GlobalData surveying indicates that over half of industry insiders believe AI applications, such as ChatGPT, will cause an increase in cyberattacks. Meanwhile, Aon research highlights how businesses need to reassess their cyber insurance strategies in the light of evolving threats from generative AI.
According to GlobalData’s poll run on Verdict Media sites—which was conducted in Q2 2023, receiving over 200 responses—58.5% of respondents believe that AI applications such as ChatGPT will cause an increase in cyberattacks. This perception suggests there is significant concern among the respondents about the potential risks and vulnerabilities associated with AI technology about cybersecurity.
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Meanwhile, Aon’s 2024 Intangible versus Tangible Risks Comparison Report highlights the urgent need for businesses in Europe, the Middle East, and Africa to re-evaluate their cyber insurance strategies due to the rising threat posed by generative AI. The report’s key findings indicate that intangible assets are more likely to incur losses than tangible ones. The average probable maximum loss for intangible (“information”) assets is almost 37% higher than for tangible (“property, plant, and equipment” [PP&E]) assets. Insurance coverage extends to only 19% of information assets, compared to 60% for PP&E assets. Additionally, 56% of businesses experienced a significant security threat or data breach at least once in the past two years, and 67% of businesses either use or plan to use AI products or services.
As AI adoption grows, the need for robust cybersecurity measures and comprehensive insurance coverage becomes even more critical. To effectively address these challenges, businesses must not only strengthen their defences against AI-driven cyber threats but also focus on how they can achieve this. This can be done by working closely with insurance specialists to tailor coverage to emerging risks and by training staff to recognize and mitigate AI-related vulnerabilities. Ensuring that risk management strategies are adequately aligned with the new landscape of digital threats is essential for maintaining security and resilience.
Going forward, the rise of AI technologies will present both opportunities and risks, particularly in the realm of cybersecurity. As AI continues to evolve, businesses must proactively address the associated challenges by reassessing their cyber insurance strategies and enhancing their cybersecurity frameworks. The findings from GlobalData and Aon highlight the importance of closing the gap in insurance coverage for intangible assets and preparing for the heightened risks that AI may bring.
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