Jacob Rosengarten
Group Chief Risk Officer – XL Catlin
Appointed Chief Enterprise Risk Officer in 2008, Jacob is Chairman of XL Group’ Enterprise Risk Committee. His responsibilities include the identification, assessment, monitoring and reporting of key risks across XL Group companies. Prior to joining XL Group, he was Managing Director of Risk Management and Analytics for Goldman Sachs Asset Management (GSAM).
RMS Cyber Risk Seminar: February 10
Managing Cyber Accumulation Risk
Join RMS for an exclusive, invitation-only half-day seminar as we introduce new solutions to help you quantify your cyber exposure and accelerate your growth in the cyber insurance market.
I AM INTERESTED
Wednesday, February 10, 2016 at 1:00 p.m.
The Andaz 5th Avenue
485 5th Ave.
New York, NY 10017
Learn more about the London Cyber Risk Seminar on February 2, 2016
Cyber threat is growing. Sixty-one percent of business leaders see cyber as a serious threat to their business, with the cost of cybercrime for the global economy now estimated at $445 billion annually.* The global cyber insurance market is now set to reach $7.5 billion by 2020, according to a PwC report, tripling its current size.**
To capitalize on the cyber market, insurers must understand the systemic nature of cyber threat and be able to manage accumulations that could cause widespread and correlated losses. Portfolio management of cyber lines is concerned with risk aggregation, amongst other factors.
Insurers recognize the need to formulate, model and standardize the language and understanding of cyber risk. This all requires a common framework to both capture and evaluate cyber exposure, made possible using detailed technical insights to assess probable maximum losses from the main drivers of insured cyber loss.
Cyber Insurance — A New Way Forward
This seminar outlines our work with the respected Cambridge Centre for Risk Studies (CCRS) and eight leading cyber insurers to develop the RMS Cyber Accumulation Management System (CAMS). CAMS includes accumulation scenarios for the primary drivers of cyber insurance loss and portfolio management for cyber insurance.
Together with contributions from experts and thought-leaders in cyber risk, our seminar will cover:
- Understanding key drivers of cyber risk and establishing risk appetite
- Defining a standardized cyber exposure data capture framework
- Introducing five accumulation management scenarios through technical analysis of cyber loss processes, including Data Exfiltration; Denial of Service Attacks; Financial Transaction Compromises; Cloud Service Provider Failure; and Extortion Incidence
- Using CAMS to capture client cyber risk data and to actively monitor and manage risk accumulations
About the Presenters
Paul Miskovich
Global Cyber Practice Leader and SVP – Axis Insurance
Paul manages global underwriting strategy for cyber business at AXIS Insurance, and has 14 years of insurance-industry experience including cyber/technology roles at Willis and AIG. He is a licensed P&C insurance broker and attorney in New York and New Jersey.
Fred Eslami
Senior Financial Analyst – A.M. Best
Fred joined A.M. Best 2008 as a senior financial analyst with the alternative risk transfer group, rating domestic and off-shore captive insurance companies. He is leading the company’s Cyber Security initiative for both property casualty and life/health insurers. Prior to joining A.M. Best, Fred was a Vice President with Radian Group’s financial guaranty team.
* http://www.mcafee.com/uk/resources/reports/rp-economic-impact-cybercrime2.pdf
** http://pwc.blogs.com/press_room/2015/09/cyber-insurance-market-set-to-reach-75-billion-by-2020-pwc-report.html
