Balikpapan — Three students from Institut Teknologi Kalimantan (ITK) won First Runner-Up at the Jambi Accounting Competition Seminar National, held at Universitas Jambi. The achievement was earned through a scientific paper combining Industrial Engineering, Actuarial Science, and cybersecurity approaches to address ransomware risks in the fintech sector.

The ITK team consisted of Muhammad Rihzky Anugrah and Senda Saputra from the Industrial Engineering Study Program, Class of 2023, as well as Vina Agustina from the Actuarial Science Study Program, Class of 2023. The team was supervised by Wahyu Dwi Lesmono, S.Si., M.Si.

They presented a paper entitled “A Quantitative Ransomware Risk Model Based on Monte Carlo Simulation for Mitigation Optimization and Cyber Insurance Premium Determination in the Fintech Sector.”

The idea was developed in response to the difficulty of estimating losses caused by ransomware attacks. Cyber risks involve a high level of uncertainty, limited historical data, and the possibility of extreme losses. These conditions mean that conventional actuarial formulas may not always determine cyber insurance premiums accurately.

As a solution, the team applied 10,000 Monte Carlo simulation iterations to generate various attack and loss scenarios. The simulation produced two primary outputs: Annual Loss Expectancy, which estimates the average annual financial loss, and Value at Risk at a 99 percent confidence level, which projects potential losses under extreme conditions.

The results were then used as the basis for determining the pure premium and gross premium of cyber insurance. In addition to proposing a premium calculation model, the team also developed a Cost-Benefit Analysis to help companies identify the most effective cybersecurity mitigation measures and determine which actions should be prioritized.

The team began its preparation by selecting a topic relevant to developments in digital finance. They chose the cybersecurity-strengthening subtheme and combined Monte Carlo simulation from Industrial Engineering with risk and premium calculations from Actuarial Science.

For the team, the competition provided an opportunity to strengthen their research skills, develop critical thinking, and channel creative ideas into the fields of accounting and digital finance. Their journey included preparing the abstract, developing the scientific paper, and delivering the final presentation in Jambi.

“It was an extraordinary experience for us to participate in this national scientific writing competition, from preparing the abstract to reaching the final stage and presenting our work directly in Jambi. We hope to achieve even better results for ITK in the future,” the team said.

This achievement demonstrates that interdisciplinary collaboration can generate solutions relevant to the challenges of modern industry. Through their work, the ITK students not only earned recognition but also proposed a scientific approach to strengthening risk mitigation and financial resilience in the fintech sector.