Artificial Intelligence reduces human error, drives innovation and allows for faster decision-making, but it can also make it easier for cybercriminals. While AI is not inherently malicious, cybercriminals can exploit its capabilities to conduct more sophisticated and efficient attacks on Oregon Businesses highlighting the ever growing need for cyber liability insurance.
Examples of AI Risks include:
- Automated attacks: AI can be used to automate various stages of cyberattacks, such as scanning for vulnerabilities, crafting and delivering phishing emails, or launching distributed denial of service (DDoS) attacks.
- Advanced evasion techniques: Cybercriminals can employ AI to develop and refine evasion techniques that can bypass traditional security measures, making it harder for defenders to detect and prevent attacks.
- Social engineering: AI-powered chatbots or virtual assistants can be used to mimic human behavior and deceive users into revealing sensitive information or performing actions that compromise security.
- Data analysis and profiling: Cybercriminals can use AI to gather and analyze vast amounts of data to build more accurate profiles of potential targets or victims, which can be exploited for personalized attacks.
- Machine learning for malware: AI can assist in creating sophisticated malware that can adapt and evolve to bypass traditional signature-based antivirus solutions.
How Cyber Liability Insurance Protects Your Business
- Financial Protection – Covers costs related to data breaches, ransomware payments, legal fees, and business interruptions.
- Regulatory Compliance Support – Helps businesses navigate Oregon’s consumer data protection laws and covers penalties for non-compliance.
- Incident Response & Recovery – Provides access to cybersecurity experts, forensic investigations, and public relations support to minimize damage after an attack.
- Third-Party Coverage – Protects against claims from customers, vendors, or partners whose data may be compromised in an attack.
However, it’s important to note that AI is also being used in defense to enhance cybersecurity. AI can help identify and respond to threats more rapidly, detect anomalies in network traffic, and improve overall security measures. The cybersecurity landscape is constantly evolving, with both defenders and attackers using AI to gain an advantage.
Companies can minimize their exposure to this troubling trend—obtaining a comprehensive cyber-insurance policy that will maximize coverage in the event of a loss. Be warned: cyber-insurance policies are not created equal. Like cyber exposures, cyber insurance continues to evolve. Contact EPB&B cyber professional Justine Avera at javera@epbb.com or 503-445-8402 to help find the right coverage to protect your business.