LONDON and NEW YORK, Oct. 21, 2024 /PRNewswire/ — To help businesses manage risks arising from developing their own Generative AI (Gen AI) models, AXA XL unveiled new coverage, available by endorsement, to its cyber insurance coverage globally, extending coverage to address specific Gen AI risks.
According to Michael Colao, AXA XL’s Global Chief Underwriting Officer, Cyber, “Looking to improve efficiency, improve customer experience, and so much more, more companies are investing in developing their own Generative AI to unlock new possibilities. They must also be mindful of the risks that come with it, such as potential misuse, compliance issues, and the need for robust safeguards to ensure responsible and secure deployment.”
AXA XL’s new endorsement addresses the following new Gen AI risks that clients may face:
– Data poisoning: Manipulating or contaminating the training data, not just the client’s data, used to develop machine learning models. By introducing misleading or false information into the training data, attackers can compromise the performance and accuracy of the resulting AI systems, leaving businesses with a costly data cleanup and litigation risks.
– Usage rights infringement: Negligently failing to obtain appropriate permissions to use particular items or data, such as copyrighted materials, software licenses, and intellectual property in machine learning.
– Regulatory violations: Liability resulting from the European Union’s AI Act which aims to regulate the development and deployment of AI systems.
“Our clients sought help navigating this unchartered territory and, with our brokers’ input and feedback, we’re pleased to develop an innovative, market-leading insurance solution to provide clear coverage for these risks and help them leverage GenAI without the worry of potential risks and extra costs that could hinder their efforts,” Mr. Colao added.
The new Gen AI coverage is available by endorsement to AXA XL’s CyberRiskConnect policy, available throughout the U.S and Canada, U.K. and Lloyd’s market, and Europe and Asia.
Globally, AXA XL offers a range of cyber insurance products and services to help businesses protect themselves against cyber threats. Offerings include coverage for investigating and managing cyber incidents, financial protection against liabilities, and risk management services to strengthen cybersecurity.
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ABOUT AXA XL AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com ABOUT AXA XL INSURANCE AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com |
SOURCE AXA XL
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