Aggregate Cyber-Risk Management in the IoT Age: Cautionary Statistics for (Re)Insurers and Likes
Ranjan Pal,Ziyuan Huang,Xinlong Yin,Sergey V. Lototsky,Swades De,Sasu Tarkoma,Mingyan Liu,Jon Crowcroft,Nishanth Sastry +8 more
TLDR
In this paper, a rigorous general theory to elicit conditions on (tail-dependent) heavy-tailed cyber risk distributions under which a risk management firm might find it (non)sustainable to provide aggregate cyber-risk coverage services for smart societies is provided.Abstract:
In this paper, we provide (i) a rigorous general theory to elicit conditions on (tail-dependent) heavy-tailed cyber-risk distributions under which a risk management firm might find it (non)sustainable to provide aggregate cyber-risk coverage services for smart societies, and (ii)a real-data driven numerical study to validate claims made in theory assuming boundedly rational cyber-risk managers, alongside providing ideas to boost markets that aggregate dependent cyber-risks with this http URL the best of our knowledge, this is the only complete general theory till date on the feasibility of aggregate cyber-risk management.read more
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Insurance in the Industry 4.0 environment: A literature review, synthesis, and research agenda
TL;DR: A systematic review of research on digital technologies in insurance discusses their benefits, enablers and inhibitors with specific reference to Industry 4.0-driven changes and identifies opportunities and imminent changes in the industry as discussed by the authors .
References
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