In financial markets, clients entrust their capital and data to financial infrastructure providers who are vulnerable to breaches. We develop a model in which infrastructure providers compete to provide secure and efficient client services, in the presence of a cyber-attacker. In equilibrium,...

In this paper, we study the law and economics of cyber risk pooling arrangements: risk sharing without an insurer. We start our discussion with the current theoretical foundations for risk shifting in cyber security. We subsequently discuss cyber risk pooling in relation to individual risk...

Cyber risk arises from contemporary conditions of informational hyperconnectivity and consequent relations of value and dependence. As the Covid-19 pandemic has illustrated, increased use of and reliance upon digital networks and systems has heightened awareness of these dynamics and deepened...