Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6534994932619366400
Warning: Cyber Will Soon Cost Insurers More Than Natural Disasters: Cybersecurity threats are a “major and systemic risk”: “I dream of a kind of Richter scale for cyber security”:
#Cyber #Security #Risk #CyberRisk #Insurance
While the cost of cyber risks has been small until now, the panel agreed it was only bound to increase. Kessler said the cyber risk could exceed $600 billion per year “in the worst case scenario.” That compares with the yearly cost of natural catastrophes, which he said is about $230 billion. The cyber risk “would dwarf it. So it gives you a size of the risk,” he said.
“It would be very helpful to have measurement and modeling tools. Unless we can model, it’s very difficult for us to provide coverage. We have scenarios but not modeling tools.”
National Association of Insurance Commissioners (NAIC) Expert Paper on Cyber Security Risks and Cyber Risk Insurance:
Advancing Cyber Risk Insurance Underwriting Model Risk Management beyond VaR to Pre-Empt and Prevent the Forthcoming Global Cyber Insurance Crisis:
https://lnkd.in/ea27wsh .
Latest Papers & Presentations: #CyberSecurity #RiskManagement
#Digital-#Quant-#Cyber-#Crypto-#Quantum Risks:
https://lnkd.in/eR6439j .
https://www.insurancejournal.com/news/international/2019/05/12/526164.htm
