AXA XL launches new cyber insurance coverage
AXA XL is adding a new coverage to its cyber insurance product, which extends coverage to address specific Gen AI risks.
Available by endorsement and globally, the coverage addresses the following new Gen AI risks:
- 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.
“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. 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.” – Michael Colao, AXA XL’s Global Chief Underwriting Officer, Cyber.
