Cyberinsurance Policy
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Cyberinsurance Policy
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Author : Josephine Wolff
language : en
Publisher: MIT Press
Release Date : 2022-08-30
Cyberinsurance Policy written by Josephine Wolff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-30 with Business & Economics categories.
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.
Security Risk Models For Cyber Insurance
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Author : David Rios Insua
language : en
Publisher: CRC Press
Release Date : 2020-12-21
Security Risk Models For Cyber Insurance written by David Rios Insua and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-21 with Mathematics categories.
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).
Enhancing The Role Of Insurance In Cyber Risk Management
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-12-08
Enhancing The Role Of Insurance In Cyber Risk Management written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-08 with categories.
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.
Damage Control
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Author : Joseph E. Brunsman (MSL)
language : en
Publisher:
Release Date : 2022
Damage Control written by Joseph E. Brunsman (MSL) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business insurance categories.
'Damage Control' is an approachable, non-technical, collection of knowledge and experience from a Master’s in Cybersecurity Law (MSL), a Chartered Property Casualty Underwriter (CPCU), and a Certified Information Systems Security Professional (CISSP). While extensive and heavily researched, Damage Control offers a clear avenue for readers to understand the following questions, and more: What are the basics of cybersecurity? What is a breach? What threats are facing my business? When is client notification required, or not required? What potential state cybersecurity and breach notification laws apply to my business, and what do they mandate? What potential federal or international cybersecurity and privacy laws apply to my business? What “cyber” coverage may be found in my existing insurance policies? What does cyber insurance cover, or not cover? What should be in my cyber insurance policy, and why? How much cyber insurance do I need? How do I minimize my odds of a declination of coverage? What happens when multiple policies cover the same loss? When regulators mandate, 'reasonable' cybersecurity, what do they mean? Damage Control is the ideal reference for business owners, management, internal and external IT, cybersecurity staff, HR professionals, operations professionals, undergraduate or graduate-level students, privacy or cybersecurity law attorneys,and cyber insurance providers,
Enhancing The Role Of Insurance In Cyber Risk Management
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Author : Organization for Economic Cooperation and Development
language : en
Publisher: Organization for Economic Co-Operation & Development
Release Date : 2017
Enhancing The Role Of Insurance In Cyber Risk Management written by Organization for Economic Cooperation and Development and has been published by Organization for Economic Co-Operation & Development this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Computer crimes categories.
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.
Cyber Risks Insurance
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Author : Celso de Azevedo
language : en
Publisher:
Release Date : 2019
Cyber Risks Insurance written by Celso de Azevedo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Data protection categories.
Solving Cyber Risk
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Author : Andrew Coburn
language : en
Publisher: John Wiley & Sons
Release Date : 2018-12-18
Solving Cyber Risk written by Andrew Coburn and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-18 with Business & Economics categories.
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.
Cyberinsurance Policy
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Author : Josephine Wolff
language : en
Publisher: MIT Press
Release Date : 2022-08-30
Cyberinsurance Policy written by Josephine Wolff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-30 with Business & Economics categories.
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.
Mitigating Moral Hazard In Cyber Risk Insurance
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Author : Liam M. D. Bailey
language : en
Publisher:
Release Date : 2020-08-04
Mitigating Moral Hazard In Cyber Risk Insurance written by Liam M. D. Bailey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-04 with categories.
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.
A Practical Guide To Cyber Insurance For Businesses
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Author : Lauren D. Godfrey
language : en
Publisher:
Release Date : 2022
A Practical Guide To Cyber Insurance For Businesses written by Lauren D. Godfrey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Business insurance categories.
"A practical guide for insurance brokers, underwriters, risk managers and businesses as each of these constituencies work with each other to choose the right cyber insurance product for commercial businesses. ... This book is divided into two parts. The first eight chapters focus on the development of cyber insurance and various aspects and elements of cyber insurance that affect all industries, including how cyber insurance interacts with other commercial insurance coverage. Chapters nine through twenty-five take a closer look at the cyber risks and cyber insurance coverage needs for specific industries. In this way, the unique characteristics of each industry segment are highlighted and a review of cyber insurance for that industry segment is more focused. While not every possible industry segment is covered, the broadness of the industries covered should provide guidance to any business." --