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Catastrophe Bond : What are they and why invest in them? / Katastrofobligationer : Vad är det och varför investera i dem?Ingelgård, Mathilda January 2016 (has links)
For a little over twenty years, the niched asset class catastrophe bonds have existed. Despite of their now relatively long existence, they are still unknown to many and are usually only available for large, institutional investors, mainly within the insurance market, pension funds and hedge funds. Catastrophe bonds differ from traditional assets for many reason, the main one being the risk dependent of a predetermined event within a geographic area, such as an earthquake in Tokyo or a hurricane in Miami. Because the risk is dependent of other factors than traditional asset classes, there is a widespread knowledge of the possibilities to diversify the portfolio by investing in catastrophe bonds, which have a low covariance with other assets in the portfolio. Other asset classes who have similar characteristics have proved to be hedge funds, real estate, infrastructure and agriculture. The lack of competence some people have worried about investors have to be able to invest in these niched asset classes have been found to be relevant for all asset classes, not just these non-traditional assets. Also, it is always difficult to know when an investor is taking more risk than they are being compensated for, moreover this is individual for all investors. Lastly, catastrophe bonds contribute with public welfare in addition to the economic advantage; catastrophe bonds show low volatility and high returns while raising capital to help regions affected by natural catastrophes. / I drygt tjugo år har nu det speciella tillgångsslaget katastrofobligationer funnits, trots detta är det relativt okänt och anses vara en investering endast för de stora aktörerna inom främst försäkringsbranschen, pensionsfonder och hedgefonder. Katastrofobligationer skiljer sig från traditionella tillgångsslag av en rad anledningar, den främsta för att risken beror på en fördefinierad händelse inom ett geografiskt område, såsom en jordbävning i Tokyo eller en orkan i Miami. Tack vare att risken beror på andra faktorer än klassiska tillgångsslag finns en bred vetskap inom branschen att detta är ett enkelt sätt för att skapa diversifiering i portföljen och katastrofobligationer har låg samvariation med övriga tillgångar i portföljen. Andra tillgångsslag som har liknande egenskaper och också skapar diversifiering har visat sig vara hedgefonder, fastigheter, infrastruktur och jordbruk. Det kan konstateras att det är svårt att avgöra om det faktiskt föreligger en kunskapsbrist för specifikt katastrofobligationer eller om detta gäller tillgångar, likväl som det ofta är en subjektiv bedömning ifall den risk som tas också blir kompenserad tillräckligt. Slutligen bidrar obligationerna med en viss samhällsnytta utöver den ekonomiska nyttan, katastrofobligationer uppvisar låg volatilitet och hög avkastning samtidigt som att de frigör kapital för katastrofdrabbade områden.
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Trust as a factor in the information classification processAndersson, Simon January 2021 (has links)
Risk management is an important part of every business. In order to properly conduct it, risk assessment and within it, information classification is needed. The information classification produces a list of information assets and states how they are valued within the organization. That is then used as an important part of the risk assessment process. In order to conduct such a valuation, users are consulted as they often times understand the value of information. However, using the CIA-Triad when communicating has proved to be difficult for users not knowledgeable in information security. Trust as a concept has been proven to have some connection to the concepts of the CIA-Triad and has been proposed as a possible translator in order to ease the communication of information value in the process of information classification. Semi-structured interviews were held with information security professionals in order to further understand the connection between the CIA-triad concepts and trust as well as to gain further understanding in the important parts of information classification. A thematic analysis showed how confidentiality and integrity are prominent factors that connect to trust, with availability, while still being mentioned as having a connection, was not as prominent. Further, the empirical data was used to build a model based on trust and importance that allows for a translation of the CIA-triad concepts. This resulted in a classification-scheme based model that allows trust as a concept to be used as a translator of the CIA-concepts, thus including trust as a concept in the information classification process.
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