Cyber risk research in business and actuarial science
Journal
European Actuarial Journal
ISSN
2190-9733
Type
journal article
Date Issued
2020-10
Author(s)
Abstract (De)
We review the academic literature on “cyber risk” and “cyber insurance” in the fields of business (management, economics, finance, risk management and insurance) and actuarial science. Our results show that cyber risk is an increasingly important research topic in many disciplines, but one that so far has received little attention in business and actuarial science. Business research has documented the manifold detrimental effects of cyber risks using event studies and scenario analyses, while economic research is especially concerned with trade-offs between different risk management activities. Quantitative research including papers published in actuarial journals mainly focuses on loss modelling, especially taking dependencies and network structure into account. We categorize the empirical literature on cyber risk to filter out what we know on the frequency, severity and dependence structure of cyber risk. Finally, we list open research questions which demonstrate that cyber risk research is still in its infancy and that there is ample room for future research.
Language
English
HSG Classification
contribution to scientific community
HSG Profile Area
SOF - System-wide Risk in the Financial System
Refereed
Yes
Publisher
Springer
Volume
10
Number
2
Start page
303
End page
333
Pages
31
Subject(s)
Division(s)
Eprints ID
266690