With the rise of digital economy, cyber risk has become a major concern for all customer segments. Although the development of “physical” protection strategies against cyber attacks is fundamental, no protection is perfect and insurers are intended to play a crucial role in providing financial protection. The cyber-insurance market is increasingly developing but with important uncertainties on the real value of the guarantees, due to the nature of the risk itself. The emerging and evolving nature of cyber-risk and its potential systemic component make it one of the most important social and economic risks, and questions its insurability. After an introduction to the specificities on cyber-risk, this session gives first steps towards a better understanding of cyber risk, by providing mathematical models and actuarial analysis. For a better quantification of cyber risk, we propose innovative models, both for the severity component (size of the claims) and the frequency component (accumulation risk and clustering features) of the risk. After completing this course, you will be able to
Identify the specificities of cyber risk
Identify the factors that may jeopardize the mutualisation of cyber risk
Identify extreme events and convey a risk segmentation
Construct accumulation scenarii on a cyber portfolio
Quantify the impact of protection measures on the risk of saturation in the insurer response capacity.
Your early-bird registration fee is € 300.00 plus 19% VAT for bookings by 5 April 2022. After this date, the fee will be € 400.00 plus 19% VAT.
