Modeling Cyber-Insurance - Revision history

Felix: /* Key Words */

2010-08-03T15:07:24Z

Key Words

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	[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Disclosure_Policy \| Disclosure Policy]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Disclosure_Policy \| Disclosure Policy]],
	~~[[Keyword_Index_and_Glossary_of_Core_Ideas#Honeypot \| Honeypot]],~~
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]		[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]

	==Synopsis==		==Synopsis==

Felix: /* Synopsis */

2010-08-03T15:07:24Z

Synopsis

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	The framework introduces a unified way of dealing with both interdependent security and correlated risk, two obstacles to the development of a cyber-insurance market that so far have been studied only separately. The remaining subsections of Sect. 2 describe the standard economic approach to insurance, augmented to cyber-risk where specific properties arise.		The framework introduces a unified way of dealing with both interdependent security and correlated risk, two obstacles to the development of a cyber-insurance market that so far have been studied only separately. The remaining subsections of Sect. 2 describe the standard economic approach to insurance, augmented to cyber-risk where specific properties arise.

	===Using the Framework for a Literature Survey, ~~plus~~ Concluding Remarks===		===Using the Framework for a Literature Survey, and Concluding Remarks===
	Section 3 applies the framework by classifying the relevant literature along the framework’s key components. The authors demonstrate the general usefulness of our framework and its suitability to ease comparisons between different models in a standardized terminology. The framework further permits to pinpoint the driving forces behind the results of models in the literature. Our hope is that this framework will serve as starting point for more systematic extensions in future work by both economists and security engineers.		Section 3 applies the framework by classifying the relevant literature along the framework’s key components. The authors demonstrate the general usefulness of our framework and its suitability to ease comparisons between different models in a standardized terminology. The framework further permits to pinpoint the driving forces behind the results of models in the literature. Our hope is that this framework will serve as starting point for more systematic extensions in future work by both economists and security engineers.
	General remarks on the state of the research field and possible directions are discussed in the concluding Section 4.		General remarks on the state of the research field and possible directions are discussed in the concluding Section 4.

Felix: /* A General Framework for Modeling Cyber-Insurance Markets */

2010-08-03T15:07:24Z

A General Framework for Modeling Cyber-Insurance Markets

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	The framework breaks the modeling decisions down to five key components:		The framework breaks the modeling decisions down to five key components:
	*~~cnetwork~~ environment,		* network environment,
	* demand side,		* demand side,
	* supply side,		* supply side,
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	Each component covers several model attributes, which imply specific modeling decisions. All attributes are discussed, including their common formalization, with particular emphasis on attributes that are specific to cyberrisk. For less cyber-specific attributes, references to the standard economic literature on indemnity insurance are provided.		Each component covers several model attributes, which imply specific modeling decisions. All attributes are discussed, including their common formalization, with particular emphasis on attributes that are specific to cyberrisk. For less cyber-specific attributes, references to the standard economic literature on indemnity insurance are provided.

	The framework introduces a unified way of dealing with both interdependent security and correlated risk, two obstacles to the development of a cyber-insurance market that so far have been studied only separately. The remaining subsections of Sect. 2 describe the standard economic approach to insurance, augmented to cyber-risk where specific properties arise.		The framework introduces a unified way of dealing with both interdependent security and correlated risk, two obstacles to the development of a cyber-insurance market that so far have been studied only separately. The remaining subsections of Sect. 2 describe the standard economic approach to insurance, augmented to cyber-risk where specific properties arise.

