North American Actuarial Journal Recognizes Best Paper of 2023
Cyber Risk Focus of Paper from Society of Actuaries Journal
September 5, 2024, Chicago, IL – The editorial board of the North American Actuarial Journal (NAAJ) announces the recipient of the NAAJ Annual Prize for the best paper published in 2023, “The Economic Impact of Extreme Cyber Risk Scenarios,” coauthored by Martin Eling, professor of Insurance Economics and Chair for Insurance Management at the University of St. Gallen, Switzerland; Mauro Elvedi, who was a PhD student, Institute of Insurance Economics, University of St. Gallen; and Dr. Greg Falco, assistant professor at the Sibley School of Mechanical and Aerospace Engineering and the Systems Engineering Program at Cornell University. The NAAJ is the scholarly journal of the Society of Actuaries (SOA).
“The Economic Impact of Extreme Cyber Risk Scenarios” provides a methodology to consistently analyze the economic impact of six well-known cyber risk scenarios. The paper proposes a standardized framework for quantifying economic losses to assess the costs of historical and potential future cyber incidents.
Since 1983, the NAAJ editorial board has selected a stand-out paper from the journal each year. Selection criteria include the quality of the research, its scientific impact and the potential societal reach. The authors of the prize-winning paper each receive a monetary award and commemorative plaque, and the paper is publicly available online for free for a year.
“Cyber risk is a significant area of risk impacting businesses, government and other organizations. This year’s winning paper provides expert application of actuarial principles involving cyber risk. Additionally, the topic is timely, and its proposed solutions promise to have real-world impact,” stated NAAJ Editor-in-Chief Montserrat Guillen Estany, PhD, MA, MSc.
To gain insight into cyber risk, explore the methodology and framework proposed in the prize-winning NAAJ article: “The Economic Impact of Extreme Cyber Risk” now publicly available.
About the North American Actuarial Journal
The North American Actuarial Journal (NAAJ) is the Society of Actuaries’ premier publication and only refereed journal. The SOA partners with Routledge, Taylor & Francis Group to publish the NAAJ, which serves the international, scientific, academic, business and governmental communities.
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 32,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.