AXA Research Fund: 2024 Building Resilience against Systemic Cyber Risk

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Each academic institution can hand in only ONE PROJECT PROPOSAL. In case of several applications submitted from a single institution, all applications would be disqualified.

Digitalization has enabled tremendous progress in economy and society over the past decades. Global connectivity through the internet and underlying network infrastructure has further accelerated this development. Like with any advance in technology, risks have evolved as well – in case of digitization in the shape of cyber risks.

Cyber risk manifests itself in our everyday lives. Cyber-attacks, espionage, operational errors occur daily, causing loss to the economy at a significant level. Recently, there has been also growing concern about “systemic cyber risk”— the possibility that a single incident could cause ripple effects with potentially catastrophic consequences. A systemic cyber fallout could threaten the digital infrastructure that societies, economies, and governments rely on. Consequently, it comes as no surprise, that cyber risks are identified as one of the top risks over the past years in the AXA 2022 Future Risk Report as well as the Swiss Re Institute SONAR Report 2023.^.

However, research progress on this subject has been described as modest and the availability of data limited, leading to many questions remaining unanswered. This can largely be attributed to the novelty of the topic, and its constantly evolving threat profile.

To reinforce cyber resilience, more understanding is needed. In light of this, the Swiss Re Institute and the AXA Research Fund have decided to collaboratively support academic research projects investigating how to increase cyber resilience for companies, governments and society looking at different resilience building approaches.. The Partnership has an overall budget of 1M€, which will be distributed to different research projects over 3 years. 

The Call for research Proposals ‘Building Resilience against Systemic Cyber Risk’ seeks to improve the understanding of economic resilience against cyber catastrophes (including around strengthening protection, reducing impact and improving recovery protocols). Project teams will be required to make choices around specific cyber catastrophe scenarios as well as the methodology used.

The results of the work should contribute to industries and societies understanding of economic and business resilience against certain cyber risk scenarios by providing inputs on how to assess resilience and suggest best ways to improve it.