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Artificial intelligence (AI) is rapidly transforming many industries. It’s already being used to improve cybersecurity and will likely have a major impact on cyber insurance coverage in the coming years.
Just last week, President Biden signed a sweeping executive order on AI, aiming to ensure that this technology is used responsibly. It also makes knowing the ins and outs of AI cybersecurity implementation indispensable.
AI can benefit your cybersecurity strategy in a number of ways. For example, AI can be used to:
Because threat actors are becoming more sophisticated and cyberattacks are growing increasingly devastating, carriers are likely to start requiring organizations to use AI for cybersecurity in the coming years. AI has proven an effective tool for identifying and addressing cyber threats. Companies that use AI tools to improve their cybersecurity posture are likely to receive better insurance rates as they’re seen as being lower risk.
When you’re choosing AI tools for cybersecurity, vet the tools carefully to ensure that they’re reputable and responsibly handle data. Research the AI vendor’s track record on security and privacy, their commitment to transparency and accountability, and their data governance policies and procedures. You don’t want your data falling into the wrong hands.
While AI can be a helpful asset for mitigating cyber threats, using AI as part of your cybersecurity strategy can also present challenges. For example, AI can be:
There are several things you can do to handle AI challenges, such as:
On October 30th, the Biden administration issued an AI executive order that aims to promote responsible AI development and use. The executive order includes a number of provisions that will help organizations mitigate risks and improve their risk profiles. Organizations that are compliant will also have an easier time securing affordable cyber insurance.
By pushing for accountability and the safe use of this quickly evolving technology, the order is a positive step towards addressing AI challenges. Learn more about the executive order to know how AI, underwriting and your business will be affected by this regulatory environment.
Carefully consider the benefits and challenges of AI before implementing these tools for your cybersecurity program. Communicate with your broker about the latest trends in AI before making any final decisions. Like any new advanced technology, we’ll continue to monitor its advantages in guiding us to a more safe and secure world.
Want to learn more?
Find Allen Blount on LinkedIn.
Connect with the Risk Strategies Cyber team at firstname.lastname@example.org.