Artificial intelligence is transforming the whole world. Artificial intelligence has created revolutionary opportunities as well as threats to humans. The potential dangers of AI are also growing such as privacy violations and deepfakes. In today’s digital world, cybercrime against an individual is on the rise which can cause trauma, financial loss, and reputational damage. With the potential threats growing louder, it has become imperative for everyone to avail of individual cyber-safe insurance coverage.
What is Individual Cyber-Safe Insurance?
Individual cyber-safe insurance is specifically designed to protect individuals from the financial consequences of being a victim of fraud cybercrime. Falling prey to such cybercrimes is common in this digital age as the threat is non-detectible in advance. However, it is also not possible to function without a digital presence. Individual cyber-safe insurance provides coverage against various cyber risks. Here are the important coverages offered by cyber-safe insurance for individuals:
- Financial losses arise from online scams, unauthorised payment transactions digital banking fraud, etc.
- The insurance provides financial assistance for the losses arising from Identity theft, cyberstalking, and fishing. This includes legal fees, restoration service charges, and more.
- Cyber-safe insurance provides coverage for cyber extortion and ransomware attacks.
- Data breaches and privacy violations are also covered under individual cyber-safe insurance.
- The policy covers the cost of lawsuits related to all types of covered cyber risks.
Some individual cyber-safe insurance policies may offer additional coverage and services such as access to the opinion of cybersecurity experts, cyber education and risk assessment, etc. However, the coverage and the cyber insurance cost may slightly vary from one insurance provider to another depending on the features and other influencing factors.
Difference between cybercrime and cyber fraud
Though cyber frauds and cyber-crimes are interchangeably used there is a difference between cybercrime and cyber fraud. Cyber fraud is the deception through technologies to obtain money or a piece of sensitive information. On the other hand, cybercrime is the usage of technology for various unlawful activities.
Unmasking the dangers of AI-based video impersonation in Cybercrimes
The advancements in technologies such as deep learning and artificial intelligence are posing more threats to individuals. Cybercriminals are utilising artificial intelligence and deep learning to create altered videos, audio, and images that look convincingly real. Deepfakes are the alarmingly rising cybercrimes.
There are various types of deep fake technologies used such as face replacement, speech synthesis to make the voice sound real, face generation, and more. These deepfakes are used for financial crimes, harassment, create political turmoil, extortion, and more.
How individual cyber-safe insurance can help in cases of AI-based video impersonation?
Individual cyber-safe insurance generally covers all the major cyber risks and the losses arising from the consequences of cybercrimes. However, AI-based video impersonations like deepfakes are emerging challenges for the insurance industry too. The way these synthetic media alter reality, it easily escapes the human eye, machine detection, and even forensic tools sometimes. Isn’t that scary?
Though insurance companies are aware of these rising deep fake cybercrimes, all individual cyber-safe insurance policies may not be able to provide coverage for the consequences of AI-based video impersonation. As it is an emerging new risk in the cyber insurance space, insurance companies may not have adequate methods to assess the risk of reputational damage and the potential financial loss that may arise from such AI-based video impersonation.
However, cyber insurance policies do evolve with the evolving technologies and the new risks that emerge. It has become relevant for insurance companies to now include emerging cyber risks like AI-based video impersonation and deep fake technologies and come up with specialised coverages. Moreover, individuals also need to be extra cautious to control risk by following security measures.
Conclusion
To sum up, individuals rely on cyber-safe insurance for financial protection against all types of cybercrimes. However, emerging cyber risks like AI-based video impersonation are major concerns for insurance companies too. Though new individual cyber-safe insurance policies may cover the implications of artificial intelligence-based cybercrimes, traditional cyber insurance policies may not still account for the financial implications of such new risks. Hence, individuals need to be updated about these developments and seek coverage as per their requirements. It is important to thoroughly check the scope of cover at the time of making a buying decision.
Written By-
Karuna Sharma
MBA Insurance Management
She has a wealth of experience in the insurance industry, Karuna is a seasoned writer specializing in articles on personal cyber insurance for SecureNow. Drawing from 12 years of expertise in the field, she possesses a comprehensive understanding of the intricate landscape of cyber risks faced by individuals. Her articles provide invaluable insights into the importance of personal cyber insurance coverage, addressing the evolving threats in the digital realm and offering practical advice on mitigating risks. Renowned for their clarity and expertise, Karuna is committed to delivering informative and engaging content that empowers readers to protect themselves against cyber threats.
