New Lloyd Report: GenAI Impact On The Cyber Threat Landscape

New Lloyd Report: In a new report, Lloyd’s, the world’s largest insurance and reinsurance marketplace, examines the impact of Generative Artificial Intelligence (GenAI) technology on the cyber risk landscape, and how businesses need to get more resilient to survive.

This report – Generative AI: Transforming the Cyber Landscape – discusses cyber as one of the most complex and critical threats threatening businesses and national security today, with the dynamics of the risk landscape already posing several challenges.

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GenAI Impact On The Cyber Threat Landscape

A new era of AI, particularly unrestricted advanced GenAI models, is transforming the cyber landscape as it enhances both threat actor and defensive capabilities.

Taking proactive steps to manage the potential changes to the threat landscape is important for businesses and the insurance industry to help understand and manage this ever-evolving threat.

So far, GenAI technologies and Large Language Models (LLMs) have had minimal material impact on the cyber threat landscape, despite their advanced capabilities. Due to industry safety mechanisms and effective AI model governance, as well as cost and hardware barriers, threat actors have not been able to misuse AI models widely.

Increasing accessibility makes them more vulnerable to misuse by threat actors, causing harm to people, property, and tangible and intangible assets.

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There’s a good chance GenAI will increase the frequency, severity, and diversity of smaller-scale cyberattacks, which will increase over the next 12-24 months, followed by a plateau as defensive and security technologies catch up.

Lloyd’s Director of Portfolio Risk Management, Kirsten Mitchell-Wallace, said the company has been exploring AI’s complex and varied risks since 2016.

The threat landscape is constantly changing, so we must stay on top of it, learn from it, and seek to maximize its benefits. The technology of generative AI isn’t the first disruptive technology to impact the cyber threat landscape, and it won’t be the last, so businesses need to improve their risk mitigation, security, and defense technologies, as well as seek appropriate risk transfer, now more than ever.”

Thus, this New Lloyd Report showcases the risks associated with artificial intelligence and GenAI’s Impact On The Cyber Threat Landscape.

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