Episode 166: Foundations of Actuarial Science in Cyber Risk

In Episode 166 of Cybersecurity Where You Are, Sean Atkinson sits down with Tyler Moore, Ph.D., Chair of Cyber Studies at the University of Tulsa, and Daniel Woods, Lecturer at the University of Edinburgh. Together, they review the foundations of actuarial science in cyber risk. Here are some highlights from our episode:00:48. Introductions to Tyler and Daniel01:22. How actuarial science fits into a traditional approach of risk modeling02:20. Why cyber risk has historically been difficult to quantify04:01. How data sources available to insurers and individual organizations have evolved07:21. Adaptability as a key principle to model risk for an evolving cyber threat landscape08:58. Loss distribution modeling for different types of cyber threats11:38. Similarities and differences between how actuaries and frameworks view risks13:10. Quantifying severity, frequency, and resilience to different cyber risks14:31. How insurers differ from underwriters in their view of risk17:43. Ransomware as a case study where actuarial modeling improved risk management22:30. The value of translating cyber risk to business risk for CISOs like Sean26:20. Why data on which security controls matter most remains elusive32:33. The biggest misconceptions of using actuarial models in cybersecurity36:09. How cyber actuarial science can help to determine what works in cybersecurityResourcesEpisode 121: The Economics of Cybersecurity Decision-MakingEpisode 105: Context in Cyber Risk QuantificationEpisode 77: Data's Value to Decision-Making in CybersecurityHow Risk Quantification Tests Your Reasonable Cyber DefenseEpisode 113: Cyber Risk Prioritization as Ransomware DefenseEpisode 65: Making Cyber Risk Analysis Practical with QRAFAIR: A Framework for Revolutionizing Your Risk AnalysisIf you have some feedback or an idea for an upcoming episode of Cybersecurity Where You Are, let us know by emailing [email protected].

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