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 1. Home ›
 2. Broker News ›
 3. Aon report highlights cyber insurance gap amid rising AI threats




AON REPORT HIGHLIGHTS CYBER INSURANCE GAP AMID RISING AI THREATS

Aon has released its 2024 Intangible versus Tangible Risks Comparison Report,
which emphasises the need for businesses across Europe, the Middle East, and
Africa (EMEA) to reassess their cyber insurance and intellectual property (IP)
protection strategies in the light of evolving threats from generative
artificial intelligence (Gen AI), and the increasing exposure to losses of IP
and intangible assets.

 Key findings from the report reveal:

 * The likelihood of a loss is higher for intangible assets than for tangible
   assets.
 * The average Probable Maximum Loss for intangible assets is almost 43 percent
   higher than of tangible assets.
 * Insurance is in place to cover only 17 percent of information assets compared
   to 60 percent for property, plant, and equipment (PP&E).
 * 54 percent of businesses had a material or significantly disruptive security
   threat or data breach one or more times in the past 24 months.
 * 69 percent of businesses use or plan to use AI products or services.

The new report drew insights from 596 respondents in EMEA, with the responses
underscoring a key discrepancy in insurance coverage. While 60 percent of PP&E
is insured, only 17 percent of information assets have similar protection. This
gap has remained unchanged over the past two years, despite the increasing value
of intangible assets and the growing frequency of substantial cyber breaches.

The survey also shows that the expected loss from a cyber event targeting
intangible assets is 43 percent higher than for tangible assets. Furthermore,
the likelihood of a significant cyber event involving intangible assets is three
times greater than for PP&E. Despite these findings, many businesses still lack
adequate coverage for trade secret theft and intellectual property liability –
potentially exposing them to heightened financial risks.

With 69 percent of businesses in EMEA using or intending to integrate AI
products or services, the potential for cyber incidents and regulatory
compliance issues, is considerable. New regulations like the European Union’s
(EU) AI Act could add further complexity by inadvertently prompting more
litigation from copyright holders.

Additionally, the rising threat from Gen AI is expected to increase the amount
and heighten the impact of cyber-attacks over the next two years. Gen AI may
enhance the existing tactics, techniques, and procedures (TTPs) of cyber
criminals, as well as make it easier for novice cyber criminals to carry out
effective attacks, contributing to an increased global ransomware threat.

Authored by 
Aon
 * Aon
 * Cyber Risk

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