Quantifying Cyber Risk

04.06.2021

WIFO Research Seminar with Rainer Böhme (University of Innsbruck)

How much harm results from cyber incidents? Which security interventions effectively reduce harm? Have these answers changed over time? Rainer Böhme from the University of Innsbruck spoke about this at the WIFO Research Seminar on 31 May 2021.

The paper is available here.

You can find more information about Rainer Böhme here.

Here is a video presentation by Rainer Böhme's co-author Daniel W. Woods:

Event

Rainer Böhme (University of Innsbruck)
WIFO Research Seminar, 31.05.2021 13:30
Online via GoToMeeting – Working Paper: https://informationsecurity.uibk.ac.at/pdfs/WB2020_sok_cyberrisk_snp.pdf – Video der Präsentation: https://youtu.be/XTCWkgkhZHU
Organised by: Austrian Institute of Economic Research
Research question(s): How much harm results from cyber incidents? − Which security interventions effectively reduce harm? − Have these answers changed over time? • Approach: Systematization of the empirical literature in several disciplines • Data: Stock markets, financial disclosures, insurance claims, news reports (breach disclosures), technical measurements, survey responses • Main result(s): Studies disagree on the harm resulting from cyber incidents − Omitted variables and sampling biases cast doubt on many results − Indicators of exposure explain more variance than indicators of preventive security − Very little is known about systemic cyber risk Policy implication(s): The market can handle individual cyber losses, but externalities creating systemic cyber risk require policy attention. Statistical institutes should extend the collection of cyber risk indicators on a representative basis.
Please contact

Agnes Kügler

Research groups: Industrial Economics, Innovation and International Competition
© Mika Baumeister/Unsplash
© Mika Baumeister/Unsplash