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The cyber insurance reckoning: Why AI-powered attacks are breaking coverage (and what comes next)
Cybersecurity insurance is increasingly critical, particularly as AI transforms (and simplifies) hackers' methodologies.
However, standard business insurance products such as general or professional liability policies (errors and omissions, or E&O) typically don’t cover losses or damages as the result of breaches or other cyber-related incidents. Alter, damage or destroy data, software, hardware or programs; Access, sell, disclose or misuse info; Perform distributed denial of service (DDoS) attacks; Phish or otherwise spam customers and clients; Transmit malicious code to third parties through an enterprise’s network or website. Further, GB&A emphasizes that policies should explicitly outline coverage around extortion expenses — such as the type of digital currency or property surrendered, investigation costs and losses incurred when attempting to make payments.
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