5:00 – 5:05 Welcome Address – Marie Brière (Scientific Director of the FaIR program, Institut Louis Bachelier)

5:05 – 5:40 Hélène Rey (Professor of Economics at London Business School)
Guest speech: The anatomy of cyber-risks

5:40 – 6:20 Caroline Hillairet (Professor of Applied Mathematics at ENSAE-Paris, CREST) and Olivier Lopez, (Professor of Applied Mathematics at Sorbonne Université, co-directors of the Chair AXA on cyber-risks)
Title: Cyber-risk measurement and insurance

6:20 – 7:00 Panel Discussion: The Challenges of Measuring, Insuring and Regulating Cyber-risks
Moderator: Aimé Lachapelle (Managing Partner, Emerton Data)

  • Philippe Cotelle (Head of Cyber-Insurance Management, AMRAE)
  • Caroline Hillairet (ENSAE-CREST)
  • Olivier Lopez (Sorbonne Université)
  • Olivier Meilland (Deputy Director, Cross-functional and specialized supervision, ACPR)
  • Luc Vignancour (International Underwriter Cyber and Executives Risks, BEAZLEY Group)


In 2020, the global losses from cybercrime are estimated to have reached $1 trillion, more than 1% of global GDP. Cybersecurity risk is one of the top global concerns for firms and market participants (WEF, 2021). The European Systemic Risk Board recently characterized cyber security as a systemic risk to the European financial system (ESRB, 2020). But despite growing concerns from firms, insurers, investors and regulators, there is still a lack of data available on cyber-incidents, which limits the possibility to develop probabilistic pricing and proper risk measurement.  There is also limited coverage by cyber-insurance, and a need to develop micro and macro-prudential regulation.


This roundtable aims to discuss:

– How to evaluate the costs of cyber-incidents, model cyber-attacks and contagion mechanisms?
– How to organize cyber-monitoring?
– What impact of cyber-attacks on firms’ valuations and macro-financial developments?
– How to develop the cyber-insurance market?
– How to supervise cyber-risk in the financial sector?




Organizing Committee

  • Louis Bertucci (FaIR – ILB)
  • Marie Brière (FaIR – ILB)
  • Olivier Fliche (ACPR)
  • Florence Picard (Institut des actuaires)


Institut Louis Bachelier
Finance and Insurance Reloaded (FaIR)
Autorité de Contrôle Prudentiel et de Résolution (ACPR)
Association Europe Finances Régulations (AEFR)
Institut des actuaires



Online conference