Is Cyber Insurance the best tool to preserve corporate value? That is indeed an appropriate question to ask as Cyber attacks seem to constitute major threats to businesses today. Cyber liability policies exist to indemnify and cover losses which may generate under an attack. However they generally include numerous exclusions and conditions. Contrary to natural hazards and many “classic” hazards the frequency of cyber attacks can be/is very high. Consider for example: quakes with frequencies in the order of one…
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In the case of Oroville dam, the population exposed to the potential dam failure has increased significantly. Normalization of deviance increased the probability of failure. So is it possible that Oroville Dam risks became unmanageable because of that? Oroville Dam risks became unmanageable? When looking at risk mitigation the old saying is that you can either lower the probability or lower the consequences. That statement requires some explanation. Indeed what mitigation alone can do is exclusively to reduce the probability of…
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In this post we will see to what extent does the point of view influence the ERM decision making process. We deploy the ORE (Optimum Risk Estimates, (C)Riskope) methodology. We want to enable the comparison of Management and Corporate decision making at ERM (Entreprise Risk Management) level. We selected ORE because common practice risk assessment techniques lack the acumen to enable the discussion to proceed. Common practice risk assessment techniques include methods such as FMECA, FMEA, Probability Impact graphs, etc. To…
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