : Unknown
Page : 74 pages
File Size : 53,9 Mb
Release : 2018-09-14
Category : Electronic
ISBN : 0359055230
Book intended for start-up businesses, small businesses, growing business, and already stablished businesses. Having a presence on Cyberspace seems essential now-a days in order to reach the intended audience businesses were created for. Along with the online presence, also comes levels of security. The last thing a business wants is to be hacked and not be able to recover from it. Purchasing a Cyber Liability Insurance might bring a peace of mind business owners want to have and keep. Inside, how I came to realize the importance of protecting my business with a Cyber Liability Insurance. Also, list of reliable companies that offer Cyber liability Insurance. This book also helps you enhance your Cyber vocabulary, and invites you to play games.
Author : Ariel Evans
Publisher : Routledge
Page : 134 pages
File Size : 53,8 Mb
Release : 2019-03-28
Category : Business & Economics
ISBN : 9780429614262
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.
Author : Emanuel Kopp,Lincoln Kaffenberger,Christopher Wilson
Publisher : International Monetary Fund
Page : 36 pages
File Size : 42,6 Mb
Release : 2017-08-07
Category : Computers
ISBN : 9781484313787
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.
Author : Standing Committee on
Publisher : American Bar Association
Page : 0 pages
File Size : 43,7 Mb
Release : 2016
Category : Computer insurance
ISBN : 1634255615
"This guide provides an overview of network security/cyber-liability insurance for law firms. It will familiarize you with the terminology and practices common in the specialized area and is a guide for making an informed decision about selecting network security/cyber-liability insurance"--Page 4.
Author : Liam M. D. Bailey
Publisher : Unknown
Page : 46 pages
File Size : 55,8 Mb
Release : 2020-08-04
Category : Electronic
ISBN : 9798672411422
Over the last decade, electronically stored data has become both an indispensable asset and emergent liability for companies that transact business online. Almost weekly, data breaches and computer crimes make national headlines, compounding the public's demand for adequate protection of sensitive consumer information. Increasingly, entities doing business in the information age find that traditional commercial general liability insurance policies do not cover the loss or theft of electronic data, leaving those entities with a sizable gap in insurance coverage in the event of a data breach. In response to this coverage gap, insurers have begun underwriting cyber-risk insurance policies to specifically address the perils of e-commerce. These policies range from coverage for losses and fines associated with data breach notification statutes, to comprehensive indemnity from consumer class action suits, infrastructure remediation costs and credit monitoring for affected individuals. Similar to more established types of insurance, however, cyber-risk coverage is not immune from the traditional vulnerabilities of the insurance marketplace, including moral hazard and adverse selection. This Article seeks to provide insurers and policymakers with a suggestion for mitigating moral hazard in the cyber-risk insurance market. Through an analysis of information security regulation and public policy considerations, this Article proposes an information exchange that insurers and regulators may use to share loss data, claim costs, and compliance audits of insureds, in an effort to more effectively price cyber-risk coverage and thereby reduce the moral hazard presented by insureds that possess insufficient information security infrastructure. Admission to this information exchange is predicated on two conditions: First, an insurer must pledge to discount premiums for entities that employ information security infrastructure that sufficiently protects consumer custodial data as matter of public policy; and second, insurers writing cyber-risk coverage must contribute their own loss data to this information exchange. The result of this proposal is a recommendation for an information-sharing platform, which encourages insurers to pool loss data and differentiate premiums for preferred risks. Because cyber-risk insurance is neither a market-driven private enterprise engaged in the unrestrained pursuit of profit, nor a tightly regulated, monopolistic public utility, this Article seeks to balance the autonomy of insurers with the public's need for adequately secured personal information to create a system that simultaneously mitigates moral hazard for insurers while encouraging the adequate protection of consumer data.