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London-headquartered specialist insurer Beazley has unveiled new cyber cover to support businesses in managing the risks arising from their own use of AI.
The announcement follows Beazley’s recent confirmation of its affirmative AI cyber cover, which, according to the firm, delivers “certainty and clarity” for clients by expressly addressing AI-related risks already covered within existing cyber cover.
“While organisations are increasingly focused on threats from AI-enabled cyber attacks, Beazley’s latest endorsements respond to the equally important risks that can emerge when businesses deploy AI within their own operations,” the specialist insurer said regarding the new cyber cover.
The new offering includes an industry-first AI Voluntary Shutdown solution, which protects organisations that need to suspend their own malfunctioning AI systems before significant financial and reputational harm occurs. It also features AI Regulatory Defence & Penalties cover, designed to support clients whose unintentional misuse of AI leads to regulatory investigations or fines.
Alessandro Lezzi, Group Head of Cyber Risks, Beazley, commented, “These endorsements reflect our commitment to evolving our cover, keeping pace with our clients’ needs and providing greater clarity and confidence as businesses adopt AI.
“Our Full Spectrum Cyber offering is designed to address the totality of cyber risk, helping businesses navigate both emerging threats and the complexities that come with embracing new technologies.”
The post Beazley builds out cyber offering as AI risks grow appeared first on ReinsuranceNe.ws.
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