Insurability of Cyber Risk: An Empirical Analysis

Article, Preprint OPEN
Christian Biener; Martin Eling; Jan Hendrik Wirfs;
(2015)
  • Journal: The Geneva Papers on Risk and Insurance Issues and Practice,volume 40,issue 1 January,pages131-158
  • Subject: Cyber Risk, Cyber Insurance, Operational Risk, Insurability

This paper discusses the adequacy of insurance for managing cyber risk. To this end, we extract 994 cases of cyber losses from an operational risk database and analyse their statistical properties. Based on the empirical results and recent literature, we investigate the... View more
  • References (23)
    23 references, page 1 of 3

    Ackerman, G. (2013), “G-20 Urged to Treat Cyber-Attacks as Threat to Global Economy,” http://www.bloomberg.com/news/2013-06-13/g-20-urged-to-treat-cyber-attacks-as-threatto-economy.html, last accessed: January 18, 2014.

    Baer, W. S. and Parkinson, A. (2007), “Cyberinsurance in IT Security Management,” IEEE Security and Privacy 5(3): 50-56.

    Bandyopadhyay, T. M., Vijay, S. and Rao, R. C. (2009), “Why IT Managers Don't Go for Cyber-Insurance Products,” Communications of the ACM 52(11): 68-73.

    Bank for International Settlements (BIS) (2006), “International Convergence of Capital Measurement and Capital Standards: A Revised Framework Comprehensive Version,” http://www.bis.org/publ/bcbs128.pdf, last accessed: December 10, 2013.

    Barlow Lyde & Gilbert (2007), “International Comparative Review of Liability Insurance Law,” Insurance Day May.

    Berliner, B. (1982), “Limits of Insurability of Risks,” Englewood Cliffs, NJ: Prentice-Hall.

    Betterley, R. (2010), “Understanding the Cyber Risk Insurance and Remediation Services Marketplace: A Report on the Experiences and Opinions of Middle Market CFOs,” http://www.casact.org/community/affiliates/CANE/0412/Betterley2.pdf, last accessed: December 16, 2013.

    Betterley, R. (2013), “Cyber/Privacy Insurance Market Survey 2013: Carriers Deepen Their Risk Management Services Benefits-Insureds Grow Increasingly Concerned with Coverage Limitations, http://betterley.com/samples/cpims13_nt.pdf, last accessed: December 16, 2013.

    Biener, C. (2013), “Pricing in Microinsurance Markets,” World Development 41(1): 132-144.

    Biener, C. and Eling, M. (2012), “Insurability in Microinsurance Markets: An Analysis of Problems and Potential Solutions,” Geneva Papers on Risk and Insurance 37(1): 77-107.

  • Metrics
Share - Bookmark