Security breaches adversely impact profit margins, market capitalization and brand image of an organization. Global organizations resort to the use of technological devices to reduce the frequency of a security breach. To minimize the impact of financial losses from security breaches, we advocate the use of cyber-insurance products. This paper proposes models to help firms decide on the utility of cyber-insurance products and to what extent they can use them. In this paper, we propose a Copula-aided Bayesian Belief Network (CBBN) for cyber-vulnerability assessment (C-VA), and expected loss computation. Taking these as an input and using the concepts of collective risk modeling theory, we also compute the premium that a cyber risk insurer can charge to indemnify cyber losses. Further, to assist cyber risk insurers and to effectively design products, we propose a utility based preferential pricing (UBPP) model. UBPP takes into account risk profiles and wealth of the prospective insured firm before proposing the premium. Display Omitted Proposed Cyber risk insurance products to minimize the impact of financial loss of security breach.Cyber risk insurance products complement security technology.Our proposed Copula aided Bayesian Belief networks model helps to asses cyber risk.Collective risk & Utility Theory used to computes premium for Cyber risk insurance products.Cyber risks mode for to decide to opt for cyber insurance or not for organizations.

Cyber-risk decision models: To insure IT or not?

Software engineering is of major importance to all enterprises; however, the key areas of software quality and software process improvement standards and models are currently geared toward large organizations, where most software organizations are small and medium enterprises. Software Process Improvement for Small and Medium Enterprises: Techniques and Case Studies offers practical and useful guidelines, models, and techniques for improving software processes and products for small and medium enterprises, utilizing the authoritative, demonstrative tools of case studies and lessons learned to provide academics, scholars, and practitioners with an invaluable research source.

Software Process Improvement for Small and Medium Enterprises: Techniques and Case Studies

The influence of SPI on business success in software SMEs

Business process modelling focuses on the modelling of functional behaviour. In this article, we propose an extension for the business process modelling notation to express non-functional authorisations requirements in a process model to enable the collaboration between security experts and business analysts. To capture multi-level, role-based and Separation of Duty authorisation requirements, new model element attributes and authorisation artefacts are introduced. To enhance the usability of this approach, simple visual decorators are specified to ease the communication of requirements between various stakeholders. To provide an early validation of these authorisation requirements during the definition of a process model, formal semantics are applied to the process model and model-checking techniques are used to provide feedback. As a pragmatic proof-of-concepts, a first prototype implementation is briefly discussed.

An approach to capture authorisation requirements in business processes

The purpose of this paper is to identify the relationship between the process improvement approaches of CMMI and ISO/IEC 15504 SPICE. It explains mapping between the two methodologies and outlines how both provide a roadmap to achieve the desired process improvement level. The study provides the effect of each method and detailed insight into the methods. The paper also provides the insight into the two approaches for the organizations interested in choosing the process improvement approach that best meets their needs. It helps in identifying the most widely accepted process improvement approach between the two approaches (i.e., CMMI and ISO/IEC 15504 SPICE) and identifies the reasons to choose the one over the other.

CMMI / SPICE based process improvement

The improvement of banks' operational risk management frameworks concerns new requirements addressed in the Basel II Framework, a new capital adequacy regulation proposed by the Basel Committee on Banking Supervision (BCBS). Basel II will apply to internationally active banks and to all banks and investment firms in the EU via transposition of a new Directive into national regulations.

By doing so, the national financial supervisory authority, Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, and a public research centre, Centre de Recherche Public Henri Tudor (CRPHT), have engaged in a joint research project that investigates solutions conformant to ISO-IEC 15504 for assessing operational risk management frameworks implemented in banks.

The ISO-IEC 15504 requirements can meet the CSSF's expectation on consistent, transparent and sound risk assessments, as well as the expectation on promoting enhancements in institutions' risk management practices without dictating the form or operational detail of their policies and practices.

Moreover, although the domain is largely outside the scope of software and systems engineering, the ISO-IEC 15504 process assessment standard provides for an adequate solution to the so-called supervisory review process. This adequacy is validated through the structure of Basel II and financial domain requirements. Last but not least, we will show that ISO-IEC 15504 provides an adequate approach to assessing institutions in two sub-domains, namely, the domain of credit operational risk management and the domain of IT risk management (including IT security risks management). Copyright © 2007 John Wiley & Sons, Ltd.

Operational risk management in financial institutions: Process assessment in concordance with Basel II

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Operational risk management in financial institutions: Process assessment in concordance with Basel II