Cyber Risk and the Actuary

Date

January 14, 2016

  • External Forces & Industry Knowledge

Description

This webcast will discuss key elements of cyber risk, ways to assess and manage this risk and its importance in Enterprise Risk Management.

As individuals, we are all exposed to cyber risk. So are all commercial enterprises, not-for-profit organizations and government agencies. Insurance companies are no exception, with every insurance company exposed to cyber risk. Today's actuary must be aware of the growing threat of cyber risk and the growth of cyber insurance.

This webcast will focus on three general areas with respect to cyber risk:

  • A broad discussion of cyber risk that is critically important for gaining general understanding of this growing threat;
  • A discussion of the direct and indirect cyber risk exposures of insurance companies and some of the ways to manage the exposures.
  • A discussion of cyber insurance.

With the understanding that it is a very broad subject for one webcast, the specific topics to be discussed will include:

  • Cyber risk and its many definitions
  • Explosion of data breaches
  • Financial consequences of data breaches and other cyber events
  • Cyber risk management
  • "Quantifiability" of cyber risk and the applicability of traditional actuarial models
  • Risk governance and cyber risk in the context of enterprise risk management
  • Cyber insurance, its pricing, underwriting, and growth drivers
  • Cyber insurance coverage issues
  • Implications of the expected rapid growth and continuing evolution of cyber risk

Note: The recording available for purchase is intended for individual viewing.

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Legend

Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

Leadership

Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.