	===Using the Framework for a Literature Survey, plus Concluding Remarks===		===Using the Framework for a Literature Survey, plus Concluding Remarks===

Felix at 15:07, 3 August 2010

2010-08-03T15:07:24Z

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	==Categorization==		==Categorization==
	* Issues: [[Insurance]]		* Issues: [[Insurance]]; [[Incentives]]
	* Approaches: [[Private Efforts/Organizations]]		* Approaches: [[Private Efforts/Organizations]]

	==Key Words==		==Key Words==
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],
			[[Keyword_Index_and_Glossary_of_Core_Ideas#Disclosure_Policy \| Disclosure Policy]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Honeypot \| Honeypot]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Honeypot \| Honeypot]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]		[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]

	==Synopsis==		==Synopsis==
			The paper proposes a comprehensive formal framework to classify all market models of cyber-insurance we are aware of. The framework features a common terminology and deals with the specific properties of cyber-risk in a unified way: interdependent security, correlated risk, and information asymmetries. A survey of existing models, tabulated according to our framework, reveals a discrepancy between informal arguments in favor of cyber-insurance as a tool to align incentives for better network security, and analytical results questioning the viability of a market for cyber-insurance. Using our framework, we show which parameters should be considered and endogenized in future models to close this gap.

	The ~~paper proposes a comprehensive formal~~ framework to classify ~~all market~~ models		===A General Framework for Modeling Cyber-Insurance Markets===
	of cyber-insurance ~~we are aware~~ of. ~~The~~ framework ~~features a common terminology~~		The unifying framework proposed by the authors permits to classify the literature and identify areas that have not been covered by the existing models. Their objectives are to take stock, systematize in a common terminology, and give a structured account of a growing field with contributions spread over disperse communities. Ultimately, such a unifying framework should help navigate the literature and stimulates research that results in a more formal basis for policy recommendations involving cyber-risk reallocation.
	~~and deals with the~~ specific ~~properties of~~ cyber-risk ~~in a unified way~~: ~~interdependent~~
	~~security~~, ~~correlated risk~~, ~~and~~ information ~~asymmetries~~. ~~A survey of~~		In addition, the authors suggest that this framework can be used to partly standardize the exposition of cyber-insurance papers, thus simplifying the tasks of authors’ presentation and evaluation of the results by the research community. One key theme in designing such a framework is to identify factors specific to cyber-risk and cyber-insurance. This clarifies where novel contributions are needed.
	~~existing models~~, ~~tabulated according~~ to ~~our framework, reveals a discrepancy between~~
	~~informal arguments in favor of~~ cyber-insurance as a ~~tool to align incentives~~		The framework breaks the modeling decisions down to five key components:
	~~for better network~~ security, ~~and analytical results questioning~~ the ~~viability~~ of a market		*cnetwork environment,
	~~for~~ cyber-~~insurance~~. Using our framework~~, we show which parameters should~~		* demand side,
	~~be considered~~ and ~~endogenized~~ in ~~future~~ models ~~to close~~ this ~~gap~~.		* supply side,
			* information structure,
			* organizational environment.
			Each component covers several model attributes, which imply specific modeling decisions. All attributes are discussed, including their common formalization, with particular emphasis on attributes that are specific to cyberrisk. For less cyber-specific attributes, references to the standard economic literature on indemnity insurance are provided.

			The framework introduces a unified way of dealing with both interdependent security and correlated risk, two obstacles to the development of a cyber-insurance market that so far have been studied only separately. The remaining subsections of Sect. 2 describe the standard economic approach to insurance, augmented to cyber-risk where specific properties arise.

			===Using the Framework for a Literature Survey, plus Concluding Remarks===
			Section 3 applies the framework by classifying the relevant literature along the framework’s key components. The authors demonstrate the general usefulness of our framework and its suitability to ease comparisons between different models in a standardized terminology. The framework further permits to pinpoint the driving forces behind the results of models in the literature. Our hope is that this framework will serve as starting point for more systematic extensions in future work by both economists and security engineers.
			General remarks on the state of the research field and possible directions are discussed in the concluding Section 4.

