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Supporting Cyberinsurance from a Behavioural Choice Perspective

Fact Sheet

Reporting

Results

Objective

CYBECO will research, develop, demonstrate, evaluate and exploit a new framework for managing cybersecurity risks, one that is focusing on cyberinsurance, as key risk management treatment. CYBECO integrates multidisciplinary research methods from Behavioural Economics, Statistics, Game and Decision Theory, Security Engineering and Behavioral Psychology in order to develop new concepts and models that are combined within a prototype software architecture (CYBECO Toolbox 2.0). CYBECO recognizes that the cyberinsurance domain is not adequately developed, partly due to the lack of sufficiently large statistical data sample and partly due to the difficulties customers face when deciding on their cyberinsurance investment options. CYBECO will address both these barriers, aiming at delivering advances clearly positioned beyond the State-of-the-Art. We plan to implement a prototype tool that will demonstrate and promote the CYBECO model and concepts. We then foresee to perform behavioural experiments to validate current institutional cybersecurity frameworks and to provide relevant policy insights, particularly in reference to behavioural nudges in cybersecurity. The CYBECO consortium is composed by complementary partners, coming from the addressed research, technological and market domains, that have a proven track record of high quality research capacity. Thus, the carefully structured workplan, embodies a holistic approach towards meeting the CYBECO objectives and delivering market-relevant outcomes of significant exploitation potential.

Programme(s)

H2020-EU.3.7.4. - Improve cyber security

Topic(s)

DS-04-2016 - Economics of Cybersecurity

Call for proposal

H2020-DS-SC7-2016

See other projects for this call

Funding Scheme

RIA - Research and Innovation action

Coordinator

TREK ANAPTYKSIAKON IPODOMON KE IPIRESION ANONIMI ETERIA

Address

32 Perikleous
15232 Chalandri N Attikis

Greece

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

EU Contribution

€ 276 875

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Participants (6)

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AGENCIA ESTATAL CONSEJO SUPERIOR DEINVESTIGACIONES CIENTIFICAS

Spain

EU Contribution

€ 251 250

INTRASOFT INTERNATIONAL SA

Luxembourg

EU Contribution

€ 341 750

DEVSTAT SERVICIOS DE CONSULTORIA ESTADISTICA SL

Spain

EU Contribution

€ 297 875

AXA TECHNOLOGY SERVICES

France

EU Contribution

€ 232 500

TECHNISCHE UNIVERSITEIT DELFT

Netherlands

EU Contribution

€ 354 232,50

UNIVERSITY OF NORTHUMBRIA AT NEWCASTLE

United Kingdom

EU Contribution

€ 229 027,50

Project information

CYBECO

Grant agreement ID: 740920

Project website

Status

Closed project

Start date

1 May 2017
End date

30 April 2019

Funded under:

H2020-EU.3.7.4.

Overall budget:

€ 1 983 510
EU contribution

€ 1 983 510

Coordinated by:

TREK ANAPTYKSIAKON IPODOMON KE IPIRESION ANONIMI ETERIA

Greece

Periodic Reporting for period 1 - CYBECO (Supporting Cyberinsurance from a Behavioural Choice Perspective)

Reporting period: 2017-05-01 to 2018-04-30

Summary of the context and overall objectives of the project

Cyber insurance can fulfill a key role in the economics of cybersecurity by keeping the risk manageable for the insured companies by transferring it to the insurance provider, while providing incentives for improving security.
Cyber insurance has not taken off yet, since it is difficult for insurance companies to create an overall risk picture for the domain and design their offerings accordingly while it is also difficult for companies to decide on whether to buy insurance or not. CYBECO focuses on two aspects of choice behavior to fill these gaps by including behavior of cyber threats in risk assessment through adversarial risk analysis, in order to support insurance companies in estimating risks and setting premiums, and using behavioral experiments to improve insurance decisions of IT owners, thereby enhancing decision support on risk transfer. By properly modelling and combining the choice behavior of cyber threats (risk generation), the choice behavior of insurance companies (risk assessment) and the choice behavior of IT owners (risk transfer options as cyber insurance), CYBECO aims at globally mitigating cyber risks, as indicated in Figure 1. The objective of CYBECO will be achieved through the following:
• CYBECO covers not only technical cyber security aspects but also behavioral, economic and policy issues, providing a renewed and more global view on the topic.
• CYBECO facilitates identification of optimal cyber security investments. Through experiments, it identifies effective designs of cyber insurance and behavioral nudges for incorporating better cybersecurity practices.
• CYBECO incorporates SEJ and MAUT methods to address the lack of cyber-attacks data and evaluate relevant aspects in relation with an organization. CYBECO models incorporate ARA (Adversarial Risk Analysis) aspects and, therefore, take into account attacker behavior and possible deterrence measures to be included in the security portfolio.
• CYBECO incorporates behavioral findings in relation with market and sector specificities into the models. Through the experiments, models will be validated and tested with potential customers. The final aim of the model is to suggest the optimal IT security investment portfolio to an organization with cyber insurance as a major ingredient.
• The CYBECO Toolbox is being developed to be the sustainable infrastructure to maintain the indicators and parameters required by the models. It will be the sustainable source of recommendations and point of engagement for policy makers, companies interested in alternative models of securing against cybersecurity threats and insurance companies interested in the development of alternative product portfolios for cybersecurity. It will also be a common information space for stakeholder engagement, model demonstration and collection of feedback.
• CYBECO performs a back to back comparison of the proposed approach with current institutional and governance frameworks to identify potential gaps in the frame of providing policy recommendations focusing on cyber insurance aspects.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Figure 1 - The Structure of CYBECO Goals

