AI Might Strengthen Your Cybersecurity Program

Artificial intelligence (AI) is rapidly transforming many industries. It’s already being used to improve cybersecurity and will likely have a major impact on cyber insurance coverage in the coming years.

Just last week, President Biden signed a sweeping executive order on AI, aiming to ensure that this technology is used responsibly. It also makes knowing the ins and outs of AI cybersecurity implementation indispensable.

Benefits of AI for cybersecurity

AI can benefit your cybersecurity strategy in a number of ways. For example, AI can be used to:

Detect and respond to cyber threats more quickly and effectively:

• AI can analyze large amounts of data to identify patterns and anomalies that may indicate a cyberattack. This can help you respond to threats before they cause damage.

Automate cybersecurity tasks:

• AI can be used to automate many time-consuming and repetitive cybersecurity tasks, such as security patch management and log monitoring. This frees up security personnel to focus on more strategic tasks.
• Improve security awareness and training: AI can be used to develop personalized security awareness training programs for employees. This can help to reduce the risk of human error, a leading cause of cyberattacks.

AI may become an insurance requirement

Because threat actors are becoming more sophisticated and cyberattacks are growing increasingly devastating, carriers are likely to start requiring organizations to use AI for cybersecurity in the coming years. AI has proven an effective tool for identifying and addressing cyber threats. Companies that use AI tools to improve their cybersecurity posture are likely to receive better insurance rates as they’re seen as being lower risk.

Vet your AI tools carefully

When you’re choosing AI tools for cybersecurity, vet the tools carefully to ensure that they’re reputable and responsibly handle data. Research the AI vendor’s track record on security and privacy, their commitment to transparency and accountability, and their data governance policies and procedures. You don’t want your data falling into the wrong hands.

Potential Challenges of AI

While AI can be a helpful asset for mitigating cyber threats, using AI as part of your cybersecurity strategy can also present challenges. For example, AI can be:

Complex and difficult to understand:

• This can make it difficult for organizations to manage AI risks effectively.

Biased:

• If AI tools are not trained on data that is representative of the real world, they can make biased decisions. This could lead to false positives or negatives.

Vulnerable to attack:

• AI systems are not impervious to attacks. They too can be hacked or manipulated by threat actors to launch a cyberattack.

Solutions to handle AI challenges

There are several things you can do to handle AI challenges, such as:

Implement AI risk management practices:

• This includes developing policies and procedures for managing AI risks, such as forbidding certain kinds of data from being entered into the program and training all employees on responsible use of AI.

Use AI tools that are transparent and accountable:

• This means choosing tools from vendors that are committed to transparency and accountability, and that provide mechanisms for users to understand and challenge AI decisions.

Monitor AI systems for bias and security vulnerabilities:

• This includes using tools and processes to detect and mitigate bias, as well as conducting regular security audits.

Biden administration's new AI executive order

On October 30^th, the Biden administration issued an AI executive order that aims to promote responsible AI development and use. The executive order includes a number of provisions that will help organizations mitigate risks and improve their risk profiles. Organizations that are compliant will also have an easier time securing affordable cyber insurance.

By pushing for accountability and the safe use of this quickly evolving technology, the order is a positive step towards addressing AI challenges. Learn more about the executive order to know how AI, underwriting and your business will be affected by this regulatory environment.

Keep an eye on AI

Carefully consider the benefits and challenges of AI before implementing these tools for your cybersecurity program. Communicate with your broker about the latest trends in AI before making any final decisions. Like any new advanced technology, we’ll continue to monitor its advantages in guiding us to a more safe and secure world.

Want to learn more?

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Connect with the Risk Strategies Cyber team at cyber@risk-strategies.com.