Title: Malicious data breach: Modeling and ratemaking
Authors: Maochao Xu - Illinois State University (United States) [presenting]
Abstract: The data breach risk has become the most common and dangerous cyber risk nowadays, which can lead to the expose of sensitive and confidential information, and financial losses. Therefore, the study of data breach has attracted much attention in the literature, but mainly from the perspectives of information technology. We discuss a novel statistical model for modeling the malicious data breach, which can be further used for the ratemaking. In particular, a frequency-severity model will be developed for modeling the loss of data breach. Several interesting findings will be mentioned as well.