IT Security: The Actuarial Table

Earlier this week I talked about building out an actuarial table for defining risk in information security as something that would work in helping information security professionals being insured against the work that they do. Now, Dark Reading has a similar article written by Tim Wilson, the Site editor for Dark Reading, as part of the response to McAfee's report "SANS teaches for quantifying risk. The catch to this is that the data itself will have to be supplied by people who are making claims against said insurance. Like a health actuarial table or a car insurance actuarial table, the more data, the more refined it gets, the better able we are able to quantify risk in both a business, government and private market. I would at this point then not be surprised that companies that specialize in risk, like Lloyds of London or others are busy developing such risk models, so that the process can be quantified in insurance risk terms. There is already one company that does insure for "network security insurance" and they state that: "Network Security insurance coverage protects you from losses associated with unauthorized access to or theft of your data or e-business activities, computer viruses, denial of service attacks, as well as alleged unauthorized e-commerce transactions. The new digital world of network connectivity has served to significantly expand exposures to internal and external dangers. Data/system integrity problems, denial of service losses, and security breaches could all cause you to suffer significant revenue losses as well as represent a catastrophic blow to your organization's reputation. Network security insurance is required to cover the potential losses by electronic theft or sabotage." (Comments Tag: Add to Del.icio.us | Digg | Reddit | Furl Bookmark Murdok: Dan Morrill has been in the information security field for 18 years, both civilian and military, and is currently working on his Doctor of Management. Dan shares his insights on the important security issues of today through his blog, ITtoolbox blogging community