This could be either periodically through risk management activities, or day-to-day, where actuaries may be pricing experts providing products to the market. It also gives an overview of the changing landscape for standards and regulations relevant to cyber risk around the world.
Actuaries are involved in cyber risk across a range of functions and domains and work alongside other cyber risk experts. It is important to consider how the cross-sector nature of this area of work impacts cyber risk standards and guidance for actuaries working in this space.
Using case studies and interviews, the report identifies areas where actuaries apply their risk management skills and expertise in the cyber insurance market, and to address cyber risk concerns for firms and their customers.
Participants in the review indicated that education and lifelong learning is an area where further support could be beneficial for actuaries, as cyber risk evolves. There are extensive resources available to help inform actuaries on cyber risk and security, from the IFoA, the global actuarial community, and international agencies.
Neil Buckley, Lay Chair of the IFoA Regulatory Board, said: “‘Actuaries managing Cyber Risk’ provides an important overview on both the activity of actuaries in relation to this high-profile risk, and the latest developments around the world as firms, regulators and governments work to mitigate potential harms. I would like to thank all those IFoA members and organisations that took part in this review. Managing cyber risk is a joint endeavour and we will continue to actively support members working in this area and encourage collaboration with global actuarial associations and other agencies to help further development of expertise and knowledge.”
Alan Marshall, IFoA Review Actuary, said: “Cyber risk is all around us and it is a significant and evolving threat. Actuaries will be aware of its critical importance and when involved in identifying and managing cyber risk, are usually working alongside other cybersecurity experts. Given the continual threat to the financial system and beyond, actuaries have an opportunity to utilise their technical skills to extend influence in this field of work for the benefit of businesses and consumers.”
IFoA Thematic Review report December 2024 Actuaries managing Cyber Risk
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