@article{chong_cyber_2025,author={Chong, Wing Fung and Feng, Runhuan and Hu, Hins and Zhang, Linfeng},title={Cyber risk assessment for capital management},journal={Journal of Risk and Insurance},volume={92},number={2},pages={424-471},doi={https://doi.org/10.1111/jori.12504},year={2025}}
Incident-specific cyber insurance
Wing Fung Chong, Daniël Linders, Zhiyu Quan, and Linfeng Zhang
Abstract In today’s insurance market, numerous cyber insurance products provide bundled coverage for losses resulting from different cyber events, including data breaches and ransomware attacks. Every category of incident has its own specific coverage 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 article 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 the buyer. Real data on cyber incidents are used to illustrate the feasibility of this approach. Several implementation improvement methods for practicality are also discussed.
@article{chong_incident-specific_2025,title={Incident-specific cyber insurance},volume={55},doi={10.1017/asb.2025.9},pages={395--425},number={2},journaltitle={{ASTIN} Bulletin},shortjournal={{ASTIN} Bull.},author={Chong, Wing Fung and Linders, Daniël and Quan, Zhiyu and Zhang, Linfeng},year={2025}}
2024
NLP-Powered Repository and Search Engine for Academic Papers: A Case Study on Cyber Risk Literature with CyLit
@article{cylit_naaj_2024,title={NLP-Powered Repository and Search Engine for Academic Papers: A Case Study on Cyber Risk Literature with CyLit},volume={29},copyright={All rights reserved},issn={1092-0277},doi={10.1080/10920277.2024.2416903},language={en},number={2},journal={North American Actuarial Journal},author={Zhang, Linfeng and Hu, Changyue and Quan, Zhiyu},year={2024},pages={390--421}}
2022
Epidemic Compartmental Models and Their Insurance Applications
Runhuan Feng, José Garrido, Longhao Jin, Sooie-Hoe Loke, and 1 more author
Abstract Our society’s efforts to fight pandemics rely heavily on our ability to understand, model and predict the transmission dynamics of infectious diseases. Compartmental models are among the most commonly used mathematical tools to explain reported infections and deaths. This chapter offers a brief overview of basic compartmental models as well as several actuarial applications, ranging from product design and reserving of epidemic insurance, to the projection of healthcare demand and the allocation of scarce resources. The intent is to bridge classical epidemiological models with actuarial and financial applications that provide healthcare coverage and utilise limited healthcare resources during pandemics.
@incollection{boado-penas_epidemic_2022,address={Cham},title={Epidemic {Compartmental} {Models} and {Their} {Insurance} {Applications}},copyright={All rights reserved},isbn={978-3-030-78333-4 978-3-030-78334-1},url={https://link.springer.com/10.1007/978-3-030-78334-1_2},language={en},urldate={2022-12-20},booktitle={Pandemics: {Insurance} and {Social} {Protection}},publisher={Springer International Publishing},author={Feng, Runhuan and Garrido, José and Jin, Longhao and Loke, Sooie-Hoe and Zhang, Linfeng},editor={Boado-Penas, María del Carmen and Eisenberg, Julia and Şahin, Şule},year={2022},doi={10.1007/978-3-030-78334-1_2},note={Series Title: Springer Actuarial},pages={13--40}}
2021
Pandemic risk management: Resources contingency planning and allocation
@article{chen_pandemic_2021,title={Pandemic risk management: {Resources} contingency planning and allocation},volume={101},copyright={All rights reserved},issn={01676687},shorttitle={Pandemic risk management},doi={10.1016/j.insmatheco.2021.08.001},language={en},urldate={2022-12-20},journal={Insurance: Mathematics and Economics},author={Chen, Xiaowei and Chong, Wing Fung and Feng, Runhuan and Zhang, Linfeng},year={2021},pages={359--383}}
2020
When Is a Cyber Incident Likely to Be Litigated and How Much Will It Cost? An Empirical Study
@article{kesan_when_2020,title={When {Is} a {Cyber} {Incident} {Likely} to {Be} {Litigated} and {How} {Much} {Will} {It} {Cost}? {An} {Empirical} {Study}},volume={27},copyright={All rights reserved},shorttitle={When {Is} a {Cyber} {Incident} {Likely} to {Be} {Litigated} and {How} {Much} {Will} {It} {Cost}?},journal={Connecticut Insurance Law Journal},author={Kesan, Jay P. and Zhang, Linfeng},year={2020},pages={529}}
Analysis of Cyber Incident Categories Based on Losses
@article{kesan_analysis_2020,title={Analysis of {Cyber} {Incident} {Categories} {Based} on {Losses}},volume={11},copyright={All rights reserved},issn={2158-656X, 2158-6578},doi={10.1145/3418288},language={en},number={4},urldate={2021-01-27},journal={ACM Transactions on Management Information Systems},author={Kesan, Jay P. and Zhang, Linfeng},year={2020},pages={1--28}}
2019
An Empirical Investigation of the Relationship between Local Government Budgets, IT Expenditures and Cyber Losses
@article{kesan_empirical_2019,title={An {Empirical} {Investigation} of the {Relationship} between {Local} {Government} {Budgets}, {IT} {Expenditures} and {Cyber} {Losses}},copyright={All rights reserved},issn={2168-6750, 2376-4562},doi={10.1109/TETC.2019.2915098},urldate={2021-01-27},journal={IEEE Transactions on Emerging Topics in Computing},author={Kesan, J. P. and Zhang, Linfeng},year={2019},pages={1--1}}
Cyber risk and insurance for transportation infrastructure
Gina Tonn, Jay P. Kesan, Linfeng Zhang, and Jeffrey Czajkowski
@article{tonn_cyber_2019,title={Cyber risk and insurance for transportation infrastructure},volume={79},copyright={All rights reserved},issn={0967070X},doi={10.1016/j.tranpol.2019.04.019},language={en},urldate={2021-01-27},journal={Transport Policy},author={Tonn, Gina and Kesan, Jay P. and Zhang, Linfeng and Czajkowski, Jeffrey},year={2019},pages={103--114}}
2018
Reducing Informational Disadvantages to Improve Cyber Risk Management†
Sachin Shetty, Michael McShane, Linfeng Zhang, Jay P. Kesan, and 3 more authors
The Geneva Papers on Risk and Insurance - Issues and Practice 2018
@article{shetty_reducing_2018,title={Reducing {Informational} {Disadvantages} to {Improve} {Cyber} {Risk} {Management}†},volume={43},copyright={All rights reserved},issn={1018-5895, 1468-0440},doi={10.1057/s41288-018-0078-3},language={en},number={2},urldate={2021-01-27},journal={The Geneva Papers on Risk and Insurance - Issues and Practice},author={Shetty, Sachin and McShane, Michael and Zhang, Linfeng and Kesan, Jay P. and Kamhoua, Charles A. and Kwiat, Kevin and Njilla, Laurent L.},year={2018},pages={224--238}}
