Modelling cyber losses could get easier – study
Cyber losses behaved much like non-cyber losses when grouped by severity, so perhaps less data is needed
Modelling cyber losses might be easier than some practitioners say, an upcoming research paper reveals.
As losses mount from cyber risk, worries about the industry’s ability to model the risk properly have grown apace. Insurers warn of a lack of reliable loss data and even of standard definitions of different types of cyber threats – the latter problem sparking a new project from the US’s Federal Reserve Bank of Richmond.
But after delving into several thousand cyber and non-cyber loss events
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