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minerva2 12-22-2017 04:16 PM

Emerging risks
 
Hi everyone,

I am toying with some ideas for my Master's dissertation.

I am doing a Master's in Risk Management and am interested in emerging risks such as nanotechnologies or cyber attacks. This area is rather new to me as I've previously worked in life and pensions and really enjoyed it.

Could you please assist me in narrowing my topic and where to find applicable models and data on it? Also, how can I approach it in terms of projections and risk quantification.

I really appreciate your help, thank you!

Joshua0317 12-28-2017 11:28 AM

I can't personally narrow topics for you since I think your dissertation should be interesting and relevant to you personally. Cyber attacks sounds more interesting of the two you mentioned, especially if you attack it from the context of block chain (is it really all its hoped to be from a risk mitigation standpoint).

General risk management research:

http://www.casact.org/area/erm/

jas66Kent 12-28-2017 11:58 AM

You need to break this down into more granular risks.

Cyber risks are actually quite complex. They are an operational risk that can cause losses (via system failures) and reputational damages.

I deal with some of the modelling behind operational risks and they are very hard to quantify. We usually rely on data on losses provided on a global level by other similar (insurance) companies, as well as our own internal operational loss database.

Also, there is the additional issue with reinsurance as it pertains to cyber risks. How do you price this kind of risk?
How do you quantify possible losses? How do you incorporate possible reinsurance recoverables in your models given the uncertain nature of the risks?

I think this is an interesting growth area (cyber risks) given the increasing sophistication of technological systems, their interdependence, the increasing levels of regulatory data protection requirements, all of which add up to the possibility of big losses if breaches occurr.

minerva2 12-29-2017 08:12 AM

Thank you for your answers! I will look more into it. I'm afraid I might struggle with the data, especially given the time I have.

It is an interesting area. It is a bit academically challenging.

Thank you again for your help.


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