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Beazley expands cyber coverage to address businesses' AI risks
The new offering includes an AI Voluntary Shutdown solution and AI Regulatory Defence & Penalties coverage for misuse that triggers investigations or fines.
London-headquartered specialist insurer Beazley has rolled out a new cyber cover aimed at helping businesses manage risks stemming from their own use of AI, according to Reinsurance News.
The insurer said its updates follow a recent confirmation of its affirmative AI cyber cover, designed to expressly address AI related risks that are already covered within existing policies, with the goal of giving clients more “certainty and clarity.”
Beazley’s new coverage package includes an industry-first AI Voluntary Shutdown solution, intended to protect organizations that need to suspend malfunctioning AI systems before significant financial and reputational damage occurs.
The offering also features AI Regulatory Defence & Penalties cover, meant to support clients when unintentional misuse of AI leads to regulatory investigations or fines. Beazley’s Group Head of Cyber Risks, Alessandro Lezzi, said the endorsements are meant to keep pace with clients’ needs as AI adoption grows.