The Institute and Faculty of Actuaries (IFoA) has published a thematic review into the role of actuaries in managing cyber risk.

The report, Actuaries managing cyber risk, sought to provide an up-to-date picture of the areas of work that actuaries are involved in with cyber risk.

These included periodical work through risk management activities as well as day-to-day activities.

The review also provided an overview of the evolving landscape for standards and regulations regarding global cyber risk.

The IFoA noted that actuaries were involved in cyber risk across a range of functions and domains, and work alongside other cyber risk experts, highlighting that it was important to consider how the cross-sector nature of actuarial work impacted cyber risk standards and guidance for those working in this space.

Through the use of case studies and interviews, the review identified areas where actuaries apply their risk management skills and expertise, and addressed cyber risk concerns for firms and their customers.

Review participants emphasised that education and lifelong learning was an area where further support could be beneficial for actuaries as cyber risk evolves.

“Actuaries managing cyber risk provides an important overview on both the activity of actuaries in relation to this high-profile risk, and the latest developments around the world as firms, regulators and governments work to mitigate potential harms,” commented IFoA Regulatory Board lay chair, Neil Buckley.

“I would like to thank all those IFoA members and organisations that took part in this review.

“Managing cyber risk is a joint endeavour and we will continue to actively support members working in this area and encourage collaboration with global actuarial associations and other agencies to help further development of expertise and knowledge.”

IFoA review actuary, Alan Marshall, added: “Cyber risk is all around us and it is a significant and evolving threat. Actuaries will be aware of its critical importance and when involved in identifying and managing cyber risk, are usually working alongside other cybersecurity experts.

“Given the continual threat to the financial system and beyond, actuaries have an opportunity to utilise their technical skills to extend influence in this field of work for the benefit of businesses and consumers.”

---