Managing Cyber Risk, a Science in the Making

30 Pages Posted: 15 Feb 2023

See all articles by Michel M. Dacorogna

Michel M. Dacorogna

PRS Solutions

Marie Kratz

ESSEC Business School, CREAR risk research center

Date Written: February 08, 2023

Abstract

Not a day goes by without news about a cyber attack. Fear spreads out and lots of wrong ideas circulate. This survey aims at showing how all these uncertainties about cyber can be transformed into manageable risk. After reviewing the main characteristics of cyber risk, we consider the three layers of cyber space: hardware, software and psycho-cognitive layer. We ask ourselves how is this risk different from others, how modelling has been tackled and needs to evolve, and what are the multi-facetted aspects of cyber risk management. This wide exploration pictures a science in the making and points out the questions to be solved for building a resilient society.

Keywords: Cyber risk; Cyber security; Cyber resilience; Insurance; Modelling; Risk management

Suggested Citation

Dacorogna, Michel M. and Kratz, Marie, Managing Cyber Risk, a Science in the Making (February 08, 2023). ESSEC Business School Research Paper No. 2024-01, Available at SSRN: https://ssrn.com/abstract=4356389 or http://dx.doi.org/10.2139/ssrn.4356389

Michel M. Dacorogna

PRS Solutions ( email )

Raingässli 1
Zug, Zug 6300
Switzerland

Marie Kratz (Contact Author)

ESSEC Business School, CREAR risk research center ( email )

Avenue Bernard Hirsch
BP 50105
CERGY PONTOISE CEDEX 95021
France

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