16 April 2014 Insurance

CAS forms cyber risk task force

The Casualty Actuarial Society (CAS), an organisation dedicated to advancing knowledge of actuarial science, has established a task force on cyber risk to address the rapid growth of cyber risk and the pressing need to find effective means of analysing it.

The CAS task force will engage in research activities and provide educational opportunities in the analysis of cyber risk, with a particular focus on contingent events arising from cyber risk and the financial implications of these events.

Cyber risk is one of the key components of operational risk to which every company is exposed. In the context of cyber risk insurance as a mechanism of risk transfer, the analysis of cyber risk is essential in setting insurance premium levels, evaluating liabilities for insured cyber losses, and enterprise risk management of insurance companies underwriting cyber risk insurance, said CAS.

"We believe that in addressing the challenge of cyber risk analysis, it is essential to follow a multidisciplinary approach that brings together experts in actuarial science, cybersecurity and information technology, big data analytics, legal and other fields," said Alex Krutov, chairperson of the task force on cyber risk. "We encourage other professionals and organisations to join us in the important effort of advancing research and education in the area of rapidly evolving cyber risk."

The task force’s primary research goal is to utilise a multidisciplinary approach in order to gain a more comprehensive and accurate view of cyber risk.

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