# Managing Cyber Risk, a Science in the Making

**Authors:** Michel Dacorogna, Marie Kratz  
**arXiv:** [2303.12939](https://arxiv.org/abs/2303.12939)  
**Date:** 2023-02-05  
**Summary page:** https://www.summarizepaper.com/en/paper/2303.12939v1/

## Key points

- Cyber attacks have become common and the fear of these attacks is spreading rapidly
- Michel Dacorogna and Marie Kratz wrote a paper titled "Managing Cyber Risk: A Science in the Making" to provide insight into how uncertainties surrounding cyber risks can be transformed into manageable risks
- The paper reviews the main characteristics of cyber risk and explores the three layers of cyberspace: hardware, software, and psycho-cognitive layer
- Managing cyber risk involves more than just technical issues; it also requires understanding human behavior and decision-making processes
- Building a resilient society requires collaboration between various stakeholders such as policymakers, businesses, academia, and individuals to effectively address these challenges
- Effective models for managing cyber risks need to be developed

## Summary

In today's world, cyber attacks have become a common occurrence and the fear of these attacks is spreading rapidly. To address the many misconceptions about cyber risk management, Michel Dacorogna and Marie Kratz wrote a paper titled "Managing Cyber Risk: A Science in the Making" to provide insight into how uncertainties surrounding cyber risks can be transformed into manageable risks. The paper reviews the main characteristics of cyber risk and explores the three layers of cyberspace: hardware, software, and psycho-cognitive layer. It also examines how cyber risk differs from other types of risks and how modeling has been tackled so far while highlighting areas where it needs to evolve. The authors emphasize that managing cyber risk involves more than just technical issues; it also requires understanding human behavior and decision-making processes. They discuss the multi-faceted aspects of cyber risk management and point out that building a resilient society requires collaboration between various stakeholders such as policymakers, businesses, academia, and individuals to effectively address these challenges. This paper provides an in-depth analysis of managing cyber risk as a science in the making. It highlights the importance of understanding different layers of cyberspace and developing effective models for managing cyber risks. Overall, this paper provides valuable insights into transforming uncertainties surrounding cyber risks into manageable ones by emphasizing collaboration between various stakeholders.