Jason joined two other panelists: Dr. Raveem Ismail, a specialty treaty underwriter at Ariel Re; and Chuck Thayer, a senior vice president at Willis Re.
The three told actuaries in attendance at the event that the fast-changing nature of cyber risk makes it difficult to price using the traditional actuarial model of projecting losses from the past into the future.
Jason noted that most cyber protections are meant to stop hackers who are trying to break a weakest link in a defense system. Often, though, hackers target a particular company regardless of its defenses. Such attacks are harder to defend against, he said.
It would be a mistake to try to create a failsafe, “silver bullet” solution against targeted attacks, Crabtree warned. “Security is an emergent property of a complex system,” he said.
Read more about the panel here: https://ar.casact.org/history-likely-not-enough-to-price-ever-shifting-cyberrisk/