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Coalition Announces New AI Endorsement to its Cyber Insurance Policies

Posted on March 26, 2024March 26, 2024 By Martin Hinton

Coalition, a provider of Active Insurance designed to mitigate digital risks, announced the introduction of an Affirmative Artificial Intelligence (AI) Endorsement to its cyber insurance policies in the U.S. and Canada. This addition aims to clarify and extend coverage for incidents involving AI technology, such as security failures or data breaches initiated by AI systems.

The endorsement redefines security breaches to include AI security events where artificial intelligence technology compromises the security of computer systems. It also revises the definition of a funds transfer fraud (FTF) event to cover fraudulent instructions issued through deepfakes or other AI technologies. This update is intended to address the growing use of AI in cyber-attacks and provide more comprehensive coverage for incidents.

“Double-Edged Sword”

Shawn Ram, Coalition’s Head of Insurance, explained the rationale behind the endorsement. “As AI becomes more common in cyber-attacks, it’s important to ensure our policies clearly cover these incidents,” he said. Ram highlighted the importance of adapting insurance offerings to meet the evolving digital threat landscape and providing assurance to brokers and policyholders alike.

Tiago Henriques, Coalition’s Head of Research, commented on the broader implications of AI in cybersecurity. “AI is a double-edged sword, with the potential to both enhance cyber-attacks and bolster defenses,” Henriques noted. He discussed Coalition’s efforts to leverage AI for better risk management and insurance protection.

In 2023, Coalition launched CoalitionAI™, an initiative aimed at using generative AI and large language models to support brokers and businesses in managing cyber risk and cyber insurance. This move is part of the company’s broader strategy to incorporate AI into its operations, improving underwriting accuracy, risk segmentation, and customer service.

The AI Endorsement is now available for inclusion in Coalition’s U.S. Surplus and Canada Cyber Insurance policies.

Source: Coalition Adds New Affirmative Artificial Intelligence Endorsement to Cyber Insurance Policies.

Other News: Cyber Security Insurance Industry Moves (Carefully) Toward AI (Opens in a new browser tab)

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In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

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Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

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00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
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