Compass Initiative: Policy Workshop for the Cyber Insurance Market Progression

Date: 
Tue, 03/12/2019 to Wed, 04/12/2019

Location: 
Dan Jerusalem Hotel (Day I); Room 502, The Maiersdorf Faculty Club, The Hebrew University, Mt. Scopus, Jerusalem (Day II)

 

Preliminary Agenda (Day I)

December 3, 2019: Jerusalem Dan Hotel 

17:00-17:10 – Welcome and Introductions

  • Ariel E. Levite, Carnegie Endowment for International Peace 

  • Yuval Shany, The Federmann Cyber Security Center, The Hebrew University

  • Shani Sharvit, Israeli National Cyber Directorate

  • Eli Sugarman, Hewlett Foundation

17:10-19:00 – Session I: Between Wars and Cyber Wars (and other cyber offensives)

How does confrontation in cyberspace differ from classical wars? Where does insurance fit into the overall strategy for confronting cyber risk? How can coverage for warlike cyber risks be excluded and still leave insurance as a meaningful risk channeling mechanism for cyber risks? 

  • Security Policy Considerations: Igal Unna, Israeli National Cyber Directorate

  • Thinking About the War Exclusion in Cyberspace: Jurgen Reinhart, Munich Re

  • Open Issues and Dilemmas: Itai Benartzi, Israeli National Cyber Directorate

19:00 – Transportation to the Reception and Dinner 

20:00 – Reception and Dinner

22:00 – Transportation Back to the Hotel

 

 

Preliminary Agenda (Day II)

08:45 – Gathering, Coffee and Refreshments

09:00-10:30 – Session II: Thinking About Aggregation and Catastrophic Risks in Cyberspace

Aggregation risk emerges as the most worrisome prospect for cyber insurance. How can it be bounded? How does it affect what cyber risks reinsurers will be willing to cover? What products and practices will insurance regulators worried about carriers’? What insights for cyberspace may we infer from mechanisms developed for dealing with risks associated with classical wars and terrorism? Solvency encourage and discourage? 

  • Global Insurers and Re-insurers Perspectives’: 

    • Eric Durand, Swiss Re

    • Kirsten Mitchell-Wallace, Llyods 

  • Solvency and Insurance Products Ramifications: Moshe Bareket, Capital Markets Regulator, Israeli Ministry of Finance

10:30 – Coffee Break

10:45-12:15 – Session III: Cyber Risk Assessments, Methodology and Applications

How can emerging tools and methodologies produce viable assessments of cyber risk to offset inherent limitations in the applicability of actuary models to cyberspace?

  • Risk Assessment Methodology and Practice: Scott Kannry, Axio

  • Risk Quantification: Elon Kaplan, Cytigic

  • Modelling Catastrophic Risks: Yakir Golan, Kovrr

12:15 – Coffee Break

12:30-14:00 – Working Lunch: Information Sharing and Collaboration 

What realistically can be done collectively or at least cooperatively to support robust risk assessments, effective controls, robust defense and resiliency? What level of insights are necessary from pertinent collaborators and participants to enable effective risk mitigation? What understanding is necessary of the risks suppliers present within the supply chain of their customers?

  • An Operational Perspective: Bobbie Stempfley, CERT Division, Carnegie Mellon University

  • A Policy Perspective: Hudi Zack, Israeli National Cyber Directorate

  • Towards a Collaborative Effort to Unlock the Cyber Insurance Potential: Chris Finan, Manifold technologies

14:00 – Coffee Break

14:15-15:45 Session IV: Government Backstopping and Shared Responsibility

What insights for cyberspace may we infer from governmental mechanisms developed for dealing with risks associated with classical wars and terrorism? What else may be needed of governments to unlock the cyber insurance potential or make up for its limitations? 

  • Financial Stability and Moral Hazards Considerations: Rony Hizkiyahu, Accountant General, Israeli Ministry of Finance

  • Insights from the Singapore Cyber Pool: Shaun Shuxun Wang, Nanyang Technological University 

  • A Former Government Practitioner’s Perspective: Andrew James Grotto, CISAC, Stanford University

15:45-16:05 – Make Up Session

  • Sector and Corporate Based Cyber Risk Assessments: Derek Vadala, Moody’s/Team8 (TBC, by VTC)

16:05 – Coffee Break

16:15-17:15 – Participants’ Takeaways and Suggestions for Follow Up 

17:15-17:30 – Concluding Reflections

  • Igal Unna, Israel National Cyber Directorate

  • Ariel E. Levite, Carnegie Endowment for International Peace

  • Eli Sugarman, Hewlett Foundation

Discussants:

Amit Ashkenazi, Israel National Cyber Directorate (INCD)
Asaf Lubin, Harvard Law School and The Hebrew University of Jerusalem
David Levi Faur, The Hebrew University of Jerusalem
Gil Cohen, Tel Aviv University
Michal Shlomo, Menora Mivtachim Insurance Company
Monica Ruiz, Hewlett Foundation
Nick Beecroft, CyberCube
Refael Franco, Israel National Cyber Directorate (INCD)
Udi Nisan, The Hebrew University of Jerusalem
Yogev Gardos, Israel Ministry of Finance

 

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