The scope of "Phase 1" (completed):
The purpose of the research was to provide insight to actuaries working on capital requirements for insurers setting out the potential impact of cyber risk events and the measures available to mitigate this risk. The aim was to create a greater awareness of the risks for insurers, and highlight emerging issues in an area that is changing rapidly as the dependency on computer systems to support insurer’s business increases.
- What is cyber risk?
- The types of risk
- The cost of a cyber risk breach
- Risk mitigation strategies
- Response from the IFoA's Cyber Risk Working Party to the PRA Stress Test Feedback, 01 October 2020
- Cyber models: Moving from helpful to indispensable, Blog, 01 May 2020
- The silent treatment, The Actuary, 09 April 2020
- Homeworking – has your business thoroughly assessed the risk blog, 26 March 2020
- Who really understands exposure to cyber risk? The European Actuary, March 2020
- Cyber Risk - your views … what our 2019 survey told us blog, February 2020
- Silent Cyber Blog, January 2020
- Newsletter article, January 2020
- Introduction to Silent Cyber Assessment Framework and worked example to illustrate how companies could implement the framework. Silent Cyber Framework Sessional Paper, 9 December 2019
- BAJ published article 'Cyber operational risk scenarios for insurance companies', 19 Februay 2019
- 'Actuarial Post' has featured cyber risk event,12 November 2018
- Are you giving cyber risk the attention it requires? Visesh Gosrani blogs on a key issue facing global business, 6 November 2018
- GIRO 2018, 23-26 October 2018
- Article in InsuranceERM – ‘UK actuaries devise cyber risk assessment scenarios’, 19 October 2018
- Sessional meeting, Paper and Accompanying Spreadsheet,15 October 2018
- Talk at JFAR to give perspectives from the actuarial community about the challenges to dealing with cyber risk both from an operational risk perspective and insurance risk perspective, 1 October 2018
- Half day Seminar, 18 April 2017
- Contributed to a draft response on behalf of the profession to the PRA’s Consultation Paper CP 39/16 on “Cyber insurance underwriting risk”, December 2016
- GIRO presentation, 22/23 September 2016
- CIGI presentation, 14 April 2016
The scope of "Phase 2" (in progress):
- Construct a framework for companies to use to identify and manage Non Affirmative Cyber risk
- Survey to inform future direction
- Cyber Symposium
- Social Media drive
- 9 November 2017
You might also like
If you want more information about this research working party please contact the Communities Team.
Filter or search events
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.