TY - JOUR
T1 - Cyber risk and cybersecurity
T2 - a systematic review of data availability
AU - Cremer, Frank
AU - Sheehan, Barry
AU - Fortmann, Michael
AU - Kia, Arash N.
AU - Mullins, Martin
AU - Murphy, Finbarr
AU - Materne, Stefan
N1 - Publisher Copyright:
© 2022, The Author(s).
PY - 2022/7
Y1 - 2022/7
N2 - Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability. From a preliminary search resulting in 5219 cyber peer-reviewed studies, the application of the systematic methodology resulted in 79 unique datasets. We posit that the lack of available data on cyber risk poses a serious problem for stakeholders seeking to tackle this issue. In particular, we identify a lacuna in open databases that undermine collective endeavours to better manage this set of risks. The resulting data evaluation and categorisation will support cybersecurity researchers and the insurance industry in their efforts to comprehend, metricise and manage cyber risks.
AB - Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability. From a preliminary search resulting in 5219 cyber peer-reviewed studies, the application of the systematic methodology resulted in 79 unique datasets. We posit that the lack of available data on cyber risk poses a serious problem for stakeholders seeking to tackle this issue. In particular, we identify a lacuna in open databases that undermine collective endeavours to better manage this set of risks. The resulting data evaluation and categorisation will support cybersecurity researchers and the insurance industry in their efforts to comprehend, metricise and manage cyber risks.
KW - Cyber insurance
KW - Cyber risk
KW - Cybersecurity
KW - Open data
KW - Systematic review
UR - http://www.scopus.com/inward/record.url?scp=85124757290&partnerID=8YFLogxK
U2 - 10.1057/s41288-022-00266-6
DO - 10.1057/s41288-022-00266-6
M3 - Article
AN - SCOPUS:85124757290
SN - 1018-5895
VL - 47
SP - 698
EP - 736
JO - Geneva Papers on Risk and Insurance: Issues and Practice
JF - Geneva Papers on Risk and Insurance: Issues and Practice
IS - 3
ER -