There is an ever emerging risk of Cyber crimes and to get a hold onto them, companies are relentlessly looking to price Cyber Insurance. The insurance is not unpopular but a target for everyone due to lack of data and which makes Cyber Insurance pricing painful.
We here accumulated some of the references. These will provide you an idea from the basic structure like “What is it?” to a glorious one consisting “the Modelling” of the epidemic, “the simulation” of this risk and Cyber Insurance Pricing.
These references consist of the Model processes like Copulas, Markov, Non-Markov, Weibull, Log – normal. Simulation of a cyber event will enable you to quantify( offcourse expected!) the risk and the expectation of infection which may look so pleasurous to you, if you are a statistical person.
This also involves the understanding and difference in pricing of an Independent and non-independent and the graphics make it more interesting!
In one of our very early article we tried to bring in your insights, a research paper by Martin Eling & Jan Hendrik Wirfs
Here are some references which will literally make your day if you are looking to work in this industry
- M. Eling and N. Loperfido. Data breaches: Goodness of fit, pricing, and risk measurement. Insurance: Mathematics and Economics, 75:126–136, 2017.
- M. Eling and W. Schnell. What we know about cyber risk and cyber risk insurance? The Journal of Risk Finance, 17(4):474–491, 2016.
- H. S. B. Herath and T. C. Herath. Copula based actuarial model for pricing cyber insurance policies. Insurance Markets and Companies: Analyses and Actuarial Computations, 2(1), 2011.
- P. Low. Insuring against cyber-attacks. Computer Fraud & Security, 2017(4):18–20, 2017.
- X. Maochao and H. Lei. Cybersecurity insurance: Modelling and pricing. soa" 15967 target="_blank">Society of Actuaries, 2017.
- A. Marotta, F. Martinelli, S. Nanni, A. Orlando, and A. Yautsiukhin. Cyber-insurance survey. Computer Science Review, 2017.
Hoping for you to have a great day. Enjoy statistics! Let us know which part you find most interesting and where do you think cyber insurance will stand in some years?