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Thank you for posting Judy Selby. They say timing is everything, and with the recent fun exposed by Clawdbot, now OpenClaw admirably explained by Nate B. Jones, the effects of AI on insurance risk are only just starting to be understood. Although Gerry Kennedy we’ve been watching this train wreck unfold over the past 2 years.
This is a nice paper that pulls together what many have been saying for the past 5 years. Get a grip on the trifecta of Cyber, Data, Cloud risk, or AI will do it for you and cause a train wreck. A train wreck, corporate America, Europe, and APAC are sitting in the middle of. It’s not even as though it’s a steam engine trundling down the tracks; it’s a full-blown high-speed train that ain’t stopping for no one. Least of all, corporates and insurers. But you can bet corporates and their boards will feel the impact, in this case, as insurers wake up with the ‘oh sh1t’ moment and realise there are no solutions that have worked so far and they won’t carry the risk.
So what happens next? Well, the problem is we first have to recognise we’re playing a numbers game. In simple terms, there are a lot of organisations affected by Cyber, Data, Cloud, and AI risk, which is a broad surface of organisations and risks. Few care about risk management, regulation is immature, and there’s little regulatory precedence in courts. The snake oil is no good when the lights go out. We have to recognise that praying has not worked and kicking the risk ‘can’ down the road has not helped. When boards realise their insurance risk backstop won’t pay out, they’re breaching their fiduciary responsibilities, and regulators impose civil and criminal penalties, or shareholders hold boards to account.
We need a solution; the train is not stopping. We need to manage risk and pass the responsibility back into the boardroom with passion, and that means at a cost to boards.
@Thaddeus Dziekanowski Brian D. McCarthy Liz Sandwith CFIIA
@Parava Security Solutions
#cybersecurity #insurance
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