QBE North America Launches (AI)-Focused Cyber Insurance to Address New Risks

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Illustration of (AI)-focused cyber insurance concept showing hackers attempting LLMjacking on a cloud-based AI model, emphasizing cybersecurity threats and protection measures.

New Coverage Targets AI Regulatory Compliance and Rising Threat of LLMjacking –

QBE North America has announced new (AI)-focused cyber insurance targeting risks associated with artificial intelligence (AI). This specialized insurance addresses AI regulatory compliance and LLMjacking. LLMjacking involves hijacking cloud-based AI models, posing risks as businesses increasingly adopt these technologies.

Coverage for AI Regulatory Compliance

Are your papers in order? Businesses face growing pressure from AI regulatory bodies. The EU AI Act is already in effect, with similar U.S. regulations emerging rapidly. QBE’s new insurance covers fines, penalties, and defense costs related to AI regulatory compliance.

Understanding LLMjacking and Its Dangers

The term LLMjacking, coined by the Sysdig Threat Research Team (TRT), describes attackers using stolen credentials to access cloud-hosted large language models (LLMs). Essentially, attackers hijack these AI models for their own purposes.

Any organization using cloud-hosted LLMs is at risk. Attackers target these AI systems for reasons ranging from seemingly harmless tasks, such as image generation or personal chats, to malicious code optimization and dangerous model tampering.

Sysdig has a good write-up on the topic of LLMjacking, in which they note several concerning threats:

  • Poisoning data: Attackers may intentionally input false information into models, causing models to provide incorrect answers to legitimate queries.
  • Stealing sensitive information: Malicious actors can extract proprietary or confidential information by querying internal databases.
  • Conducting nefarious activities: Sysdig TRT identified attackers exploiting victim LLMs for unethical activities. Attackers use compromised LLMs to create social engineering drafts, develop malicious code, or engage in other unethical behaviors banned elsewhere.
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QBE’s Response to AI Threats

Meredith Brown, head of U.S. Cyber and Errors & Omissions at QBE North America, emphasized, “AI brings incredible opportunities for businesses as well as new risks that traditional cyber insurance policies may not cover.” Brown highlighted QBE’s commitment to proactive insurance solutions that keep pace with the evolving threats of AI, “so businesses have the comprehensive protection they need.”

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.

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