Citation :

Devidas Kanchetti, 2023. "The Role of Data Science in Cyber Insurance: Quantifying Risk in the Digital Age" ESP International Journal of Advancements in Science & Technology (ESP-IJAST)  Volume 1, Issue 3: 59-74.

Abstract :

With the shift to digital solutions over the recent past and as more businesses turn to online platforms to conduct their operations, cyber insurance has become an essential product in handling risks arising from cyber risks. As such, this paper seeks to review the dynamics of data science in the context of cyber insurance because of the sophistication in the computation of cyber risks owing to analytics and machine learning models. The new paradigm of data science application in cyber insurance is already changing, and advanced conventional methods for assessing, managing, and pricing cyber risks are being provided. Some of the issues that the abstract will consider include the evolution of cyber threats and limited resources in terms of reference data. It will also include the technologies in data science which are being developed to meet these problems, among them being artificial intelligence AI used in mining big data to identify other features that cannot be identified. The abstract will also focus on the processing of data in real time and how it increases the insurer’s effectiveness in addressing new threats. The abstract will also discuss the ethical issues that come with the use of AI in cyber-insurance like the issues of privacy and the issue of bias when it comes to models. It is hoped that this paper will offer insight into the application of data science for analytically underpinning the subject of cyber insurance and showcase how the integration of such technologies will enhance the industry and consequently improve the stability of the online market system.

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[22] Devidas Kanchetti, 2021. "Climate Change and Insurance: Using Predictive Analytics to Navigate Emerging Risks", ESP Journal of Engineering & Technology Advancements 1(1): 184-194.

[23] Devidas Kanchetti, 2021. "The Ethics of Data Science in Insurance: Balancing Innovation with Privacy and Fairness", ESP Journal of Engineering and Technology Advancements 2(1): 86-99.

[24] Devidas Kanchetti, 2022. "Navigating Regulatory Challenges in Data-Driven Insurance: Strategies for Compliance and Innovation", ESP Journal of Engineering & Technology Advancements 2(3): 85-101.

[25] Devidas Kanchetti, 2023. “Social Media Data in Insurance: Exploring New Frontiers for Customer Insights and Risk Analysis”, ESP Journal of Engineering & Technology Advancements 3(1): 168-180.

Keywords :

Cyber Insurance, Data Science, Machine Learning, Predictive Analytics, Cybersecurity, Risk Management, Cyber Threats.