Programme Objective
What is the likelihood that your organization will experience a material cyber event in the next 12 months? And how to calculate the risks?
Cyber risks are among the most serious perils facing the financial industry. Cybercrime is not only increasing in frequency, but also in magnitude, costing the world an estimated $600 billion, or 0.8% of global GDP, according to a recent report published by McAfee and the Center for Strategic and International Studies. But while financial institutions have become practiced at estimating most operational risks and using this data to develop risk capital strategies, they often perceive roadblocks to extending these methods to cyber risks.
Cyber risks are presently one of the most challenging operational risks and it may be a long time, if ever, before there is sufficient historical data to develop an organization’s cyber-specific loss curve with certainty. But scenario analysis can help. Risk professionals are already familiar with scenario modeling to sketch out the loss curve for operational risks. This approach can also work in cyber risks. A few simple rules apply to scenario development: focus on tail risks; aim for events that are unlikely but plausible; and ensure the events are organization and system specific with enough details to analyze losses accurately. Once there are enough estimates for impact and likelihood, even with large confidence intervals, “pseudo-data points” can be plotted, and the loss curve starts taking shape.
The training helps in understanding cyber risk quantification, risk transfer as well as best practices to manage cyber risk. The workshop will also share practical case studies (anonymized) of corporate cyber incidents to help organizations to avoid common pitfalls in managing cyber loss.
Programme Outline
- Understand cyber loss scenario concepts
- Understand risk quantification
- Cyber Risk Transfer
- Cyber Insurance, and various policies
- Ensure best practices for cyber risk management
- Board and Business Stakeholder Reporting
Training Methodology
This interactive workshop includes lectures, activities and videos in order to provide learners the most adequate content. It will allow attendees to understand cyber loss scenarios through real case studies in the finance world.
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
Business owners, CFOs, CTOs, Directors, Managers & IT Personnel
Schedule & Fees
Testimonial
Funding
No funding Available!
Programme Facilitator(s)
Programme Objective
What is the likelihood that your organization will experience a material cyber event in the next 12 months? And how to calculate the risks?
Cyber risks are among the most serious perils facing the financial industry. Cybercrime is not only increasing in frequency, but also in magnitude, costing the world an estimated $600 billion, or 0.8% of global GDP, according to a recent report published by McAfee and the Center for Strategic and International Studies. But while financial institutions have become practiced at estimating most operational risks and using this data to develop risk capital strategies, they often perceive roadblocks to extending these methods to cyber risks.
Cyber risks are presently one of the most challenging operational risks and it may be a long time, if ever, before there is sufficient historical data to develop an organization’s cyber-specific loss curve with certainty. But scenario analysis can help. Risk professionals are already familiar with scenario modeling to sketch out the loss curve for operational risks. This approach can also work in cyber risks. A few simple rules apply to scenario development: focus on tail risks; aim for events that are unlikely but plausible; and ensure the events are organization and system specific with enough details to analyze losses accurately. Once there are enough estimates for impact and likelihood, even with large confidence intervals, “pseudo-data points” can be plotted, and the loss curve starts taking shape.
The training helps in understanding cyber risk quantification, risk transfer as well as best practices to manage cyber risk. The workshop will also share practical case studies (anonymized) of corporate cyber incidents to help organizations to avoid common pitfalls in managing cyber loss.
Programme Outline
- Understand cyber loss scenario concepts
- Understand risk quantification
- Cyber Risk Transfer
- Cyber Insurance, and various policies
- Ensure best practices for cyber risk management
- Board and Business Stakeholder Reporting
Training Methodology
This interactive workshop includes lectures, activities and videos in order to provide learners the most adequate content. It will allow attendees to understand cyber loss scenarios through real case studies in the finance world.
Closing Date for Registration
1 week before programme or until full enrolment
Intended For
Business owners, CFOs, CTOs, Directors, Managers & IT Personnel
Programme Facilitator(s)
