Webinar Institut Louis Bachelier - Cyber Risks, Cyber Insurance and Financial Stability
07/12/2021
17h00 à 19h00
5:00 – 5:05 Welcome Address – Marie Brière (Scientific Director of the FaIR program, Institut Louis Bachelier)
5:05 – 5:40 Hélène
Rey (Professor of Economics at London Business School)
Title: Guest speech: The anatomy of
cyber-risks
5:40 – 6:20 Caroline
Hillairet (Professor of Applied Mathematics at ENSAE-Paris,
CREST) and Olivier Lopez, (Professor of Applied Mathematics at
Sorbonne Université, co-directors of the Chair AXA on
cyber-risks)
Title: Cyber-risk measurement and insurance
6:20 – 7:00 Panel Discussion: The Challenges of Measuring, Insuring and Regulating Cyber-risks
- Caroline Hillairet (ENSAE-CREST)
- Olivier Lopez (Sorbonne Université)
- Olivier Meilland (Deputy Director, Cross-functional and specialized supervision, ACPR)
- Philippe Cotelle (Head of Cyber-Insurance Management, AMRAE)
- Luc Vignancour (International Underwriter Cyber and Executives Risks , BEAZLEY Group)
In 2020, the global losses from cybercrime are estimated to have reached $1 trillion, more than 1% of global GDP. Cybersecurity risk is one of the top global concerns for firms and market participants (WEF, 2021). The European Systemic Risk Board recently characterized cyber security as a systemic risk to the European financial system (ESRB, 2020). But despite growing concerns from firms, insurers, investors and regulators, there is still a lack of data available on cyber-incidents, which limits the possibility to develop probabilistic pricing and proper risk measurement. There is also limited coverage by cyber-insurance, and a need to develop micro and macro-prudential regulation.
This roundtable aims to discuss:
– How to evaluate the costs of
cyber-incidents, model cyber-attacks and contagion mechanisms?
– How to organize cyber-monitoring?
– What impact of cyber-attacks on firms’ valuations and
macro-financial developments?
– How to develop the cyber-insurance market?
– How to supervise cyber-risk in the financial sector?
Organizing Committee
- Louis Bertucci (FaIR – ILB)
- Marie Brière (FaIR – ILB)
- Olivier Fliche (ACPR)
- Florence Picard (Institut des actuaires)
Organisers
- Institut Louis Bachelier
- Finance and Insurance Reloaded (FaIR)
- Autorité de Contrôle Prudentiel et de Résolution (ACPR)
- Association Europe Finances Régulations (AEFR)
- Institut des actuaires
Page officielle de l'événement : https://www.institutlouisbachelier.org/evenement/conference-cyber-risks-cyber-insurance-and-financial-stability/