CYBECO - Supporting Cyberinsurance from a Behavioural Choice Perspective

Date: 
01/05/2017 to 30/04/2019

Introduction

Cyberinsurance can fulfill a key role in improving cybersecurity within companies by providing incentives for them to improve their security, requiring certain minimum protection standards. Unfortunately, so far cyberinsurance has not been widely adopted. CYBECO focuses on two aspects to fill this gap:

  • Including cyberthreat behaviour through adversarial risk analysis to support insurance companies in estimating risks and setting premiums as well as
  • using behavioural experiments to improve IT owners’ cybersecurity decisions. We thus facilitate risk-based cybersecurity investments and progress beyond information security economic models, supporting insurers in their cyber offerings through a risk management modelling framework and tool.

Who is the project designed for?

CYBECO includes a detailed analysis of the cyberinsurance (and cybersecurity) ecosystem as well an exploitation plan.
We identify the following markets:

  • Supply side:
    • Insurance companies aimed at providing improved cyberinsurance products.
    • Associated with them, insurance brokers and reinsurers.
    • Cyber security and consulting companies that could include well-calibrated cyber insurance products within their portfolios.
  • Demand side:
    • Owners of IT installations whose organizations critically depend on it, including SMEs, large companies, public administrations and, in the not so distant future, individuals insuring their home installations.

In short, we aim at making society more cybersecure.

Last, but not least, researchers in various areas (technology management, IT security, insurance, risk analysis, behavioural economics, cyber-psychology) would also benefit from our advances.

How is your project benefitting the end-user?

On the supply side, end-users benefit from better founded and designed cyberinsurance products and cyber risk management frameworks. On the demand side, end-users benefit from a well-founded tool that allows them to determine their optimal cyber security investments, including the appropriate cyber insurance product.

Globally, society as whole benefits since the project helps create a more secure environment.

In a nutshell, by properly modelling and combining decision-making behaviour surrounding cyber threats (risk generation), the decision-making behaviour of insurance companies (risk assessment) and the decision-making behaviour of IT owners (which includes cyber insurance), we aim to help mitigate cyber risks at the global level.

Please briefly describe the results your project achieved so far

  1. A model that facilitates the best portfolio of cybersecurity investments, including cyberinsurance, together with a case study that serves as template for complex studies.
  2. Other risk management models for cyber insurance decisions (cyber reinsurance and granting an insurance product).
  3. Several case studies to evaluate the methodology.
  4. A skeleton of a tool to facilitate implementing the above models.
  5. A study of the cyber insurance ecosystem to identify policy gaps and how our framework may be better applied within such ecosystem.
  6. The design of experiments to assess our model.

What are the next steps for your project?

  1. Perform the experiments.
  2. Complete the tool.
  3. Complete the case studies with our methodology.
  4. Refine the methodology based on experiments, case studies and tool experiences.
  5. Complete the cyberinsurance ecosystem and policy analysis to feed an exploitation plan.

News

Project of the Week - HERMENEUT

Cyberwatching.eu Project of the Week: HERMENEUT

Enterprises Intangible Risk Management via Economic Models based on Simulation of Modern Cyber Attacks

A Dynamic Solution for Intangible Assets

 

Project Hermeneut is a Horizon 2020 research and innovation project focusing on the economic aspects of cybersecurity, specially regarding intangible assets. It started in May 2017 and with a duration of 24 months it’s now approaching its end.

Future Events

ICDS 2019, The Thirteenth International Conference on Digital Society and eGovernments
21/02/2019 to 28/02/2019
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From February 24th to the 28th, 2097, the ICDS 2019, The Thirteenth International Conference on Digital Society and eGovernments will be host in Athens, Greece.

The event will focus on state-of-the-art public services, e-government services in the context of digital society, Internet and web services, digital intelligence, networking and telecommunications, e-commerce, e-business and other areas.

Global Cyber Security Summit
27/02/2019
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Global Cyber Security Summit

Developing a Robust Cyber Defense Strategy

Please Note: This program is under Chatham House Rule