Re-Insurance

Cyber and climate – world’s two top risks

  • Crisis situation: Chris Crummey, standing left, executive director of X-Force Command IBM Security, interacts with delegates who took part in a cyberincident simulation exercise at the ICRMC event in Bermuda (Photograph supplied)

Cyber and climate change are the top two risks for global leaders, and that is a reason why Bermuda was the right place to stage an in depth conference on cyber-risk management.

That’s the view of Marilyn Horrick, chief operation officer of MSA Research Inc, which staged the International Cyber Risk Management Conference in Bermuda for a second consecutive year.

She said Bermuda, as the risk capital of the world, is home to insurance companies and leaders who are “hyper-aware of what is happening in the cyber space”.

The three-day conference is built around content that delegates can take back to their offices with a better knowledge of how to structure their policies differently, she said.

This year’s event was themed on cyber-risk being everyone’s business, from frontline staff to the boardroom and top executives. That was directly explored during a one-of-a-kind cyberincident simulation that involved delegates and was led by experts from IBM’s X-Force security team.

There were also panels on bridging the gap between boards and chief information security officers and other executives, and also discussions on fintech and banking, the cyberthreat landscape, and deploying cyber capital.

Ms Horrick said the event’s success was evident by how many speakers and sponsors were involved, and also from positive feedback of attendees.

Regarding the messages that delegates will have taken away, she said: “We also talked about HR strategies and resiliency. Delegates would have walked away with a good armful of best practices and tangible takeaways that they can go back to their office and talk to their board of directors, to their CISOs, technology officers, HR officers, and marketing, about how cyber can be a more holistic strategy permeating through their organisation — not just the technology and security officers’ responsibility, but actually something their entire organisation can embrace.”

The event was held at the Hamilton Princess & Beach Club. It first came to Bermuda last year after the Canadian-based organisers were asked by the Bermuda Business Development Agency if they would consider staging it on the island.

Ms Horrick thanked the BDA and its business development manager Jereme Ramsay, for assistance in helping to make it happen.

In addition, she said: “Our job is to provide a conversation that touches on not only the global implications of the issues, but also the local, Bermudian topics and ways in which talented experts around cyber — whether it be insurers, reinsurers, mitigation experts, law firms, anyone within the ecosystem around cyber — so that they have a voice and are able to share the strengths and the best practices that are being developed here in Bermuda.

“We gave that to delegates. They listened to the insurance panel, the capital risk transfer panel, the CISO. We tried very hard to make sure it was a diverse representation and that Bermuda’s voice was very much on the panel, and gave them an opportunity to share that.”