Manatt Privacy and Data Security Partner Christopher Lisy was quoted in Law360 on the increasing use of artificial intelligence (AI) by threat actors and how organizations can address this risk when evaluating their cyber coverage.
With the increasing rate of companies working to fend off scammers using AI, cyberinsurance policies are moving toward placing the risk of social engineering schemes as an additional option to their standard policy. “We've seen in the market over the past few years that the underwriting has really tightened up, and insurers are asking more questions of the organizations that they're looking to insure,” Lisy commented.
Lisy also said that companies should drive conversations about AI and social engineering scheme protections, recommending that companies evaluating their insurance portfolios discuss the organization's security needs with chief strategy officers and technology officers. "You have to have the right stakeholders in the organization participating in the process," he said. "And that's important in the application process, it's important in the controls process and the governance process."
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