AXA XL has introduced a new endorsement to its cyber insurance policy, aimed at helping businesses manage emerging risks associated with Generative artificial intelligence (AI) (Gen AI).
This addition is designed to address specific challenges that companies may encounter when developing their own Gen AI models.
The new Gen AI cyber insurance coverage by AXA XL tackles several risks. One of the key concerns is data poisoning, where attackers manipulate training data, potentially leading to costly data cleanup and litigation.
Additionally, the endorsement covers usage rights infringement, such as the negligent use of copyrighted materials or software licences in machine learning applications.
AXA XL cyber global chief underwriting officer “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.”
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Another significant aspect of the coverage is regulatory violations, specifically in relation to the European Union’s (EU) AI Act, which regulates AI system development and deployment.
This is an area of increasing concern as governments worldwide begin to scrutinise AI technologies more closely.
The Gen AI coverage is available as an endorsement to AXA XL’s CyberRiskConnect policy, which is accessible to clients in the US and Canada, the UK and Lloyd’s market, as well as Europe and Asia.
AXA XL’s cyber insurance products and services are comprehensive, offering not just financial protection but also support in investigating and managing cyber incidents, and risk management services to bolster cybersecurity measures.
In August this year, AXA XL entered a strategic partnership with US Marine Insurance Group (US MIG) for the expansion of its inland marine insurance services within the supply chain and transportation sectors.
