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Cybersecurity Threats: Malicious AI – Cyber Insurance Reshaping Business Risk in 2024 – Chubb

Posted on January 7, 2025January 7, 2025 By Martin Hinton

The business risk landscape is evolving rapidly, with cybersecurity threats and technological disruptions taking center stage. A recent report by Chubb highlights the growing importance of addressing risks like malicious AI manipulation, cyber breaches, and data leaks to ensure sustainable business growth. The findings, drawn from a survey of 517 risk decision-makers across the U.S. and Canada, emphasize the urgency of proactive strategies to mitigate these challenges.

The Rising Tide of Cybersecurity Threats

Cybersecurity has become the most pressing concern for businesses, with 74% of large companies identifying it as a significant risk to growth. Cyber breaches and data leaks are the most disruptive threats, cited by 40% of respondents—far outpacing regulatory changes (25%) and social unrest (24%).

Executives also see cybersecurity as the leading geopolitical risk, with 60% ranking it above climate change, political instability, and trade wars. The increasing sophistication of cyberattacks, coupled with the rise of malicious AI, amplifies these concerns. Businesses must act swiftly to strengthen their defenses and protect their operational integrity.

Cyber Insurance: A Vital Safety Net

Cyber insurance is emerging as a critical component of modern risk management strategies. According to Chubb’s report, 89% of executives plan to expand their cyber insurance coverage in the next 12 months. This trend reflects growing recognition of insurance as a vital safeguard against financial and technological vulnerabilities.

In addition to covering cybersecurity threats, insurance also mitigates broader risks, including financial instability and technological disruptions. However, gaps remain. Over a third of executives admitted that their organizations are not highly effective at mitigating risks. Small businesses, in particular, lag behind, with only 51% confident in their risk management capabilities.

The Dual Role of AI: Opportunity and Threat

Artificial intelligence is transforming risk management. Nearly 79% of companies have incorporated AI into their strategies, leveraging it to automate processes, analyze risks, and enhance efficiency. However, the same technology also introduces new vulnerabilities.

More than half of surveyed executives reported that their organizations had already faced AI-related risks. Malicious AI technologies, like deepfakes, can spread false information, damage reputations, and even disrupt operations. For middle-market businesses, digital transformation and data integrity challenges are particularly concerning. Meanwhile, large companies grapple with the misuse of AI platforms and reliance on immature technologies.

Despite these risks, 93% of organizations are doubling down on AI investments. By responsibly leveraging AI, businesses can enhance their resilience while mitigating potential threats.

Financial and Operational Risks Add Complexity

While cybersecurity threats dominate the risk landscape, financial and operational risks also pose significant challenges. Nearly 59% of executives cited cash flow concerns as a major threat, with small businesses disproportionately affected. Inflation, interest rate fluctuations, and credit risks further exacerbate these issues.

Operational risks, including supply chain disruptions, also weigh heavily on businesses. Over half of respondents listed these disruptions as a primary threat, compounded by natural disasters like hurricanes, floods, and convective storms. To stay competitive, companies must prioritize resilience and adaptability in their operational strategies.

Addressing a Broader Risk Landscape

The Chubb report underscores how risks once considered secondary—such as AI-related vulnerabilities and reputational damage—are now primary concerns. Social media events, climate change, and geopolitical instability are reshaping how businesses view and approach risk.

While 92% of executives remain optimistic about revenue growth in 2024, this confidence is tempered by concerns over economic slowdowns and escalating cybersecurity threats. The growing reliance on technology only magnifies these risks, necessitating a holistic approach to risk management.

Strategies for Building Resilient Organizations

To counteract these challenges, businesses are adopting diverse risk management strategies. Cyber incident monitoring, employee training, and scenario planning are among the most widely used tools. Over 80% of executives reported regularly integrating these measures into their operations.

Insurance, while crucial, is not a standalone solution. Effective risk management requires proactive leadership and continuous innovation. Organizations must also foster a culture of adaptability to stay ahead of emerging threats.

Juan Luis Ortega, President of North America Insurance at Chubb, emphasizes this point: “The findings of the Risk Decisions 360° report highlight the critical need for businesses to understand the rapidly evolving risk landscape. Empowering organizations with the right tools and strategies is key to sustainable growth.”

A Call to Action

The evolving risk landscape demands vigilance and adaptability. Cybersecurity threats, fueled by malicious AI, pose unprecedented challenges to businesses of all sizes. By prioritizing cybersecurity investments, expanding cyber insurance coverage, and leveraging AI responsibly, organizations can build resilience and unlock sustainable growth opportunities.

As the insights from Chubb’s Risk Decisions 360° report show, the path forward requires a comprehensive approach to risk management. Businesses that embrace proactive strategies will be better positioned to thrive in the face of uncertainty.

By tailoring strategies to address cybersecurity threats, harnessing AI for good, and leveraging the protective power of cyber insurance, companies can transform risks into opportunities and secure their place in an unpredictable future.

Other News: Cyber Insurance and Proactive Security: A Strategic Synergy for Businesses – At-Bay/ Omdia Report(Opens in a new browser tab).

Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

Cybersecurity, Cybersecurity Report Tags:AI, Artificial Intelligence, Business risk, Chubb, cyber insurance, cyber liability insurance, Cybersecurity, cybersecurity threats, Cybersecurity Threats for 2025, Ransomware, Risk Strategies

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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.

🛡️ With a background in enterprise-level cybersecurity on Wall Street and a personal connection to small business through his family, Dan shares why Cork focuses on protecting small and mid-sized businesses from rising cyber threats.

🚨 "The threat actors are getting better, and they're coming after Main Street more and more."

👉 Discover why Main Street is being underserved in today's digital threat landscape and how Cork is filling that gap with a unique value proposition.

🔗 Learn more about Cork: corkinc.com
🎧 Full Podcast Episode: www.youtube.com/@CyberInsuranceNews/podcasts

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#Cybersecurity #SmallBusiness #MainStreet #DanCandee #CorkProtection #TechForGood #SMBs #PodcastClip #CyberThreats #BusinessSecurity
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.

We explore:
• Why Main Street is more vulnerable than Wall Street
• Common SMB cybersecurity blind spots (like ACH fraud)
• The evolving role of managed service providers
• How Cork Protection blends cybersecurity and cyber insurance
• Real-world attack case studies and practical advice for SMBs

Whether you’re a small business owner, MSP, or cyber pro, this episode unpacks how to prepare, prevent, and protect your organization in today’s digital world.

📌 Topics: cybersecurity, cyber insurance, social engineering, SMB protection, ransomware, AI in security, MSPs

🎙 Guest: Dan Candee, CEO of Cork Protection
📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

👉 Don’t forget to like, comment, and subscribe for more insights on cyber insurance and digital defense!

#CyberSecurity #CyberInsurance #SMB #AI #CyberPodcast #BusinessResilience #smallbusiness #sme
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
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

🔐 From credential stuffing to brute force attacks, William explains how cybercriminals use AI to bypass login portals and MFA solutions—putting millions of small business owners at risk.

🎙️ Timestamps:
0:00 - Introduction
6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
10:00 - What small businesses can do right now
14:20 - The future of AI in cybercrime

🎧 Don’t miss this crucial update on the cybersecurity landscape for small businesses. Subscribe and stay informed.

#cyberattack #smallbusiness #AI #cybersecurity #CyberCube
Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
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