InsurTech weekly: Cyber insurance in a nutshell
Florian Graillot
July 12, 2023
Newsletter
Florian Graillot
July 12, 2023
The cyber insurance market reached a record size last year. Cyberattacks and the volume of compromised digital assets increased simultaneously. Ransomware and supply chain attacks dominated the cyber risk space over the past 12 months.
AI is revolutionising the way we live and work, and it’s becoming increasingly pressing for individuals and organisations to understand it’s potential impact. As AI solutions rapidly develop and new applications become available for industry, a strong structure and framework for its application is needed to de-risk AI adoption. The AIIA and KPMG have identified what organisations need to do to ensure AI is developed, used and procured in a way that meets future regulatory and ethical expectations.
This ability to train LLMs on vast amounts of unstructured data, combined with essentially unlimited computational power, could yield the largest transformation the financial services market has seen in decades. Unlike other platform shifts—internet, mobile, cloud—where the financial services industry lagged in adoption, here we expect to see the best new companies and incumbents embrace generative AI, now.
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