Insurance
Home›Insurance›Industry & Deals›AI lowers barriers for cybercrime, pushing insurers to…
AI lowers barriers for cybercrime, pushing insurers toward resilience
A new white paper says most insurance companies expect significant AI-driven change within three years, but few have advanced beyond early implementation.
Artificial intelligence is accelerating cybercrime, reducing the time and skill needed to launch attacks, and that shift is reshaping how insurers and policyholders approach cyber risk management, according to a Risk & Insurance white paper.
The paper says that in the past two years, attacks that previously took months of work by experienced hackers can now be executed in minutes, and it cites at least one incident where an autonomous, AI-driven attack occurred with virtually no human involvement.
While preventive controls remain important, the white paper argues they are no longer sufficient on their own. It says organizations that weather cyber events best are those that build resilience into every layer of the business, focusing on how they respond and recover when an incident occurs.
The paper also points to industry views from AM Best, saying a majority of insurance companies anticipate significant AI-driven change within three years, even as few have reached advanced implementation. It further notes that AI can support surety underwriters in areas such as research, account summaries, and meeting notes, and includes commentary from Ryan Kratz, Head of Cyber for North America at MSIG USA, emphasizing resiliency first.