What should be the minimum value of data security or privacy to a customer? We reason that at a minimum this value should be equal to the premium charged by an insurer for cyber insurance that compensates the customer for the claims resulting from the data security and privacy breaches. We...

In our increasingly networked world, information relating to an individual is of interest for its commercial value and for its potential to help promote a safe electronic realm, among other things. In the area of commerce, there are markets demanding the collection of personal data, and at the...

To avert the impending global Cyber-Finance Insurance Crisis based upon large-scale commercial reliance upon quantitative models with inherent model risks, tail risks, and systemic risks in current form, this post-doctoral thesis makes the following key contributions: Develops the first known...

Chapter 1. Data Sovereignty -- Chapter 2. Digital Governance -- Chapter 3. Conflicts of Law -- Chapter 4. Technical Complexities -- Chapter 5. Comparative Legal Strategies -- Chapter 6. Emerging Topics in Data Sovereignty and Digital Governance.

This paper looks at cybersecurity and the protection of critical national infrastructure, as an area of systemic risk to society. In particular, it looks at the obligations and potential penalties which apply to cloud providers under the regulatory framework established by the EU’s Network and...

Individuals derive benefits from their connections, but these may, at the same time, transmit external threats. Individuals therefore invest in security to protect themselves. However, the incentives to invest in security depend on their network exposures. We study the problem of designing a...

We examine a potential path to value-creation by cybersecurity investments: a reduction in a firm's cost of capital. Building on the existing literature on corporate finance, we suggest that given the business-ending threats of cybersecurity incidents and the importance of cybersecurity...

We use a unique cross-country dataset at the loss event level to document the evolution and characteristics of banks' operational risk. After a spike following the great financial crisis, operational losses have declined in recent years. The spike is largely accounted for by losses due to...