What effects is AI having on the cyberinsurance market?
Unwanted 72 Side Effects: Cyberinsurance Market Now.
In an effort to provide insight into how the cyber insurance market will be changing in 2023, Insurance Business Canada recently organized a roundtable discussion where the convergence of artificial intelligence (AI) and the growing threat of cyberattacks took center stage.
Despite the fact that AI integration is commonplace in many industries, the roundtable stressed that risk is not eliminated by AI; rather, new risks are introduced.
Experts on the panel agreed that in order for organizations to overcome these obstacles, they need to put strong security and compliance controls in place.
Reactive AI is typically used by businesses, but Chris Pitcher, AVP and head of cyber at Arch Insurance, noted that generative AI presents a higher risk.
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In order to avoid unpleasant surprises when it comes time for policy renewals, Michelle Lawson, the cyber practice leader at WTW, emphasized the importance of proactive communication between businesses investigating new technologies and their insurance brokers.
The conversation also covered the unethical uses of emerging technologies by unscrupulous parties. Cyber development manager for CFC in Canada, Laura Martin, brought attention to the rise of “evil versions” of AI that hackers employ to carry out phishing attacks.
But despite the captivating news about ransom gangs and new technologies, human error continues to be a major obstacle for businesses looking to strengthen their cyber resilience.
“I hammer home to many of my brokers that the human error element is really important, as it accounts for seventy-five percent of CFC losses,” Martin stated, adding that numerous insurance Policies don’t cover related events like money transfers that aren’t legitimate.
When choosing cyber policies and insurance partners, the panel’s experts also stressed the value of service over price.
Martin noted that for brokers as well as insurance buyers, proactive services, efficient communication, incident response capabilities, and claims prevention are essential factors to take into account.
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According to her, cyber insurance policies are now a proactive measure rather than a reactive one. Lawson agreed, noting that cyber insurance has developed to now serve as a source of both service and protection for customers.
What additional online risks need brokers and insurers to be aware of? View the entire roundtable conversation to learn more about how Canada’s cyber insurance market is changing. market.
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