The widening cybersecurity insurance gap is driving businesses away from purchasing or renewing policies, but AI-driven real-time insights can be the solution. Cyber insurers are now focusing on helping clients reduce the probability of a breach by continually improving and augmenting cybersecurity strategies. Real-time risk assessments, underwriting improvements, streamlining claims processing, and resilience planning all need to be improved with AI delivering solid gains to each. The current state of cyber insurance is dire, with ransomware, social engineering, phishing, and privileged access credential attacks increasing premiums and making insurance unaffordable for many businesses. However, AI-based systems are cutting claim processing times by over 80% and reducing premiums by 10-30%. The industry is ripe for AI-driven improvements, and companies like CrowdStrike are revolutionizing cyber insurance with their Falcon for Insurability program, which provides AI-native cyber protection at preferred rates.
Cyber Insurers Turn to AI for Real-Time Risk Assessments
Cyber insurance is sometimes considered a discretionary insurance purchase, it’s not required like workers’ comp in the states or property.
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