Cyber Risk and Cyber Risk Insurance: Status Quo and Future Research
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Editorial
Cyber Risk and Cyber Risk Insurance: Status Quo and Future Research Martin Eling Institute of Insurance Economics, University of St. Gallen, Girtannerstr. 6, St. Gallen 9010, Switzerland. E-mail: [email protected]
The Geneva Papers (2018). https://doi.org/10.1057/s41288-018-0083-6
The Geneva Papers on Risk and Insurance—Issues and Practice has a long tradition of publishing special issues on emerging topics in the insurance industry. Recent topics include extreme events and climate risk, microinsurance and longevity. There have also been several special issues devoted to the fields of pensions, health, and regulation. Currently, the growing economic and social importance of cyber risk is seen in the media on a daily basis. In addition, businesses are facing cyber risks that can lead to considerable corporate losses. Although first studies on cyber risk have been published, there is still an enormous lack of information on its empirical properties. The goal of this special issue is not only to present some interesting articles on one of the timeliest topics in insurance research and practice but also to stimulate future research on cyber risk and cyber risk insurance. This editorial summarises the papers included in this special issue and highlights some of the potential avenues for future research. It is not surprising that the number of submissions and accepted papers for this special issue was low compared to other special issues of The Geneva Papers. Although cyber risk—or information security in general—is a classic topic in IT research, only relatively few researchers are currently analysing this topic from a business or an economics perspective. The few articles that do exist come from very different methodological backgrounds and focus on different industries. The four articles presented in this special issue reflect the current state of research by covering numerous disciplines and industries. Three articles look at cyber risk management in general and one considers cyber risk insurance in detail. One of the four articles focuses on banking (Ashby et al., 2018) and one on insurance (Pooser et al., 2018); the remaining two have no specific industry focus (Shetty et al., 2018; de Smidt and Botzen, 2018). On the methodological side, the articles range from semi-structured interviews (Ashby et al., 2018) to a smaller empirical analysis with z-tests (de Smidt and Botzen, 2018), from a broader empirical analysis with probit regressions (Pooser et al., 2018) to the presentation of a conceptual framework for cyber risk scoring and mitigation (Shetty et al., 2018). The first paper in this special issue is ‘‘Emerging IT risks: Insights from German Banking’’ by Ashby et al. (2018). The authors collect interview data from 10 German banks participating in the 2014 ECB stress test to analyse how banks manage IT risks. The authors identify a gap between Enterprise Risk Management (ERM) as a general approach to risks threatening firms’ objectives on the one hand and Cyber Risk Management on the other hand.
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