Four things insurers and brokers must know about ChatGPT

As the use of ChatGPT and other AI chatbots becomes more prevalent in the business world, insurers and brokers need to stress the importance of best practices and ask their clients how they plan to adopt these technologies safely. Speaking with Insurance Business, John Farley, the managing director of cyber practice at Gallagher, said it is imperative that policyholders be mindful of the following:

Setting generative AI usage policies
Focusing on data hygiene
Assessing the risk of data bias
Managing access to generative AI

“Organizations tend to adopt new or emerging technologies to promote goods and services, but then realize the cyber risk associated with them.” To stay ahead, brokers must acclimate their policies to the changing cyber insurance landscape in 2023 as new opportunities for cyber-attacks begin to take shape with these emerging technologies.

Introducing a new wave of hackers

With ChatGPT being very new to the market, it is imperative to pinpoint exactly what types of threats can impact a business in order to safeguard its digital assets and information. Farley has noticed that since ChatGPT has made its way into the mainstream, there have been “dark web forums popping up that are detailing how the technology can be used by junior hackers to learn how to develop malware and phishing email campaigns and deploy them.”

“This could potentially grow the number of novel attackers into a large army in a short amount of time,” Farley said. It will allow individuals without a sophisticated background in hacking to become adept at creating rogue software that will have the potential to wreak havoc on businesses, presenting claims for insurers that could be avoided or lessen their impact.

“As hackers exploit the technology or regulators clamp down on the various usages of it, companies will need to be more proactive in staying ahead of the curve with protective measures.”