scholarly journals State of the cyber insurance products within Slovenian insurance companies

2019 ◽  
Vol 7 (2) ◽  
pp. 56-68
Author(s):  
Tina Kavcic ◽  
Boštjan Delak
Keyword(s):  
Risk Mitigation ◽  
The United States ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Technology Infrastructure ◽  
Information Technology Infrastructure ◽  
Cyber Insurance ◽  
Baltic Countries ◽  
The Baltic ◽  
Cyber Risk

With the growing prevalence of cyber threats and cyber attacks enterprises have to manage their cyber risks. There are several risk strategies for cyber risk mitigation. One of them is to transfer the cyber risk to insurance companies through the so called “cyber insurance”. Cyber insurance is an insurance package used to protect companies and individuals from Internet risks, Internet of things risks, and risks associated with information technology infrastructure and activities. It is estimated that approximately 85% to 90% of the cyber insurance market is located in the United States while the European market is estimated to account for approximately 5% to 9%. With the exception of the Baltic countries, smaller countries have problems raising cyber risk awareness within their countries. This paper describes the results of our survey on availability of cyber insurance products in Slovenia. Results show that currently only a few insurance companies even offer cyber insurance products. On the other hand, the survey shows that regulators did not issue any guidelines to insurance companies to develop such insurance products. The aim of this paper is to raise awareness about the potential of cyber insurance products among scholars, insurance stakeholders, regulators, and also among potential clients.

scholarly journals Legal problems of insurance protection against cyber risks in space activities

2021 ◽  
pp. 268-276
Author(s):  
Nataliia Krasilich
Keyword(s):  
State Regulation ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Insurance ◽  
Insurance Contracts ◽  
Cyber Threats ◽  
Risk Insurance ◽  
Cyber Risk ◽  
Space Activities ◽  
Insured Event

General global trends in space activities are largely related to the need to protect space information technology from possible cyber threats. The issue of cybersecurity in space activities needs to be thoroughly studied and resolved, as the current state of space activities and existing mechanisms of international and state regulation do not provide a sufficient solution. Disruption of the process of receiving and exchanging information through space information systems can lead to significant consequences. The growing number of cyber threats is becoming more common and destructive. Therefore, the assessment of cyber vulnerabilities in space systems is an important task that must be addressed both at the stage of creation and development, and in the operation of such systems. This, in turn, requires the availability of tools to address the above tasks and qualified personnel. One of the legal ways to protect against the negative effects of cyber threats, including in the field of space activities, may be cyber risk insurance, as a financial and legal mechanism for compensation, loss of losses caused by cyber attacks. In Ukraine, cyber insurance is in its infancy and needs to develop innovative approaches to further development, taking into account the accumulated positive experience of foreign countries in this area. At the moment, insurance companies are only developing the practice of cyber risk insurance and such insurance contracts are isolated. In the current environment, as a rule, the issue of cyber risk insurance is included in comprehensive property insurance contracts, liability insurance, financial risks, which significantly limits the compensation of damages. The main difficulty in the process of indemnification under a cyber risk insurance contract is to record the fact of the insured event, the amount of damage and prove the causal link between the insured event and the claimed losses, as the amount of damage must not only be calculated but also documented. Space information technologies, which are increasingly penetrating economic and social processes, necessitate the development of a segment of cyber insurance in the field of space activities, which will provide adequate insurance protection and compensation for damages to the insured due to cyber incidents. Cyber risk insurance issues should be reflected in national legislation.

scholarly journals РОЛЬ КІБЕРСТРАХУВАННЯ В СИСТЕМІ РИЗИК-МЕНЕДЖМЕНТУ БАНКІВСЬКИХ УСТАНОВ

2020 ◽  
pp. 183-196
Author(s):  
Maksym Dubyna ◽  
Iryna Serediuk ◽  
Natalia Bilous
Keyword(s):  
Control Systems ◽  
Internal Control ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Insurance ◽  
Current Trends ◽  
Banking Institutions ◽  
Risk Insurance ◽  
Cyber Risk

Within the article, the role of cyber insurance in the development of risk management systems of banking institutions is researched, namely, the essence of this system is specified, conditions of cyber risks and their potential for threats to banking institutions are identified. Considerable attention is paid to the analysis of the consequences and actions of cyber attacks in the activities of these institutions, the essence of cyber insurance as a method of minimizing losses from such influences is studied, peculiarities of providing cyber risk insurance services by insurance companies to commercial banks are specified. In addition, current trends as for the costs of organizations to take measures to ensure their own cybersecurity and purchase of appropriate insurance products are revealed, measures to improve security of banking institutions based on improving their internal control systems and financial security are specified.

