2022 JUN 17 (NewsRx) — By a News Reporter-Staff News Editor at Insurance Daily News — Research findings on Insurance are discussed in a new report. According to news originating from Nurnberg, Germany, by NewsRx correspondents, research stated, “In this paper, we first construct a cyber risk consciousness score using a text mining algorithm, applied to annual reports of large- and mid-cap US banks and insurers from 2011 to 2018. We next categorize the firms’ cyber risk management based on keywords to study determinants and value-relevance.”
Financial support for this research came from Faculty of Business, Economics and Law at Friedrich-Alexander-Universitat Erlangen-Nurnberg.
Our news journalists obtained a quote from the research from Friedrich-Alexander-University Erlangen-Nurnberg (FAU), “Our results show an increasing cyber risk consciousness, regardless of the industry. In addition, for the entire sample we find that firms belonging to the banking industry, with a higher cyber risk consciousness score and a higher general risk awareness are more likely to implement cyber risk management, which also holds for both industries separately. We find the opposite in…
