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A framework for incorporating insurance in critical infrastructure cyber risk strategies

Author

Listed:
  • Young, Derek
  • Lopez, Juan
  • Rice, Mason
  • Ramsey, Benjamin
  • McTasney, Robert

Abstract

Smart critical infrastructure owners and operators are always looking for ways to minimize cyber risk while keeping a lid on cyber security expenditures. The insurance industry has been quantitatively assessing risk for hundreds of years to minimize risk and maximize profits. To achieve these goals, insurers continuously gather and analyze statistical data to improve their predictions, incentivize client investments in self-protection and periodically refine their models to improve the accuracy of risk estimates.

Suggested Citation

  • Young, Derek & Lopez, Juan & Rice, Mason & Ramsey, Benjamin & McTasney, Robert, 2016. "A framework for incorporating insurance in critical infrastructure cyber risk strategies," International Journal of Critical Infrastructure Protection, Elsevier, vol. 14(C), pages 43-57.
    • Handle: RePEc:eee:ijocip:v:14:y:2016:i:c:p:43-57
    DOI: 10.1016/j.ijcip.2016.04.001
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    References listed on IDEAS

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    1. Papa, Stephen & Casper, William & Moore, Tyler, 2013. "Securing wastewater facilities from accidental and intentional harm: A cost-benefit analysis," International Journal of Critical Infrastructure Protection, Elsevier, vol. 6(2), pages 96-106.
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    Citations

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    Cited by:

    1. Martin Eling & Michael McShane & Trung Nguyen, 2021. "Cyber risk management: History and future research directions," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 24(1), pages 93-125, March.
    2. Dirk Wrede & Annemarie Will & Tim Linderkamp & Johann-Matthias Graf Schulenburg, 2017. "An Urban Crisis Management System for Critical Infrastructures: Participation Possibilities for Insurance Companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(4), pages 633-656, October.
    3. Md. Hamid Uddin & Md. Hakim Ali & Mohammad Kabir Hassan, 2020. "Cybersecurity hazards and financial system vulnerability: a synthesis of literature," Risk Management, Palgrave Macmillan, vol. 22(4), pages 239-309, December.
    4. Alessandro Mazzoccoli & Maurizio Naldi, 2022. "An Overview of Security Breach Probability Models," Risks, MDPI, vol. 10(11), pages 1-29, November.
    5. Alessandro Mazzoccoli & Maurizio Naldi, 2021. "Optimal Investment in Cyber-Security under Cyber Insurance for a Multi-Branch Firm," Risks, MDPI, vol. 9(1), pages 1-28, January.
    6. Spada, Matteo & Paraschiv, Florentina & Burgherr, Peter, 2018. "A comparison of risk measures for accidents in the energy sector and their implications on decision-making strategies," Energy, Elsevier, vol. 154(C), pages 277-288.
    7. Hayes, Darren R. & Cappa, Francesco, 2018. "Open-source intelligence for risk assessment," Business Horizons, Elsevier, vol. 61(5), pages 689-697.
    8. Gabriela Zeller & Matthias Scherer, 2023. "Risk mitigation services in cyber insurance: optimal contract design and price structure," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(2), pages 502-547, April.
    9. Dirk Wrede & Tino Stegen & Johann-Matthias Schulenburg, 2020. "Affirmative and silent cyber coverage in traditional insurance policies: Qualitative content analysis of selected insurance products from the German insurance market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(4), pages 657-689, October.
    10. Loretta Mastroeni & Alessandro Mazzoccoli & Maurizio Naldi, 2022. "Pricing Cat Bonds for Cloud Service Failures," JRFM, MDPI, vol. 15(10), pages 1-18, October.
    11. Alessandro Mazzoccoli & Maurizio Naldi, 2020. "Robustness of Optimal Investment Decisions in Mixed Insurance/Investment Cyber Risk Management," Risk Analysis, John Wiley & Sons, vol. 40(3), pages 550-564, March.

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