Fast growing insurtech Genasys Technologies has sent IE its debut edition of the Lowdown newsletter, here are the highlights;
CAN AI BE REGULATED?
The use of artificial intelligence will be regulated by the AI Act, the world’s first comprehensive AI law, European Parliament announced this week. Their priority is to make sure that AI systems used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly and should be overseen by people, rather than automation to prevent harmful outcomes.
But technology has no respect for borders and AI regulations are not a “domestic matter”, former UK Office for AI head Sana Kharaghani tells the BBC. “We need to have global collaboration on this, as these technologies don’t sit within the boundaries of one country”.
UK Prime Minister, Rishi Sunak, believes that Britain is well placed to take a leading role in developing a global architecture for regulation. Mr Sunak used a recent trip to the USA to announce that the UK will host the first global summit on AI safety. “I want to make the UK not just the intellectual home, but the geographical home of global AI safety regulation”.
CYBER REPORT
Cyber risk specialist Kroll released a report on The State of Cyber Defense, finding that security-decision makers in enterprise firms believe a lack of trust in their security capabilities is a major threat to their organisations.
The lack of trust and understanding as to what a company is protected against can lead to investment in unnecessary technology, too much complexity and defense against the wrong threats. On the other hand, over a third of security leaders may have an over-confidence in their cyber-security systems in a constantly evolving threat landscape. Surprisingly, it’s claimed that only 23% of businesses have cyber-security insurance cover.
Insurance Edge neatly summarises the findings here.
TECH INVESTMENT PAYS OFF IN LONDON MARKET
A new study by WTW reveals that investment in technology in the London Market is now leading to direct returns. The study was based on a survey of 49 syndicates that make up approximately 85% of the Lloyd’s market. It found that those who have invested in technology are outperforming those who have been slower to innovate.
Read the summary from Insurance Business here.
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