The IFoAs GI Asia International working party gave a presentation on cyber risk to more than 80 attendees in Kuala Lumpur, Malaysia. Cyber risk is truly global and companies around the world are struggling to quantify the impact of cyber-security breaches.
The IFoA's GI Asia International working party gave a presentation on cyber risk to more than 80 attendees in Kuala Lumpur, Malaysia. Cyber risk is truly global and companies around the world are struggling to quantify the impact of cyber-security breaches. With high profile cases regularly hitting the headlines, this is one of a number of emerging risks where actuaries are using their expertise. The working party discussed difficulties in measuring exposures given the varying levels of maturity throughout the region, as well as broader issues from a business perspective in relation to pricing, reserving and capital management - in particular, regulatory implications, data availability and granularity.
Among the other presenters was Kate Chen, an IFoA member based in Hong Kong, who presented on GLM reserving. In addition to covering how GLM can be used in statistical approaches, such as bootstrapping GLM to incremental development triangles based on residuals, she also demonstrated how R can be used to simplify the process. Kate proudly sported the slogan #CodingforGirls and encouraged participants to pick up new coding skills to help them at work.
If you want to know more about our work in South-East Asia, visit www.actuaries.org.uk/ifoa-south-east-asia