Coalition, a proactive insurance company focused on preventing digital risks, has added a new Deepfake Response endorsement to its global cyber insurance policies.
“Businesses can do all the right things — lock down networks, ignore fraudulent fund transfer requests, comply with privacy laws — only to have their reputations damaged by deepfakes,” said Tiago Henriques, chief underwriting officer at Coalition.
Adding: “The Alliance’s Deepfake Response endorsement helps businesses respond to and recover from these potentially damaging situations with expert technical, legal and reputational support.”
The new accreditation enables brokers to provide clients with cutting-edge, comprehensive coverage that enhances their ability to address the challenges of developments in the field of artificial intelligence (AI).
Coalition explains that with this supplement, policyholders can obtain coverage against this form of digital risk, including deepfakes, in which a CEO mistakenly makes inflammatory statements that harm a company’s reputation, or likenesses of employees speaking negatively about a company’s products in order to manipulate stock prices.
Michael Phillips, Head of Cyber Portfolio Underwriting at Coalition, commented: “Cyber insurance is designed to respond to the ever-evolving digital risks. As new risks such as deepfakes emerge, they become more complex and difficult to detect.
“It’s important for businesses to trust that they have a partner who can help them recover from damaging incidents. Our Deepfake Response endorsement makes clear what support will be provided to mitigate the damaging impact of AI-generated impersonation.”
The Alliance’s new Deepfake Responsive Endorsement expands the scope of the Alliance’s cyber policy. In response to deepfake incidents, the expanded coverage will provide technical analysis from deepfake forensics firms, including written reports on suspected deepfakes.
It will also provide legal work to remove deepfakes from online platforms, as well as crisis communications support from PR firms.
This recognition applies to the United States, United Kingdom, Canada (including Quebec), Australia, Germany, Denmark, Sweden and France.
