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Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.

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Collibra AI Governance and de-risking unstructured data at Ohalo

Collibra

But as most businesses recognize, innovation is nothing without the right governance to ensure that risks don’t get out of hand. AI governance is about increasing business value while retaining control As AI continues to permeate the fabric of life and work worldwide, so too does AI-based risk increase. AI governance gets harder.

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The risks and limitations of AI in insurance

IBM Big Data Hub

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Usage risk—inaccuracy The performance of an AI system heavily depends on the data from which it learns.

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E-Verify’s “SSN Lock” is Nothing of the Sort

Krebs on Security

But KrebsOnSecurity recently discovered that this is not the case with all federal government sites built to help you manage your identity online. A key concept here is that these services only allow one account per Social Security number — which for better or worse is the de facto national identifier in the United States.

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Greylock McKinnon Associates data breach exposed DOJ data of 341650 people

Security Affairs

Greylock McKinnon Associates (GMA) provides expert economic analysis and litigation support to a diverse group of domestic and international clients in the legal profession, the business community, and government agencies, including the Department of Justice (DoJ).

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New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.