The Canadian Insurance Services Regulatory Organizations (CISRO) has released new guidelines to address cybersecurity concerns related to the use of generative artificial intelligence (AI) by insurance intermediaries.
The publication aims to raise awareness within the industry about the need to adapt cybersecurity strategies as generative AI becomes more prevalent in business operations.
Generative AI, which can produce new content such as emails, marketing materials, and document translations, is gaining widespread use across various industries, including insurance. As chatbots and virtual assistants powered by this technology become increasingly integrated into everyday business activities, CISRO urges intermediaries to implement protective measures against potential cybersecurity threats.
The new guidance builds on recommendations made in CISRO’s previous cybersecurity readiness reference document, published last year. It emphasizes the importance of managing cyber risks, creating a culture of cybersecurity awareness, and ensuring that every member of an organization understands their role in safeguarding sensitive information.
CISRO encourages insurance intermediaries to reassess their cybersecurity practices and take necessary steps to secure their systems and data when utilizing generative AI technologies.
CISRO is a coalition of Canadian regulatory bodies dedicated to maintaining consistent standards for the qualifications and conduct of insurance intermediaries. In 2023, it released a new publication to help insurance intermediaries strengthen their cybersecurity defenses.
The “Cybersecurity Readiness” reference outlines best practices, strategies, and guidelines tailored to industry-specific challenges, covering risk assessment, security policies, and data protection. CISRO encourages intermediaries to review their current cybersecurity practices, address gaps, and seek professional advice if needed.
With the average cost of a cybersecurity breach reaching $6.94 million in 2023, CISRO emphasizes the importance of proactive measures to mitigate risks.
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