Does Cyber Insurance Cover AI-Generated Cybercrime?

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How Is Artificial Intelligence (AI) Making Cybercrime Worse?

AI supercharges the sophistication of cybercrime-related attacks in many ways, such as:

• Computing networks can have vulnerabilities exploited by AI-powered attacks, which are faster and more difficult to detect.

• AI-fuelled malware attacks can be automated and are capable of adapting to evade traditional cybersecurity measures.

• According to Malwarebytes, attackers can leverage generative AI to optimize ransomware and phishing attack techniques to be more effective.

What Steps Can Business Owners Take to Prevent AI-Powered Cybercrime?

There are several things business owners can do to defend their networks, mobile devices, and data from cybercrime.

Deploying a multi-layered cybersecurity strategy with advanced technology and training employees on how to detect and respond to attacks are required initial steps. To fight back against AI-generated attacks, consider the following:

• Fight AI cybercrime with AI tools. If malicious actors can use AI to attack business networks, business owners can try to fend them off with AI-driven security solutions.

• Use multi-factor authentication (MFA). Your business should require employees to use MFA when accessing your data and network from any computing device. 

• Partner with cybersecurity experts. Partner with AI cybersecurity experts or a managed security service provider to enhance your company’s cyber defences and oversee potential threats to your business as they emerge.

Taking action swiftly is vital if you suspect your business has been attacked.

How Does Cyber Insurance Help With Cybercrime Threats and Attacks?

Cyber insurance, available as a standalone or add-on to an existing business insurance policy, is designed to aid businesses and independent professionals in recovering from cyber-attacks and data breaches.

Dealing with any type of data breach or cyber-attack can prove to be extremely costly. For example, one of our clients suffered a ransomware attack. Their cyber insurance covered over $70,000 in damages.

There are two types of cyber insurance to consider:

1. Cyber liability insurance: Cyber liability insurance covers legal advice, crisis management services, notification fees and credit monitoring for your business and customers. It also covers repairing and restoring a business’s compromised computing and software systems.

2. Cybercrime insurance: Cybercrime insurance covers loss of funds from specific types of attacks, including phishing and spear phishing attacks or hackers infiltrating your servers, website, and email accounts. 

How to Get Cyber Insurance Quickly

Zensurance is Canada’s leading business insurance brokerage, trusted by more than 350,000 small businesses and independent professionals across hundreds of industries.

Let our knowledgeable, friendly team of brokers help your business quickly obtain the customized, affordable commercial insurance solutions it needs.

Fill out our online application now for a free quote.

We’ll shop our partner network of more than 50 insurers to get the low-cost policy you need, tailor it to suit your business’s risk profile and issue a certificate of insurance in 24 hours or less.