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Published on: October 24, 2019
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Cyber risk and cybersecurity: a systematic review of data availability
Frank Cremer1, Barry Sheehan1, Michael Fortmann2
1University of Limerick, Limerick, Ireland.
The Geneva Papers on Risk and Insurance. Issues and Practice
|February 23, 2022
Summary
Cybercrime costs are soaring, with a significant rise in cyber insurance claims. This study highlights the critical lack of available data on cyber risk, hindering effective management efforts by researchers and insurers.
Area of Science:
- Cybersecurity
- Risk Management
- Data Science
Background:
- Cybercrime costs reached nearly USD 1 trillion in 2020, a >50% increase since 2018.
- Average cyber insurance claims rose from USD 145,000 in 2019 to USD 359,000 in 2020.
- Growing need for improved cyber information, standardized databases, mandatory reporting, and public awareness.
Purpose of the Study:
- Analyze academic and industry literature on cybersecurity and cyber risk management.
- Focus on data availability within cybersecurity research.
- Identify gaps in open databases for cyber risk management.
Main Methods:
- Systematic literature review of cybersecurity and cyber risk management.
- Preliminary search yielded 5219 peer-reviewed studies.
- Application of systematic methodology to identify unique datasets.
Main Results:
- Identified 79 unique datasets from the literature review.
- Highlighted a significant lack of available data on cyber risk.
- Found a lacuna in open databases crucial for collective risk management.
Conclusions:
- The scarcity of cyber risk data presents a major challenge for stakeholders.
- Open databases are underdeveloped, impeding collaborative cyber risk management.
- Data evaluation and categorization will aid cybersecurity researchers and the insurance industry.
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