SCOR Global P&C’s Annual Conference - Cyber risk on the rise
SCOR Global P&C’s Annual Conference, dedicated this year to the issue of Cyber Risk and entitled: “Cyber risk on the rise – From intangible threat to tangible (re)insurance solutions”, was held at SCOR’s headquarters in Paris from 29 to 30 September. With 25 external and internal speakers and 130 participants from over 50 countries, the conference took a 360° look at the risks and issues surrounding cyberspace through presentations, panel discussions and even a hacking demonstration.
Cyberspace is a man-made environment that has deeply transformed society and the economy. The technology involved has brought huge changes to existing industries (e.g. online banking, connected cars) and also created entirely new business sectors, such as online gaming. However, digitalization has also created new vulnerabilities, with cyber threats increasing constantly since the Internet was designed – without taking security into account - in the 1960s. Cyber attacks are part of the landscape now, and in the (re)insurance industry they can impact all risks and all business lines, from financial fraud to infrastructure and environmental damage.