Project information

CYBECO

Grant agreement ID: 740920

Project website

Status

Closed project

Start date

1 May 2017
End date

30 April 2019

Funded under:

H2020-EU.3.7.4.

Overall budget:

€ 1 983 510
EU contribution

€ 1 983 510

Coordinated by:

TREK ANAPTYKSIAKON IPODOMON KE IPIRESION ANONIMI ETERIA

Deliverables

Documents, reports (9)

Project Website and Social Media

The deliverable will consist of a fully functional project website also including social media pages. The website will include the internal consortium coordination space.

Development of Dissemination Material

The deliverable contains printed and digital material that will be produced and distributed during the project.

Concept Note with Design of the Economic Experiments.

A concept note regarding the design of economic experiments based on T6.1 activities.

Modelling Framework for Cyber Risk Management

Document describing the methodology and framework in sufficient detail for implementation in tool.

CYBECO Content and Data Collection Manual

Will specify the data and content collection procedures and will specify the annotation of content based on common expert-generated vocabularies.

Innovation Schedule and Risk Management Plan

Provides an innovation schedule referring to delivery of relevant project innovations and defines a risk management plan accompanied by concrete mitigation activities.

Cyber-Insurance Use-Cases and Scenarios

Document providing the initial description of the use-cases and scenarios.

Dissemination and Communication Plan

The deliverable is the project’s dissemination and communication plan including a stakeholders’ analysis, objectives, dissemination channels and activities.

Project Handbook

Ensure a smooth initiation to the overall project in order to reduce risks and delays later in the project lifecycle. Definition of the KPI monitoring methods and procedures. System in place, with agreement and provision for auditing.

Open Research Data Pilot (1)

Demonstrators, pilots, prototypes (1)

Publications

Peer reviewed articles (3)

An Adversarial Risk Analysis Framework for Cybersecurity

Author(s): David Rios Insua, Aitor Couce‐Vieira, Jose A. Rubio, Wolter Pieters, Katsiaryna Labunets, Daniel G. Rasines

Published in: Risk Analysis, 2019, ISSN 0272-4332

DOI: 10.1111/risa.13331

The hybrid victim: Re-conceptualizing high-tech cyber victimization through actor-network theory

Author(s): Wytske van der Wagen, Wolter Pieters

Published in: European Journal of Criminology, 2018, Page(s) 147737081881201, ISSN 1477-3708

DOI: 10.1177/1477370818812016

Adversarial risk analysis for bi-agent influence diagrams: An algorithmic approach

Author(s): Jorge González-Ortega, David Ríos Insua, Javier Cano

Published in: European Journal of Operational Research, Issue 273/3, 2019, Page(s) 1085-1096, ISSN 0377-2217

DOI: 10.1016/j.ejor.2018.09.015

Book chapters (2)

Adversarial risk analysis as an expert judgement technique

Author(s): D. Ríos, J. Ortega, D. Banks. J. Ríos

Published in: The art and science of expert judgement elicitation, 2019

Philosophy of Security Engineering

Author(s): Wolter Pieters

Published in: Philosophy of Security Engineering, 2019

Project information

CYBECO

Grant agreement ID: 740920

Project website

Status

Closed project

Start date

1 May 2017
End date

30 April 2019

Funded under:

H2020-EU.3.7.4.

Overall budget:

€ 1 983 510
EU contribution

€ 1 983 510

Coordinated by:

TREK ANAPTYKSIAKON IPODOMON KE IPIRESION ANONIMI ETERIA

Project information

CYBECO

Grant agreement ID: 740920

Project website

Status

Closed project

Start date

1 May 2017
End date

30 April 2019

Funded under:

H2020-EU.3.7.4.

Overall budget:

€ 1 983 510
EU contribution

€ 1 983 510

Coordinated by:

TREK ANAPTYKSIAKON IPODOMON KE IPIRESION ANONIMI ETERIA

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Last update: 12 July 2017

Record number: 210232

CORDIS

Objective

Coordinator

Participants (6)

Project information

Periodic Reporting for period 1 - CYBECO (Supporting Cyberinsurance from a Behavioural Choice Perspective)

Project information

Deliverables

Publications

Project information

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