@inproceedings{ff7a97dd8f5e491eae6b3ed7b5e77ba9,
title = "A Hierarchical Macroeconomic Copula Model for Cyber Damages Based on Current Cyber Insurance Prices",
abstract = "The cyber insurance market has expanded dramatically over the last decade; however, the underlying risk is still poorly understood by both cyber insurers and academic researchers. Although the quantification of cyber damage is a mainstay in the literature and of ongoing interest for researchers, several research questions requiring at least a somewhat accurate stochastic model for industry or countrywide cyber damages, are mostly disregarded by the academic community or only discussed in qualitative terms. Thus, this paper proposes a macroeconomic framework for generating plausible damage estimates based on current cyber insurance rate schedules, along with a nested hierarchical copula model for implementing the correlation between cyber damages. The resulting sample datasets will be made available to researchers to help spur an additional quantitative push in the literature.",
keywords = "Cyber insurance, Cyber risk modeling, Cyber risk quantification",
author = "Daniel Kasper and Jens Grossklags",
note = "Publisher Copyright: {\textcopyright} 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.; 4th International Conference on Science of Cyber Security, SciSec 2022 ; Conference date: 10-08-2022 Through 12-08-2022",
year = "2022",
doi = "10.1007/978-3-031-17551-0\_31",
language = "English",
isbn = "9783031175503",
series = "Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)",
publisher = "Springer Science and Business Media Deutschland GmbH",
pages = "472--483",
editor = "Chunhua Su and Kouichi Sakurai and Feng Liu",
booktitle = "Science of Cyber Security - 4th International Conference, SciSec 2022, Revised Selected Papers",
}