Addressing insurance of data breach cyber risks in the catastrophe framework

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<title>Addressing insurance of data breach cyber risks in the catastrophe framework</title>
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<namePart>Hofmann, Annette</namePart>
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<namePart>Sornette, Didier </namePart>
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<abstract displayLabel="Summary">Considering data breaches as a man-made catastrophe helps clarify the actuarial need for multiple levels of analysis-going beyond claims-driven loss statistics alone- and calls for specific advances in both data and models. The prominent human element and the dynamic, networked and multi-type nature of cyber risk are perhaps what makes it uniquely challenging. Complementary top-down statistical and bottom-up analytical approaches are discussed. Focusing on data breach severity, we exploit open data for events at organisations in the U.S. We show that this extremely heavy-tailed risk is worsening for external attacker 'hack' events. Writing in Q2 of 2018, the median predicted number of ids breached in the U.S. due to hacking in the last  months of 2018 was 0.5 billion, with a 5% chance that the figure exceeds 7 billion, doubling the historical total. 'Fortunately', the total breach in that period turned out to be near the median.</abstract>
<note type="statement of responsibility">Spencer Wheatley, Annette Hofmann, Didier Sornette</note>
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<topic>Seguro de ciberriesgos</topic>
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<topic>Ciberriesgos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080592875">
<topic>Protección de datos</topic>
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<topic>Mercado de seguros</topic>
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<topic>Catástrofes</topic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/01/2021 Volumen 46 Número 1 - enero 2021 , p. 53-78</text>
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