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The Expert Podcast brings you firsthand narratives from experts across diverse industries, including private investigators, general contractors and builders, insurance agencies, vehicle specialists, lawyers, and many others.
Really great article came out today about artificial intelligence and how it's affecting the Cyber attack cyber liability space. Presumably, this article was about cyber being a company risk, not just management that kind of thing, but buried down further is the impact of AI on Cyber insurance. As a licensed cyber insurance broker agency, we see these types of risks all the time in our client workspace. Artificial intelligence is making it easier for hackers and scammers to process millions and millions of attacks.
It smooths out their workflow. In the same way that AI is helping legitimate companies do business better, it's also affecting the hackers, getting them to do better. But at the same time, insurance policies are using AI to fight back and strengthen cybersecurity controls.
Well, how does that affect you? If you are a company that has a policy with an insurance company, most insurance companies are going to use AI to help manage your risk. They're going to have active monitoring of your threat profile and use AI to better price products. But just like any other arms race, hackers are going to use AI to write better emails that are better disguised social engineering attacks.
So what happens is, as the insurance companies and the cyber defense people identify these hackers, AI will be used to help them protect against these threats. You always have to be part of that arms race to ensure that you have very good cyber liability insurance, active monitoring, and a response protocol. If there is some type of event, it doesn’t even have to be an attack—most of the time, the attack is the last thing that happens. There are infiltrations of your system that occur much earlier before the attack, and you want to make sure that those are noticed.
Your cyber insurance will also use AI for underwriting to ensure they are properly identifying the risk and helping you mitigate those risks with proactive controls to prevent breaches. Insurance companies would love to prevent a hack from even happening because it lowers their cost and keeps you from becoming a victim. It also helps create disaster recovery plans, ensuring you have vendors to use in case something happens to one of your vendors. This is key to having an attack be just a minor blip on the system and not a critical damage to your company and your revenues.
There have been some surveys showing that if a company experiences a cyber attack, their likelihood of going out of business is three times greater compared to if they didn’t have an attack. So, you want to make sure that you’re properly prepared, just like you would for any other risk like fire, theft, or other types of damage.
If you have any questions about cyber prevention or cyber liability, you can click the link below. We’d be glad to help. Thank you for watching another video at ActualHuman.com and Describe.TV. Remember, if you have questions or comments about our videos, put them in the link below. Also, remember that you have availability and access to live one-on-one question-and-answer consultations with a licensed expert in a number of fields, including investigations, insurance, surety bonds, civil court mediation, real estate records research, real estate brokers, mortgage lenders, business development, marketing, advertising, and more.
If you find this content valuable and want to delve more deeply into a subject, you can’t ask YouTube a question. But if you want to talk to somebody live at Actual Human, use the link below. Thanks for watching.