A question often asked…
A question often asked…
The IBANY held its annual fete at an amazing location at 2 Desbrosses Street Rooftop in New York’s SoHo. There were about 400 in attendance. Anthony Greene and his band of brokers did a great job. Many industry veterans were among the happy younger generation of professionals – the latter far outnumbering the former. Lee Orabona and Don Privett were among them; sadly, some friends have left the business, others are gone, but the surprising vitality of this group’s “New Gen” was visible that Spring night in SoHo.… When people ask you the same question over and over again, you need to continue to improve your answers. With me, I cannot get too deeply into any lifestyle conversation with industry professionals – especially out-of-towners – before the question comes up: what is the best Italian restaurant in the City? I have even gotten e-mails from communicators and meeting attendees about to come into the City asking the eternal question. Now I am not an authority, but since I did spend half of my youth in Italy and since I do eat out seemingly incessantly these days, I will keep a handy list of recommendations in no special order and relay them here over the next several columns. To start, Pizzarte: this is the best pizzeria and pasta house dollar for dollar in town and has a sophistication level far above the ordinary pizzeria. Bruno Cleglio and his partners have even added a good and well-priced wine list. Try the fettuccine with chestnuts and the burrata and prosciutto; medium priced; sit upstairs for sure. It’s on west 55th just east of 6th. SD@26, Tony and Marissa May’s masterpiece (it succeeds their legendary San Domenico) is on 26th facing Madison Square. Totally recommend it especially for business dinners, given the private sections and private dining areas. What is great about it is the openness of the design, yet the sense of privacy. The kitchen is wide open and the service flies out from it very carefully. The pasta is homemade, for real, and the pasta and main course combinations are well worth a trip to 26th between Madison and 5th. The maître d’, Stefano, understands what a business dinner is and the chef understands quality. Do not miss the risotto carnaroli – it will surprise you – favorably. This is a multi-star spot.… The Casualty Actuarial Society (CAS) has formed a Task Force on Cyber Risk. This initiative reflects the rapid growth of cyber risk and the pressing need to find effective means of analyzing it. According to CAS, “The CAS Task Force on Cyber Risk will engage in research activities and provide educational opportunities in the analysis of cyber risk, with a particular focus on contingent events arising from cyber risk and the financial implications of these events. Recently reported data breaches at large corporations, educational institutions, and government agencies are some of the many examples of cyber-related events that illustrate the rapid growth of cyber risk. Ways of managing cyber risk exposure range from employing more effective information security measures to wider use of cyber insurance.” As we reported in our March 17th issue, cyber risk is one of the key components of operational risk to which every company is exposed. Today, the analysis of cyber risk is essential in setting insurance premium levels, evaluating liabilities for insured cyber losses, and enterprise risk management of insurance companies underwriting cyber risk insurance. The CAS initiative has a strong potential to benefit enterprises and other entities exposed to cyber risk, policyholders purchasing cyber risk insurance, insurance and reinsurance industries, and society as a whole. “We believe that in addressing the challenge of cyber risk analysis, it is essential to follow a multidisciplinary approach that brings together experts in actuarial science, cyber security and information technology, big data analytics, legal and other fields,” said Alex Krutov, chairperson of the Task Force on Cyber Risk. “We encourage other professionals and organizations to join us in the important effort of advancing research and education in the area of rapidly evolving cyber risk.” Many aspects of cyber risk remain poorly understood. With few exceptions, the expertise needed to analyze cyber-related events such as data breaches or business interruption, their probabilities, and their ultimate financial impact is limited, both at the companies directly exposed to the risk and in the insurance industry. Often, unscientific qualitative methods are used for this task. While there is a growing body of research on some of the specific IT aspects of the risk, it is particularly difficult to tie that research to financial outcomes and insurance coverage. The Task Force on Cyber Risk intends to contribute to this ongoing research, but its primary research goal is to utilize a multidisciplinary approach in order to gain a more comprehensive and accurate view of cyber risk. The need for such improved understanding of cyber risk cannot be overstated.
