Monday, 11th May and Tuesday, 12th May 2020
Over the past years, technological advances have greatly increased our dependency on digital technology. As a result, consumers and businesses alike have become vulnerable to any form of distortion of their digital infrastructure. Due to the intangible nature and quickly changing character, risk managers face a formidable challenge to effectively manage this ‘cyber risk’. One of the possible mitigation measures is to buy cyber risk insurance, which may cover a plethora of expenses related to incidents in the digital realm. Insurers, and the risk managers and actuaries working for them, play a dual role in the cyber insurance industry, both offering cyber insurance solutions as well as being exposed to cyber risk in their own organisation. In this seminar, we will explore both roles of the insurer. Various aspects of cyber risk and cyber insurance will be discussed, including current modelling methodologies, risk management approaches and cyber risk treatment.
|The seminar is developed for risk managers and actuaries working for (non-life) insurers, but will be relevant for anyone involved with cyber risk and/or cyber insurance, such as non-life product managers and brokers. We will consider cyber risk both from the internal enterprise risk perspective as well as in the underwriting domain (pricing, underwriting, reserving). Attendees are encouraged to bring a laptop computer with Microsoft Excel installed.|
The seminar serves as an introduction to cyber risk and cyber insurance. Given that this is a relatively young field and standardized methodologies are only being developed, we focus on providing the participants with a thorough understanding of current best practices without getting too technical. After attending the seminar, participants will be familiar with the threat, vulnerability and insurance landscapes and will have been provided with ideas how to approach cyber risk in their own organization, with a focus on quantification, people aspects and the process of cyber incident response. The presentations will form a mix of an explanation of cyber risk concepts and an exploration of technical methodologies. Besides being provided with the theoretical basis, attendees are offered the opportunity to deepen their understanding through examples, exercises and case studies.
Peter is a senior consultant in the financial risk management team of KPMG (The Netherlands). He obtained his Master’s degree in Applied Mathematics from the University of Twente in 2013 and is specialized in financial engineering. He currently helps clients with challenges in quantitative risk management, including quantifying cyber risk, optimizing pricing and reserving processes, and risk equalization. He predominantly works with non-life insurers (including health), corporate clients, and public entities. Within the team he leads numerous modelling initiatives, supervises quantitative thesis research, and he is a guest lecturer on advanced pricing methods and yield curve modelling at the University of Amsterdam and Radboud University Nijmegen.
Prashand is a manager in the cyber security team of KPMG (The Netherlands). Prashand has studied Informatics and Economics at the Erasmus University Rotterdam and IT auditing at the University of Amsterdam. Prashand focusses on cyber risk management, cyber in the audit and cyber security strategy development, aiming to help clients effectively manage the risks of a cyber attack. Prashand’s field of work ranges from the financial sector to oil & gas, health care and public entities. He is a guest lecturer at the VU University Amsterdam and the Eindhoven University of Technology to Bachelor and Master students in Information Management.
Lars is a manager within KPMG’s forensic technology team in the Netherlands. He has a background in digital forensics, network architecture and IT-audit. Lars assists victims of cyber security incidents to gain insight into the facts and to reconstruct the events of the incident, in order to enable the victims to take the appropriate actions. Within KPMG Lars is responsible for the cyber response services in the Netherlands and one of the main subject matter experts in actuarial-academy.com the EMEA region. In this role, he is involved in the delivery and development of cyber insurance services.
Ted is a manager in the actuarial department of KPMG (The Netherlands). He focusses on cyber risk, (enterprise) risk management and further modelling challenges. He studied both Mathematics and Theoretical Physics (both Utrecht University), and holds a PhD in Theoretical Physics (Leiden University). More recently he studied Actuarial Science & Mathematical Finance (University of Amsterdam). His master’s thesis on cyber insurance was awarded the Johan de Witt thesis award. He is a member of the Royal Dutch Actuarial Association. In recent years, he has been a guest lecturer for the Dutch Actuarial Institute as general academic support to their post-doctoral program, as well as on cyber insurance.