9 Dec 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, offering both cyber insurance solutions as well as being exposed to cyber risk in their own organisation. In this web session, we will explore both roles of the actuary/risk manager. We will provide an introduction to cyber insurance, including its insurability and a discussion on the aftermath of a cyber incident, while placing it in the broader context of cyber risk management. Organised by the EAA – European Actuarial Academy GmbH.
Purpose and Nature
Ted van der Aalst PhD AAG Ted is a senior 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 is a guest lecturer for the Dutch Actuarial Institute as general academic support to their post-doctoral program, as well as on cyber insurance.
Lars Jacobs MScLars is a senior 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 the EMEA region. In this role he is involved in the delivery and development of cyber insurance services.
Peter Bosschaart MScPeter is a manager 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 has provided guest lectures on advanced pricing methods and yield curve modelling at the University of Amsterdam and Radboud University Nijmegen.