Investigators at Swiss Federal Institute of Technology Report Findings in Information and Data Security (Addressing Insurance of Data Breach Cyber Risks In the Catastrophe Framework)

Information Technology Daily

2020 AUG 27 (NewsRx) -- By a News Reporter-Staff News Editor at Information Technology Daily -- Fresh data on Information Technology - Information and Data Security are presented in a new report. According to news originating from Zurich, Switzerland, by NewsRx correspondents, research stated, “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.”

Our news journalists obtained a quote from the research from the Swiss Federal Institute of Technology, “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.”

According to the news editors, the research concluded: “Writing in Q2 of 2018, the median predicted number of ids breached in the U.S. due to hacking in the last 6 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.”

For more information on this research see: Addressing Insurance of Data Breach Cyber Risks In the Catastrophe Framework. The Geneva Papers on Risk and Insurance - Issues and Practice, 2020;():. The Geneva Papers on Risk and Insurance - Issues and Practice can be contacted at: Palgrave Macmillan Ltd, Brunel Rd Bldg, Houndmills, Basingstoke RG21 6XS, Hants, England.

The news correspondents report that additional information may be obtained from Spencer Wheatley, Swiss Federal Institute of Technology, Dept Management Technol & Econ, Chair Entrepreneurial Risks, Zurich, Switzerland. Additional authors for this research include Didier Sornette and Annette Hofmann.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1057/s41288-020-00163-w. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.