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The paper 𝙏𝙝𝙚 𝙍𝙚𝙜𝙪𝙡𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝘿𝙖𝙩𝙖 𝙋𝙧𝙞𝙫𝙖𝙘𝙮 𝙖𝙣𝙙 𝘾𝙮𝙗𝙚𝙧𝙨𝙚𝙘𝙪𝙧𝙞𝙩𝙮 by Jasmin Gider (Tilburg University - Tilburg University School of Economics and Management), Luc Renneboog (Tilburg University - Department of Finance), and Tal Strauss (European Central Bank ECB) compares and contrasts the regulatory landscapes of data privacy and cybersecurity in the EU and the US. It outlines the fragmented nature of US regulations, often relying on state-specific laws and sectoral approaches, in contrast to the EU's more unified framework like 𝗚𝗗𝗣𝗥 and 𝗡𝗜𝗦 Directives. The text details the increasing costs and frequency of cyber incidents, emphasizing the insufficient mandatory disclosure requirements in both regions. Furthermore, it identifies gaps in current legislation and ongoing efforts, such as the 𝗘𝗨'𝘀 𝗖𝘆𝗯𝗲𝗿 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗔𝗰𝘁 and the US.'s 𝗖𝗜𝗥𝗖𝗜𝗔, to enhance 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 and address underinvestment in 𝗰𝘆𝗯𝗲𝗿𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆.

"In the current market practice, many #cyberinsurance products offer a coverage bundle for losses arising from various types of incidents, such as #databreaches and #ransomwareattacks, and the coverage for each incident type comes with a separate limit and deductible. Although this gives prospective cyber insurance buyers more flexibility in customizing the coverage and better manages the #risk exposures of sellers, it complicates the decision-making process in determining the optimal amount of risks to retain and transfer for both parties. This paper aims to build an economic foundation for these incident-specific cyber insurance products with a focus on how incident-specific indemnities should be designed for achieving #pareto optimality for both the #insurance seller and buyer. Real data on #cyberincidents is used to illustrate the feasibility of this approach. Several implementation improvement methods for practicality are also discussed."

"We show that classical #insurance #models based on some compound distributions can well predict #information #leakage by #cyberincidents with reducing the computational cost thanks to the model’s simplicity."