Innovative technologies can be transformational for businesses, industries and our way of life, but they also represent risks. Advances in new areas of tech, such as artificial intelligence (AI), are creating unforeseen threats that insurers must grapple with or risk new exposures. However, three emerging risks rise above the rest as issues the insurance industry should monitor closely.
Generative AI: A New Day Dawns … for Cyber Risk
Barely a day seems to go by without a story heralding a new milestone for Generative AI — the machine learning technique that can create original content such as images, text, video and computer code, from simple text prompts.
In January 2023 alone, we learned that Generative AI has been used to design homes, act as a defense attorney, and imitate human voices. Market researchers see Generative AI apps, such as OpenAI’s popular ChatGPT, creating plenty of revenue — potentially $109 billion by 2030. But the same creative power that has captivated our attention has also raised potential concerns.
Generative AI’s capacity to both mimic real-life people and have seemingly human interactions may be among the most pressing concerns for…
