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Improving Cyber-Security via Profitable Insurance Markets by Ranjan Pal; Leana Golubchik; Konstantinos Psounis; Pan Hui is a Computer Science article available to read on EtoBox.

What is Improving Cyber-Security via Profitable Insurance Markets about?

Recent work in security has illustrated that solutions aimed at detection and elimination of security threats alone are unlikely to result in a robust cyberspace. As an orthogonal approach to mitigating security problems, some researchers have pursued the use of cyber-insurance as a suitable risk management technique. In this regard, a recent work by the authors in [1] have proposed efficient monopoly cyberinsurance markets that maximize social welfare of users in a communication network via premium discriminating them. However, the work has a major drawback in the insurer not being able to make strictly positive profit in expectation, which in turn might lead to unsuccessful insurance markets. In this paper, we provide a method (based on the model in [1]) to overcome this drawback for the risk-averse premium discriminating monopoly cyber-insurer, and prove it in theory. More specifically, we propose a non-regulatory mechanism to allow monopoly cyber-insurers to make strictly positive profit in expectation. To investigate the general effectiveness of our mechanism beyond a monopoly setting with full coverage, we conduct numerical experiments (comparing social welfare at market equi

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Author

Ranjan Pal; Leana Golubchik; Konstantinos Psounis; Pan Hui

Publisher

ACM

Published

2018

Language

EN

Field

Computer Science (Physical Sciences)