Cyber Risk Management Insurance

AY2018/2019 Semester 1

This course introduces quantitative risk theory with applications to cyber risk management and insurance. The cyber threat landscape is ever evolving and cyber security needs to be considered as a continuous effort to enable better protection, detection and mitigation of attacks. A key element of managing cyber risk is quantification of cyber risks (attack vs. defense). Firstly, this course introduces the concepts, terminologies in cyber security and the latest cyber threat landscape. Secondly, this course presents metrics and probability models for quantifying cyber threats, vulnerability and loss impact to an organization, and using these models to quantify the effect of security measures in reducing cyber risk. Thirdly, this course discusses the risk management aspects, including requirements of firms to be in compliance to cybersecurity law and regulation. The role of cyber insurance is discussed as a risk management and risk transfer tool. Students are expected to perform data analysis and case studies.