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.
Wednesday, December 05, 2018
Thursday, 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.
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.
Networking Soiree Sponsored by Deloitte
Friday, December 07, 2018
Breakfast Sponsored by AXA XL
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.
The CISO Perspective
The buck stops with the CISO. So, listen up! This is your chance to join world-renowned security leaders from Silicon Valley and Wall Street as they cover the myriad of cyber-security challenges facing enterprises as they prepare to enter the third decade of the 21st century. This rock-star panel will tackle the latest approaches to governance, mitigation, talent management and views on risk-financing. You won’t want to miss this.
Networking Break Sponsored by Aon
Smart Risk Management - What Are Regulators Focusing On?
Join this illustrious panel as they explore cyber risk and global privacy concerns from a regulatory perspective. With the backdrop of GDPR, state-sponsored attacks and escalating class action, D&O and regulatory penalty risk, this is a session that captive owners, risk managers, CISO’s and CLO’s cannot afford to miss.
Associate Director of the Division of Privacy and Identity Protection
Federal Trade Commission
Lunch and Keynote Presentation: Cutting Edge Issues in Cybersecurity and Data Privacy and How C-Suites and Boards Should Respond to Them
A broad range of threat actors are now in play, while old schemes and methods of attack emerge in new ways. Where should C-Suites and Boards put their focus and resources? This keynote will discuss the rise in destructive attacks, including nation state activity, and what that means for how we prepare, and cooperate across borders. In a environment that balances privacy and security, the discussion will explore the regulatory free-for-all and what it means for companies, along with the new liability landscape and how it affects incident prep and response.
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.
Networking Break Sponsored by BitSight Technologies
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.