National Cyber Governance Awareness Policy and Framework

2019 ◽  
Vol 47 (02) ◽  
pp. 70-89
Author(s):  
Hala Bou Alwan
Keyword(s):  
United Arab Emirates ◽  
Cyber Security ◽  
Risk Mitigation ◽  
The United States ◽  
Cyber Attacks ◽  
Mitigation Measures ◽  
Governmental Agencies ◽  
Academic Level ◽  
The World ◽  
Cyber Education

AbstractDespite an ongoing drive by governments and law enforcers around the world to improve the sophistication of their risk mitigation measures, cyber-attacks are continually increasing. A study from Computer Crime and Intellectual Property Section (CCIPS) shows more than 4,000 ransomware attacks occurred daily in 2016. That's a 300 percent increase over 2015, where 1,000 ransomware attacks were seen per day. Cyber criminals are successfully penetrating even the most high-profile companies and governmental agencies. The breach at the NSA was truly alarming and just one recent example of the dire situation the country, and world, face as cybercrime intensifies and the cyber security talent shortage becomes more serious.Accordingly, the purpose of this research is to focus on cyber education at the national, government, and law enforcement level examining the methodology to set the tone from the top ensuring alignment between governments, law enforcers, private sector, and academic level. It also examines the gaps in cyber laws and educational governance initiatives and their impact on efficient execution of cyber policies for various regions of the world with a focus on the United Arab Emirates and the United States of America.Finally, this article recommends policy guidelines and a compliance manual framework for governments and law enforcers to consider ensuring that cyber risks are properly addressed and mitigated in a structured and coherent way.

Hedge Fund Due Diligence

2017 ◽  
Author(s):  
Jason Scharfman
Keyword(s):  
Risk Mitigation ◽  
Hedge Fund ◽  
Due Diligence ◽  
Technology Infrastructure ◽  
Information Technology Infrastructure ◽  
Operational Risks ◽  
Continuity Planning ◽  
The Board Of Directors ◽  
Operational Failures ◽  
Back Office

This chapter provides an overview of hedge fund due diligence challenges facing investors with a specific focus on the operational due diligence process. Operational due diligence is the process of evaluating the operational risks in place at a hedge fund. In recent years, due to a series of hedge fund failures and frauds, operational risks have become increasingly important. Risk mitigation techniques include information technology infrastructure; evaluations by the board of directors; business continuity planning; hedge fund service provider assessment, valuation, and fund operations; and back-office procedures. Another component of the operational due diligence process involves performing background investigations on key personnel. By seeking to evaluate these types of operational risk, investors can better diagnose and avoid losses from these hedge fund operational failures and outright fraud.

scholarly journals A macro analysis of the united states recovery with a particular focus on public debt

2012 ◽  
Vol 2 (1) ◽  
pp. 103
Author(s):  
MSc. Vlatko Jovanovski ◽  
MSc. Gabriela Suteva ◽  
MSc. Verica A. Jovanovska ◽  
MSc. Todor Cekerovski
Keyword(s):  
Information Technologies ◽  
Organization Structure ◽  
International Market ◽  
The United States ◽  
Organizational Adaptation ◽  
Technology Infrastructure ◽  
Information Technology Infrastructure ◽  
Competitive Strength ◽  
Key Driver ◽  
Market Strategies

Given the fact that after global economic crisis the enterprises still feels the consequences, best for them is to transforms organization structure in order to adapt to new conditions at domestic and the international market.Scientific paper gives special emphasis to the development of new market strategies supported by information technology infrastructure, highlighting the function of information technologies as a key driver of competitive strength of enterprises participating in international trade and its impact on organizational adaptation and the demands of international market.

scholarly journals Cyber Insurance Ratemaking: A Graph Mining Approach

Risks ◽  
2021 ◽  
Vol 9 (12) ◽  
pp. 224
Author(s):  
Yeftanus Antonio ◽  
Sapto Wahyu Indratno ◽  
Rinovia Simanjuntak
Keyword(s):  
Graph Mining ◽  
Risk Model ◽  
Critical Issue ◽  
Insurance Companies ◽  
Infection Rates ◽  
Network Characteristics ◽  
Cyber Insurance ◽  
Competitive Prices ◽  
Unweighted Network ◽  
Cyber Risk

Cyber insurance ratemaking (CIRM) is a procedure used to set rates (or prices) for cyber insurance products provided by insurance companies. Rate estimation is a critical issue for cyber insurance products. This problem arises because of the unavailability of actuarial data and the uncertainty of normative standards of cyber risk. Most cyber risk analyses do not consider the connection between Information Communication and Technology (ICT) sources. Recently, a cyber risk model was developed that considered the network structure. However, the analysis of this model remains limited to an unweighted network. To address this issue, we propose using a graph mining approach (GMA) to CIRM, which can be applied to obtain fair and competitive prices based on weighted network characteristics. This study differs from previous studies in that it adds the GMA to CIRM and uses communication models to explain the frequency of communications as weights in the network. We used the heterogeneous generalized susceptible-infectious-susceptible model to accommodate different infection rates. Our approach adds up to the existing method because it considers the communication frequency and GMA in CIRM. This approach results in heterogeneous premiums. Additionally, GMA can choose more active communications to reflect high communications contribution in the premiums or rates. This contribution is not found when the infection rates are the same. Based on our experimental results, it is apparent that this method can produce more reasonable and competitive prices than other methods. The prices obtained with GMA and communication factors are lower than those obtained without GMA and communication factors.

