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Conference to focus on cyber-risk management

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Cyber-risk management is the focus of a new conference that will be staged in Bermuda.

Experts in the field of cybersecurity and risk management are lined up for the event, among them Adam Segal, director of cyberspace and digital policy programme at the Council on Foreign Relations.

Another planned speaker is Charles Dugas, of Element AI, a Canadian-based company turning artificial intelligence research into business applications.

The International Cyber Risk Management Conference will be held on December 6 and 7 at the Fairmont Hamilton. It is expected to attract up to 350 delegates.

The conference is aimed at risk management professionals, including corporate risk managers, corporate counsel, governance and claims professionals, and insurance brokers. It will focus on cyber-risk with an emphasis on insurance and risk-transfer solutions.

In Canada, the International Cyber Risk Management Conference is now in its fourth year, and takes place in Toronto in April.

A link-up between the Bermuda Business Development Agency and conference hosts MSA Research Inc led to the creation of the Bermuda event.

Joel Baker, chief executive officer of MSA Research, has visited the island a number of times and met with the Association of Bermuda Insurers and Reinsurers and the BDA. In past years Bradley Kading, while president of Abir, spoke at several Canadian conferences hosted by MSA Research.

Jereme Ramsay, business development manager at the BDA, said Canada has been on the agency's radar for many years as a place where Bermuda is seeking to strengthen links and promote the island as a business destination. He added: “Joel came here for a Bermuda panel and we crossed paths. He returned for the Convergence conference last year.”

The importance of Bermuda's reinsurance industry to Canada is underlined by its response to the Alberta wildfires in 2016, with Bermudian-based companies covering a quarter of the reinsurance losses.

Mr Ramsay said: “When we go to Canada we highlight these things. From the lens of cyber we have made introductions in this space to those who could benefit from attending. This is a great opportunity to have a conference in Bermuda about cyber insurance.”

The conference organisers have been on the island making early preparations and meeting with industry figures, including representatives of Bermuda Insurance Management Association, and the Association of Bermuda International Companies, to get the word out about what is planned for December.

Mr Baker said issues that will be discussed include gaps in cybersecurity coverage and “silent risk” where a cyber event loss leads to unexpected liabilities embedded within policies. Other topics will be the evolution of products and buyers; the threat horizon, and where threats are coming from.

MSA Research is a Canadian-owned independent and impartial analytical research firm focused on the Canadian insurance industry. Mr Baker said the aim of the conference is to create “a neutral gathering for thought sharing”. He added: “We are working with the BDA to shape and add more panels in due course.”

Nancy Miller, MSA Research's chief operating officer, said the popularity of cyber-related conferences is growing, and the seniority level of the executives who attend has notably risen. She said the Bermuda conference would be arranged to allow opportunities for business meetings and for attendees to “stick around for a few days” to enjoy the island.

The BDA is a signature sponsor of the conference. Mr Ramsay said: “We believe there are a lot of opportunities. There are carriers that are involved in the planning of this event. We hope they use this as a platform.”

He said the conference was a chance to understand cyber-risks and to bring like-minds together to produce opportunities.

Registration for the conference opens in April. There is a website at http://bermuda.icrmc.com

New event: Joel Baker, front, Jereme Ramsay, and Nancy Miller have spoken about what is planned for the inaugural International Cyber Risk Management Conference in Bermuda last this year (Photograph by Scott Neil)
New event: Jereme Ramsay, left, Joel Baker and Nancy Miller have spoken about what is planned for the inaugural International Cyber Risk Management Conference in Bermuda last this year (Photograph by Scott Neil)

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Published February 21, 2018 at 8:00 am (Updated February 21, 2018 at 9:55 am)

Conference to focus on cyber-risk management

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