Insurance – Risk Management – InsuranceNewsNet

2022 NOV 25 (NewsRx) — By a News Reporter-Staff News Editor at Insurance Daily News — Data detailed on risk management have been presented. According to news reporting originating from Kennesaw, Georgia, by NewsRx correspondents, research stated, “Under-reporting in cyber incidents is a well-established problem.”

Our news editors obtained a quote from the research from Kennesaw State University: “Due to reputational risk and the consequent financial impact, a large proportion of incidents are never disclosed to the public, especially if they do not involve a breach of protected data. Generally, the problem of under-reporting is solved through a proportion-based approach, where the level of under-reporting in a data set is determined by comparison to data that is fully reported. In this work, cyber insurance claims data is used as the complete data set. Unlike most other work, however, our goal is to quantify under-reporting with respect to multiple dimensions: company revenue, industry, and incident categorization. The research shows that there is a dramatic difference in under-reporting-a factor of 100-as a function of these variables. Overall, it is estimated that…