Workshop A5: Cyber: evolving threat landscape and the reserving challenges
Insurance has historically responded to the changing needs of society. With the growing interconnected digital world, cyber threats are fast becoming a significant concern for all industries: healthcare, IT and telecommunications, military, legal, manufacturing, financial services and others.
As cyber risks are an evolving territory, our session intends to cover cybercrime, cyber insurance and reserving challenges, with a key focus on:
- History of cyber risks and insurance over the last 20 years
- Challenges for insurers due to the ever-evolving nature of losses and lack of historical data
- Risk assessment and regulatory requirements
- Modelling techniques for effective reserving, tail risk assessment including allowance for cyber catastrophes
- Risk mitigation strategies and impact on reserving
- In summary, to navigate the complexities of cyber risk, insurers need to be adequately prepared. Reserving actuaries need innovative approaches to estimating the potential liabilities, as traditional static models may not capture the entire risk spectrum.
This will be a technical session and will aim to answer the pressing questions that actuaries at all levels have around this emerging class of business.
Target audience and assumed knowledge level: Basic reserving knowledge would be assumed but is not essential.
Speakers and company: Chehak Jain and Paul Goodenough, AXA XL