	==Additional Notes and Highlights==		==Additional Notes and Highlights==

Felix at 14:48, 3 August 2010

2010-08-03T14:48:38Z

@@ Line 10: / Line 10: @@
 ==Categorization==
+* Issues: [[Insurance]]
-* Issues:  [[Economics of Cybersecurity]]; [[Insurance]]
+* Approaches: [[Private Efforts/Organizations]]
 ==Key Words==
+[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet | Botnet]],
-[[Cyber-Insurance]], [[Risk Assessment]]
+[[Keyword_Index_and_Glossary_of_Core_Ideas#Honeypot | Honeypot]],
 ==Synopsis==
-We propose a comprehensive formal framework to classify all market models
+The paper proposes a comprehensive formal framework to classify all market models
 of cyber-insurance we are aware of. The framework features a common terminology
 and deals with the specific properties of cyber-risk in a unified way: interdependent
@@ Line 30: / Line 35: @@
 ==Additional Notes and Highlights==

WikiSysop at 14:24, 24 June 2010

2010-06-24T14:24:31Z

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	==Categorization==		==Categorization==

	Issues: [[Economics of Cybersecurity]]; [[Insurance]]		* Issues: [[Economics of Cybersecurity]]; [[Insurance]]

	==Key Words==		==Key Words==

WikiSysop at 14:21, 24 June 2010

2010-06-24T14:21:12Z

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	[http://www1.inf.tu-dresden.de/~rb21/publications/BS2010_Modeling_Cyber-Insurance_WEIS.pdf ''Web'']		[http://www1.inf.tu-dresden.de/~rb21/publications/BS2010_Modeling_Cyber-Insurance_WEIS.pdf ''Web'']

	[http://cyber.law.harvard.edu/cybersecurity~~/edit~~/Special:Bibliography?~~view~~=&~~key~~=~~Bohme_Schwartz~~:~~2010~~&~~start~~=1&nr=1&f=~~wikibiblio.bib~~ ''BibTeX'']		[http://cyber.law.harvard.edu/cybersecurity/Special:Bibliography?f=wikibiblio.bib&title=Special:Bibliography&view=detailed&action=&keyword=Bohme+Schwartz:2010 ''BibTeX'']

	==Categorization==		==Categorization==

WikiSysop at 14:19, 24 June 2010

2010-06-24T14:19:41Z

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	==Full Citation==		==Full Citation==

	Rainer Bohme and Galina Schwartz, ''Modeling Cyber-Insurance'', Workshop on the Economics of Information Security, Harvard University, Cambridge, MA (June 2010).		Rainer Bohme and Galina Schwartz, ''Modeling Cyber-Insurance: Towards A Unified Framework'', Workshop on the Economics of Information Security, Harvard University, Cambridge, MA (June 2010).
	[http://www1.inf.tu-dresden.de/~rb21/publications/BS2010_Modeling_Cyber-Insurance_WEIS.pdf ''Web'']		[http://www1.inf.tu-dresden.de/~rb21/publications/BS2010_Modeling_Cyber-Insurance_WEIS.pdf ''Web'']

WikiSysop: Modeling Cyber-Insurance: Towards a Unified Framework moved to Modeling Cyber-Insurance

2010-06-24T14:18:02Z

Modeling Cyber-Insurance: Towards a Unified Framework moved to Modeling Cyber-Insurance

← Older revision	Revision as of 14:18, 24 June 2010
(No difference)

WikiSysop at 14:17, 24 June 2010

2010-06-24T14:17:31Z

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	==Categorization==		==Categorization==

	Issues: [[Economics of ~~Cyber Security~~]]; [[Insurance]]		Issues: [[Economics of Cybersecurity]]; [[Insurance]]

	==Key Words==		==Key Words==

← Older revision		Revision as of 15:07, 3 August 2010
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	[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Botnet \| Botnet]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Disclosure_Policy \| Disclosure Policy]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Disclosure_Policy \| Disclosure Policy]],
	~~[[Keyword_Index_and_Glossary_of_Core_Ideas#Honeypot \| Honeypot]],~~
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Interdependencies \| Interdependencies]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Phishing \| Phishing]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#Risk_Modeling \| Risk Modeling]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],		[[Keyword_Index_and_Glossary_of_Core_Ideas#SPAM \| SPAM]],
	[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]		[[Keyword_Index_and_Glossary_of_Core_Ideas#Worm \| Worm]]

	==Synopsis==		==Synopsis==