US military spending will increase for NATO’s east

2017 ◽  
Keyword(s):  
Nuclear Weapons ◽  
The United States ◽  
Eastern European ◽  
Content Type ◽  
Cross Border ◽  
Baltic Countries ◽  
Us Military ◽  
The Us ◽  
Incompatible Cross ◽  
The Baltic

Significance The United States has stationed 600 paratroopers in the Baltic countries and will defend their airspace for the duration of the Zapad-2017 exercise in a bid to reassure NATO allies of Washington’s commitment to their security. Longer term, Washington's European Deterrence Initiative (EDI) is paying for a forward presence of additional US forces in Europe, construction of additional infrastructure and upgrades to existing facilities. Impacts The US military will seek to conclude detailed hosting agreements with Eastern European NATO countries. Poland and South Korea are likely candidates for an expanded permanent US forward presence. Repeated US congressional budget standoffs will worry allies awaiting longer-term infrastructure projects. Stationing US tactical nuclear weapons on NATO’s eastern borders would be more provocative to Moscow than EDI-funded rotations. Replacing incompatible cross-border railway gauges between the Baltic states and Poland will take over a decade.

Building capacity of the Baltic States to meet the EU Water Framework Directive through watershed demonstration projects

2003 ◽  
Vol 48 (10) ◽  
pp. 1-7 ◽  
Author(s):  
A. Vicory ◽  
J. Staniskis ◽  
J. Heath ◽  
T. Davenport
Keyword(s):  
Water Framework Directive ◽  
Watershed Management ◽  
The United States ◽  
Ohio River ◽  
Ohio River Valley ◽  
The European Union ◽  
Management Planning ◽  
Baltic Countries ◽  
Management Capacity ◽  
The Baltic

The Ohio River Valley Water Sanitation Commission (ORSANCO), in cooperation with the United States EPA, is completing it role in assisting the Baltic Countries of Estonia, Latvia, Lithuania and Kaliningrad Oblast, Russia with watershed management capacity building demonstration projects under the Great Lakes/Baltic Sea Partnership Program. The Countries of Estonia, Latvia and Lithuania view the skills gained through this program as important to their objective of complying with the European Union’s Water Framework Directive and thus facilitating accession into the European Union. The program also addressed Kaliningrad’s desire to work cooperatively with their neighboring countries concerning shared waters. Three watershed demonstration projects were designed and implemented, two of which involved joint country efforts: Parnu River (Estonia) modeling for nutrients and bacteria survey; river basin assessment and management planning for the Lielupe Basin (Latvia and Lithuania); and data base development and cooperative water quality survey and analysis for the Sesupe River (Lithuania and Kaliningrad). The benefits of the projects include enhancing the country’s technical skills and the forging of relationships, without which achieving effective watershed management will be difficult to achieve.

scholarly journals Growth of food sector’s productivity through innovations

2015 ◽  
Vol 37 (2) ◽  
pp. 252-263
Author(s):  
Ligita Melece ◽  
Agnese Krievina
Keyword(s):  
Management Practices ◽  
Value Added ◽  
Developed Countries ◽  
The United States ◽  
Manufacturing Enterprises ◽  
Personnel Costs ◽  
Process Innovations ◽  
Baltic Countries ◽  
Long Run ◽  
The Baltic

Productivity is the ultimate driver of long-run economic growth but productivity of European countries, particularly Latvia, is lagging behind the United States (US) and some other developed countries. The purpose of this paper is: to find out and to recommend innovations’ types, which are more suitable for increasing the competitiveness (i. e., productivity) of manufacturing enterprises, in particular, of Latvia’s food sector’s enterprises; where the tasks are: 1) to clarify the current situation regarding to the competiveness, particularly productivity, and innovations in the Latvia’s food sector, comparing with other Baltic States; and 2) to find out financially the least consuming innovative tools for increasing the competitiveness and productivity of food sector’s enterprises. The comparison of productivity between the Baltic countries and other European Union (EU) countries (EU – average) highlights that it is lower in Latvia. At the same time, the share of personnel costs in the production value is considerably higher. Moreover, the value added per employer is also smaller. The share of innovative food enterprises in Latvia is the lowest among Baltic countries, and also in EU. Comparing the types of innovation, the organisational innovations are less common in EU, Baltic countries and, especially, in Latvia, than in US. The results strongly highlight the importance of organisational, notably management, innovations as a tool (requiring smaller investments) for increasing the productivity of food enterprises. The implementation of organisational and process innovations, inter alia, management practices and tools, deliver improvements in effectiveness, particularly productivity, and will offer more potential for competitive advantage than others.

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