04 April 2019
Cyber Catastrophe & Insurance
Background:Over the last 30 years, the insurance industry has evolved a sophisticated set of strategies to deal with the cost of rebuilding after natural catastrophes, by offloading some of their catastrophe risk on to the financial markets. Today, computer systems are as integral to our lives as the buildings we live and work in. We depend on them as never before, for both our health and wealth. And these vital systems are at risk. As networked systems get bigger, they become more susceptible to cyber-catastrophe. It is only a matter of time before a massive failure strikes. And the insurance industry is not ready. No war chest of cash exists. We will explore how Cyber risk can be pooled with the capital markets in similar ways to other catastrophe insurance, such as wind and earthquakes.
Professor Mainelli is a qualified accountant, securities professional, computer specialist, and management consultant, educated at Harvard University and Trinity College Dublin. Michael gained his PhD at London School of Economics where he was also a Visiting Professor. He began his career as a research scientist, later becoming an accountancy-firm partner and a director of Ministry of Defence research. During a spell in merchant banking in 1994, he co-founded Z/Yen, the City of London’s leading commercial think-tank. He is a non-executive director of two listed firms and a regulator, Emeritus Professor at Gresham College, Fellow of Goodenough College, and a past Master of the Worshipful Company of World Traders.
18.00 Registration and drinks
18.30 Speaker presentation and Q & A
19.45 Canapés, drinks and networking