Discuss the below in detail:
Q: a. What is the three major type of pure risk
b. What is the loss associated with this type of pure risk? How is this loss evaluated in terms of financial consequences?
c. What is the peril involved?
d. What type of hazard is illustrated here? Explain why your answer is an example of this type of hazard.
e. Why is your answer in part (d) above considered to be an example of a hazard in general? In other words, why does it fit into the definition of a hazard?
Refer to the Case Study article in the Cyber Risk / Target Breach folder, ‘Target Still Doesn't Know the Full Cost of Its Breach'.
Identify and briefly discuss two examples of cost of risk illustrated in this article. Briefly explain why each example you chose from the article represents a component of cost of risk.