Bayes Centre

Emerging Cyber-Risk Challenges for Finance, Insurance and Technology Sectors

 Despite the increasing risk from information security breaches, companies have not taken sufficient steps to improve IT as defence against cyber-risks. Allianz’s (2018) survey reports that cyber risk in terms of data loss, misuse and theft are the biggest risks of UK private firms. Insurance is one of the effective and tested mechanisms to accept the unwanted risks of the businesses thus providing economic security in the presence of uncertainty. In addition to providing economic security to the businesses, insurers provide risk management advice to mitigate the risks of their clients. Essentially, cyber risk is a new phenomenon for both academic and [finance/insurance] industry. This workshop on the protection for cyber risk will bring academics and practitioners people who wouldn’t ordinarily get the chance to meet, share ideas and collaborate to develop products and risk management techniques to protect the economic damage of industry.   This workshop will facilitate collaborations among academics, IFoA, Finance/Insurance Industry Leaders, SMEs, several associated government and industry organisations (e.g. National Cyber Security Centre, EIT Digital Doctorial Training Centre in Security, Data-driven Innovation, Fintech Scotland etc) and seek for effective ways of working together.

Topics:

  • The specific characteristics of cyber risk for private firms
  • The latest technologies and methods in protecting individuals/firms from cyber risk
  • The traditional insurance coverage for business risks including cyber risk
  • The scope of quantification and pricing industry firms economic losses from cyber risk

 

Benefits:

  • Bring both industry and academic communities together to review the risk management initiatives in the era of growing cyber threats
  • Generate ideas to review and develop a risk-based resilience system to protect industry firms from growing cyber threats 
  • Identify the areas of further research within the broader field of risk and vulnerability management of industry firms.

 

Draft itinerary:

8.30 - 9.00 Arrival and registration

9.00 - 9.10 Welcome by Head of School

9.10 - 9.20 Opening speech by National Cyber Security Centre (NCSC)

9:20 - 10.40 Industry and academic presentations

10.40 - 11.10

Session 1: Discussion and Q&A

11.10 - 11.30

Tea//coffee break

11.30 - 13.00 Industry presentations

13.00 - 14.00 Lunch

14.00 - 14.40 Industry presentations

14.40 - 15.10 Session 2: Discussion and Q&A

15.10 - 15.30 Tea/coffee break

15.30 - 17.30 Industry and academic presentations

17.30 - 18.00 Session 3 : (Academic & Practitioners) Discussion and Summary focusing how Practitioners and Academics can work together to help Finance/Insurance industry to manage their Cyber Risk, together with IFoA’s Cyber-Risk Panel

18.30 - 19.30 Buffet dinner and social networking

Registration

Feb 06 2020 -

Emerging Cyber-Risk Challenges for Finance, Insurance and Technology Sectors

This workshop on the protection for cyber risk will bring academics and practitioners people who wouldn’t ordinarily get the chance to meet, share ideas and collaborate to develop products and risk management techniques to protect the economic damage of industry.

The University of Edinburgh, School of Informatics
Informatics Forum, Room G.07
10 Crichton Street
Edinburgh
EH8 9AB