Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6564614819977183232
Why #LossExceedanceCurves based on #VaR should be used with care for #CyberRisk #Financial #Loss #Assessment #Models:
Lessons from #GlobalFinancialCrisis:
#Insurance #CyberInsurance #CyberRiskInsurance #CyberRisk
Summary
#NAIC #ExpertPaper #CyberRiskManagement
#NationalAssociationOfInsuranceCommissioners :
Advancing Cyber Risk Insurance Underwriting Model Risk Management beyond VaR to Pre-Empt & Prevent the Forthcoming Global Cyber Insurance Crisis: https://lnkd.in/ea27wsh
Thesis
#Actuarial #Math #Models #Statistics #RiskModeling #RiskManagement
#CyberFinance #CyberRisk #FinancialRisk
Stress Testing for Cyber Risks: Cyber Risk Insurance Modeling beyond Value-at-Risk VaR: Risk, Uncertainty & Profit for the Cyber Era: https://lnkd.in/gyQSx6n .
Should #ChiefRiskOfficers #CROs Use #LossExceedanceCurves to Frame #CyberRisk #Decisions for #SeniorLeaders as Recommended? We Need to Examine this issue More Carefully by Paying Attention to related #Actuarial #Models:
“We propose that #RiskOfficers use ‘loss exceedance curves’ to frame #RiskDecisions to #SeniorLeaders… loss exceedance curves are graphs that visually display the *probability that loss will exceed some amount within some period of time*.
*#VaR #ValueAtRisk is the ‘technical’ name for the above #probability.*
