AI & Cyber Insurance

HSB Expands Personal Cyber Insurance Coverage (Even Your Car & Emotional Well-Being, Not to Mention those Star Wars NFTs, are Covered)

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HSB (Hartford Steam Boiler), part of Munich Re, has expanded its personal and family cyber insurance to help customers deal with new digital risks. This includes protection against things like internet fraud, connected vehicle hacks, and the emotional stress caused by cybercrime. Along with insurance coverage, HSB also provides tools for preventing cyberattacks and offers … Read more

AI to the Rescue for Cyber Insurers? Not so Fast, Says New York State

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“Artificial intelligence systems” (“AIS”) and “external consumer data and information sources” (“ECDIS”) can help insurers and companies, New York State regulators concede, but the technologies better not hurt “protected classes” or “perpetuate or amplify systemic biases that have resulted in unlawful or unfair discrimination,” warns the state in new regulatory guidance. Given the complexity of … Read more

AI Cuts Cyber-Insurance Claim Processing Times By > 80%?

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So reports Venture Beat in a report on AI’s impact on cyber insurance, which also says the technology can dramatically accelerate risk assessments: “Cyber insurers are also looking to AI to reduce the time and costs of real-time risk assessments that can cost between $10,000 to $50,000 per assessment and take between four to six weeks to … Read more

“A Rose by Any Other Name” Does Not Apply to Cyber Insurance — The Lack of Standard Terminology in the Industry

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“What’s in a name? That which we call a rose by any other name would smell as sweet,” wrote Shakespeare. But cyber insurance experts think there’s nothing sweet about the lack of standard terminology in cyber liability insurance policies. “‘This dearth of common language, (Peter Hedberg of Corvus Insurance) said, can create unintended confusion when … Read more

Don’t Initiate that Wire Payment Before Reading This. Funds Transfer Fraud Jumps in Frequency and Severity, Coalition Reports

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We told you about Coalition’s findings on business email compromise (BEC), as reported in the managing general agent’s 2024 Cyber Claims Report. But we were also struck by the data on Fund Transfer Fraud or FTF. Both the frequency and severity of FTF claims increased from 2023 to 2024. Claims were up 15% YOY and … Read more

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