CYBER RISK MANAGEMENT – EVOLVING CORPORATE NEED & RISK TRANSFER APPROACHES
The agenda for the International Cyber Risk Management Conference in Bermuda will focus on cyber risk with an emphasis on re/insurance and risk-transfer solutions. Cyber attacks can be immensely costly in terms of impact to business operations and your brand. If protecting your organization or client from the impact of a cyber attack is your core responsibility, ICRMC is the place to be.
December 05, 2018
Come early and join us for the ICRMC Bermuda Golf Tournament. Golf Details
December 06, 2018
Private Meetings & Networking
Evolution of Product and Buyers
Cyber towers have historically been purchased by large data holders such as FIs, Healthcare, Retailers and the Hospitality Industry. Today, the threat landscape has changed as has our global reliance on technology. 2017 saw large BI losses emanating from cyber events in non-traditional cyber classes such as manufacturing, transportation and logistics. We have also witnessed the impact of physical losses stemming from cyber and tech. Thus, there has been a marked shift in the demographics of cyber purchasers, no longer is this a niche product rather a more holistic product designed for a digitally integrated world. Is the industry prepared to respond by moving ‘silent cyber’ out of the shadows and explicitly embrace ‘embedded cyber’ in traditional policies?This panel will discuss the evolution of the cyber product including the challenges of creating products that cross into traditional P&C lines, it will look to the future as to what is next for this rapidly evolving insurance class and it will examine what insurance buyers are really looking for.
Vice President, Dyna Management Services Ltd.
President, Risk Management 101 and Past Chair of RIMS Canada Council
SVP, Professional Risk Solutions
SVP, Professional Liability
SVP, Professional Lines
Current Cyber Risk Trends and How They are Impacting Services and Offerings
The session will provide an overview of the current and emerging cyber threats across all major vectors and discuss how cyber-insurance services and offerings are addressing them. Audience Q&A will be encouraged.
President and CEO
Association of Bermuda Insurers and Reinsurers
Global Head of Cyber Risk Insurance
Underwriter, Financial Lines
Global Cyber Risk Practice
December 07, 2018
Strength Through Information Sharing Within the Global Financial Services Arena
Cyber-threats are creating the need for improved approaches to ensure a safe and reliable financial industry environment. Information sharing around common threats and risk areas between financial services organizations has long been a common practice. However, these arrangements tend to be amongst local geographic or vertical groups and rarely extend into the larger FI community i.e., Banks, insurance, investments and other FI participants, who share with their local relationships but rarely exchange meaningful threat/risk intel with other FI communities. Cyber-risks now transcend all geographic and industry sub-groups (and industries) and the need for comprehensive, high-speed sharing and solution development around cyber-attacks has never been greater. Why should FIs leverage information sharing as an effective risk reduction approach? What are the major concerns in this area? How can FIs collectively improve their threat protection?This session will explore these issues and more.
Networking Break Sponsored by Aon
Lunch and Keynote Presentation
Reinsurance and ILS - Managing Cyber CAT Risk
Given the aggregation risk inherent in cyber as a peril, it is only a matter of time before reinsurance and ILS capacity will be tested by a CAT. This session will explore emerging structuring, underwriting and modeling approaches to both affirmative and "silent" cyber risk that will be of keen interest to cedants, reinsurers, brokers and investors alike.
Cyber Pricing, U/W, Modeling and Reserving
This session will focus on differing approaches to pricing, underwriting, modeling and reserving of cyber risk. Hacking attempts occur daily at a rapid-fire pace (one government agency who was later breached said that they see greater than 10 million attempts per month). The impact of cybercrime is expected to reach $6 trillion by 2021 with current spending paling in comparison at approximately $96.3 billion and the threat of systemic cyber risk like cloud service failure could cost society billions. Cyber attackers are becoming more sophisticated and new vulnerabilities continue to emerge – insurance carriers must do the same and develop new approaches for understanding the likelihood and impact of cyber risk.
From Blockchain to Crypto-Currencies - Cyber Security Implications
Blockchain promises a complete disruption of conventional data processing, handling and storage processes. From a cybersecurity perspective, it is being touted as a dream come true, with powerful cryptographic algorithms and no intermediaries that could leak or compromise data. But, like any new technology, blockchain presents unknowns and fresh challenges. Governments and regulators, including Bermuda’s, are working fast to put in place appropriate legal structures to govern structures such as cyptocurrencies. This panel will explore the opportunities offered by blockchain and the challenges surrounding regulation and security in the cryptocurrency arena, with particular reference to Bermuda, which is also exploring blockchain platforms for e-identities and land registry.
Employing AI in Cyber Risk Management - Presentation and Chat
Over the last few years, the use of artificial intelligence (AI) in insurance has made important progress in traditional products, allowing insurers to elevate customer engagement, reach new levels of process automation, and/or gain new insights. How important can AI be to the emerging field of cyber insurance? In this talk, we will go through the key pillars of cyber security: threat intelligence, line of defense, intrusion detection, and incident response and discuss where, how, and to which extent AI can be of help for individual risk underwriting, pricing, and management. At the portfolio level, identifying the vectors of risk dependence and aggregation is of paramount importance. Whereas for traditional products, geography defines aggregation and risk mitigation is ensured through geographical diversification, the answer is less obvious when considering an eventual cyber CAT event. Finally, what does the near, somewhat predictable, future hold in regard to AI supporting the development of a healthy cyber insurance market.