"In the current market practice, many #cyberinsurance products offer a coverage bundle for losses arising from various types of incidents, such as #databreaches and #ransomwareattacks, and the coverage for each incident type comes with a separate limit and deductible. Although this gives prospective cyber insurance buyers more flexibility in customizing the coverage and better manages the #risk exposures of sellers, it complicates the decision-making process in determining the optimal amount of risks to retain and transfer for both parties. This paper aims to build an economic foundation for these incident-specific cyber insurance products with a focus on how incident-specific indemnities should be designed for achieving #pareto optimality for both the #insurance seller and buyer. Real data on #cyberincidents is used to illustrate the feasibility of this approach. Several implementation improvement methods for practicality are also discussed."
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