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Author: Josephine Wolff Publisher: MIT Press ISBN: 026237076X Category : Business & Economics Languages : en Pages : 291
Book Description
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: Josephine Wolff Publisher: MIT Press ISBN: 026237076X Category : Business & Economics Languages : en Pages : 291
Book Description
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: David Rios Insua Publisher: CRC Press ISBN: 1000336220 Category : Mathematics Languages : en Pages : 168
Book Description
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: OECD Publisher: OECD Publishing ISBN: 9264282149 Category : Languages : en Pages : 140
Book Description
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: Dean Armstrong KC Publisher: Bloomsbury Publishing ISBN: 1526514141 Category : Law Languages : en Pages : 182
Book Description
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: Joseph E. Brunsman (MSL) Publisher: ISBN: Category : Business insurance Languages : en Pages : 472
Book Description
'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,
Author: David L. Banks Publisher: CRC Press ISBN: 1498712401 Category : Business & Economics Languages : en Pages : 220
Book Description
Winner of the 2017 De Groot Prize awarded by the International Society for Bayesian Analysis (ISBA)A relatively new area of research, adversarial risk analysis (ARA) informs decision making when there are intelligent opponents and uncertain outcomes. Adversarial Risk Analysis develops methods for allocating defensive or offensive resources against
Author: Christopher A. Myers Publisher: ISBN: 9781402431197 Category : Auditing, Internal Languages : en Pages : 2384
Book Description
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: Ravi Das Publisher: CRC Press ISBN: 1000459985 Category : Business & Economics Languages : en Pages : 149
Book Description
Remote workforces using VPNs, Cloud-based infrastructure and critical systems, and a proliferation in phishing attacks and fraudulent websites are all raising the level of risk for every company. It all comes down to just one thing that is at stake: how to gauge a company’s level of cyber risk and the tolerance level for this risk. Loosely put, this translates to how much level of uncertainty an organization can tolerate before the uncertainty starts to negatively affect mission critical flows and business processes. Trying to gauge this can be a huge and nebulous task for any IT security team to accomplish. Making this task so difficult are the many frameworks and models that can be utilized. It is very confusing to know which one to utilize in order to achieve a high level of security. Complicating this situation further is that both quantitative and qualitative variables must be taken into consideration and deployed into a cyber risk model. Assessing and Insuring Cybersecurity Risk provides an insight into how to gauge an organization’s particular level of cyber risk, and what would be deemed appropriate for the organization’s risk tolerance. In addition to computing the level of cyber risk, an IT security team has to determine the appropriate controls that are needed to mitigate cyber risk. Also to be considered are the standards and best practices that the IT security team has to implement for complying with such regulations and mandates as CCPA, GDPR, and HIPAA. To help a security team to comprehensively assess an organization’s cyber risk level and how to insure against it, the book covers: The mechanics of cyber risk Risk controls that need to be put into place The issues and benefits of cybersecurity risk insurance policies GDPR, CCPA, and the CMMC Gauging how much cyber risk and uncertainty an organization can tolerate is a complex and complicated task, and this book helps to make it more understandable and manageable.
Author: Josephine Wolff
Author: Josephine Wolff
Author: David Rios Insua
Author: OECD
Author: Dean Armstrong KC
Author: Joseph Brunsman
Author: Joseph E. Brunsman (MSL)
Author: EILEEN R. GARCZYNSKI
Author: David L. Banks
Author: Christopher A. Myers
Author: Ravi Das