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Solving the widening cybersecurity insurance gap that drives businesses away from purchasing or renewing policies needs to start with risk assessments based on AI-driven real-time insights.
Cyber insurers are focused on helping clients reduce the probability of a breach by continually improving and augmenting cybersecurity strategies. Real-time risk assessments, underwriting improvements, streamlining claims processing, and resilience planning all need to be improved with AI delivering solid gains to each.
“It’s reducing claims costs, which reduces insurance premiums. We can give better-preferred pricing and better coverage by ensuring they have good endpoint detection and response (EDR) in place. And that’s the hope to make it more accessible for these smaller organizations and just increase awareness overall. Nobody wants to have incidents,” Anthony Dagostino, Global Chief Cyber Underwriting Officer for Commercial Lines at AXA XL, told VentureBeat in a recent interview.
The current state of cyber insurance
Ransomware, social engineering, phishing, and privileged access credential attacks increase premiums, making cyber insurance unaffordable for many businesses. Ransomware attacks were the primary driver of cyber insurance claims in early 2024, followed by supply chain attacks and business e-mail compromise (BEC) attacks. BEC attacks doubled in 2023, according to Verizon. Supply chain attacks continue to increase, with twice as many occurring in 2023 compared to the previous three years combined. Software supply chain cost businesses $46 billion in 2023.
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It’s time to celebrate the incredible women leading the way in AI! Nominate your inspiring leaders for VentureBeat’s Women in AI Awards today before June 18. Learn More
Solving the widening cybersecurity insurance gap that drives businesses away from purchasing or renewing policies needs to start with risk assessments based on AI-driven real-time insights.
Cyber insurers are focused on helping clients reduce the probability of a breach by continually improving and augmenting cybersecurity strategies. Real-time risk assessments, underwriting improvements, streamlining claims processing, and resilience planning all need to be improved with AI delivering solid gains to each.
“It’s reducing claims costs, which reduces insurance premiums. We can give better-preferred pricing and better coverage by ensuring they have good endpoint detection and response (EDR) in place. And that’s the hope to make it more accessible for these smaller organizations and just increase awareness overall. Nobody wants to have incidents,” Anthony Dagostino, Global Chief Cyber Underwriting Officer for Commercial Lines at AXA XL, told VentureBeat in a recent interview.
The current state of cyber insurance
Ransomware, social engineering, phishing, and privileged access credential attacks increase premiums, making cyber insurance unaffordable for many businesses. Ransomware attacks were the primary driver of cyber insurance claims in early 2024, followed by supply chain attacks and business e-mail compromise (BEC) attacks. BEC attacks doubled in 2023, according to Verizon. Supply chain attacks continue to increase, with twice as many occurring in 2023 compared to the previous three years combined. Software supply chain cost businesses $46 billion in 2023.
VB Transform 2024 Registration is Open
Join enterprise leaders in San Francisco from July 9 to 11 for our flagship AI e …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]