Cyber Risk and the Role of Insurance

Today the Actuaries Institute releases its latest Green Paper, Cyber Risk and the Role of Insurance.Australians are more dependent than ever on technology and cyber risk cost the Australian economy $33 billion last financial year.The paper, written by actuaries Win-Li Toh and Ross Simmonds, and technology expert Michael Neary, notes while the first line of defence against cyber risk will always be good cyber hygiene and security, cyber insurance is an important second line of defence.There are gaps, however, in achieving the best practice ideal, especially a severe skills shortage, limited understanding among Boards of the role of cyber insurance, limited education among SMEs of cyber risks, and capacity and profitability challenges in the market including for accumulation risks.This Green Paper offers several solutions-focused discussion points, as we examine the complementary roles of government, business and insurers in creating a robust best-practice framework, where cyber insurance can thrive and offer better protection against cyber risk.GREEN PAPER: https://www.actuaries.asn.au/Library/Opinion/2022/CyberRiskGreenPaper.pdfTRANSCRIPT: https://actuaries.logicaldoc.cloud/download-ticket?ticketId=9e9ff004-86b0-44ad-b626-7d661f888319ABOUT THE ACTUARIES INSTITUTE:As the sole professional body for Members in Australia and overseas, the Actuaries Institute represents the interests of the profession to government, business and the community. Actuaries assess risks through long-term analyses, modelling and scenario planning across a wide range of business problems.This unrivalled expertise enables the profession to comment on a range of business-related issues including enterprise risk management and prudential regulation, retirement income policy, finance and investment, general insurance, life insurance and health financing.Find out more about actuarieshttps://www.actuaries.asn.auhttps://linktr.ee/ActuariesInstituteFollow the Institute of Actuaries on our social channels;LinkedIn: https://www.linkedin.com/company/792645/Facebook: https://www.facebook.com/pages/Actuaries-Institute/183337668450632Instagram: https://www.instagram.com/ActuariesInstTwitter: https://www.twitter.com/ActuariesInst