Caveat
Challenges in the cyber industry.
Sep 28, 2023
Monica Shokrai, Google representative, discusses challenges in the cyber industry, including Google's use of an actuarial team. Topics covered include a TikTok account using facial recognition, information shared in the Google antitrust case, and the difficulties of cyber insurance. They also explore the role of brokers and the increasing concern over privacy invasion.
47:46
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Quick takeaways
- Google uses an internal actuarial team to quantify risk and develop insurance policies based on the risk landscape within the company.
- The cyber insurance market is evolving with increased scrutiny, longer audit reports, and the need for better data-driven metrics to accurately assess and underwrite risk.
Deep dives
Google's Actuarial Team Quantifies Risk for Insurance Purchasing Decisions
Google has an internal actuarial team that quantifies risk to inform insurance purchasing decisions within the company. This team uses risk quantification to assess and understand the risk landscape within Google and translates that into insurance policies. While it is uncommon for companies outside of Google to have their own actuarial teams, Google's comprehensive approach allows for better risk assessment and insurance policy development. The team focuses on cyber insurance and factors in emerging risks such as ransomware to adapt coverage and pricing. The evolving market of cyber insurance involves more scrutiny, longer audit reports, and stricter qualification criteria for policyholders.
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