Webinar Institut Louis Bachelier - Cyber Risks, Cyber Insurance and Financial Stability



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)
Title: 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

  • Caroline Hillairet (ENSAE-CREST)
  • Olivier Lopez (Sorbonne Université)
  • Olivier Meilland (Deputy Director, Cross-functional and specialized supervision, ACPR)
  • Philippe Cotelle (Head of Cyber-Insurance Management, AMRAE)
  • 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

Page officielle de l'événement : https://www.institutlouisbachelier.org/evenement/conference-cyber-risks-cyber-insurance-and-financial-stability/