Security Risk Models for Cyber Insurance

Cybersecurity is essential for society, but current frameworks have drawbacks. This volume presents new models for cybersecurity risk management, based on the use of cyber insurance, to incentivize companies to improve their cybersecurity and benefit society as a whole.

Format: Paperback / softback
Length: 149 pages
Publication date: 01 August 2022
Publisher: Taylor & Francis Ltd

Cybersecurity is an urgent issue that affects society as a whole. The frequency and intensity of cyberattacks are on the rise, posing significant threats to individuals, organizations, and even governments. In recent years, we have witnessed a surge in ransomware attacks and distributed denial-of-service (DDoS) attacks that exploit the Internet of Things (IoT).

For organizations, managing cybersecurity risks is crucial to their survival. Traditional risk management frameworks, however, have limitations that can result in suboptimal allocation of cybersecurity resources. Cyber insurance has been proposed as a solution, offering premium discounts to companies that invest in robust cybersecurity measures. However, the availability and coverage of cyber insurance remain limited. This is because companies struggle to identify the right cyber insurance products and insurance companies face challenges in accurately assessing cyber risk.

To address these challenges, this volume presents innovative models for cybersecurity risk management. These models are based on the use of cyber insurance and incorporate adversarial risk analysis to account for the behavior of threat actors, as well as the behavior of companies and insurers. The models draw on psychological and behavioral economics studies to understand decision-making processes related to cybersecurity and cyber insurance.

Furthermore, the volume discusses the role of organizational decision-making in cybersecurity risk management. It emphasizes the importance of establishing clear governance structures, implementing effective risk management practices, and fostering a culture of cybersecurity awareness within organizations.

In conclusion, tackling the cybersecurity challenge is a critical endeavor that requires a comprehensive and collaborative approach. By leveraging new models for cybersecurity risk management, incorporating cyber insurance, and promoting organizational decision-making, we can enhance our resilience against cyber threats and protect our valuable assets.

Weight: 342g
Dimension: 176 x 253 x 14 (mm)
ISBN-13: 9780367672638