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Commercial cyber policies have historically drawn a hard line around social engineering losses: if a human was deceived rather than a system breached, coverage was sublimited or absent.
AI-generated deepfakes make that line harder to hold. A synthetic audio clip of a CFO authorizing a wire transfer is a social engineering attack, but it is also, arguably, a technical fraud.
BOXX Insurance, a global cyber insurtech within Zurich Insurance Group, has announced affirmative coverage for AI and deepfake-related events, covering both social engineering and security failures, inside its commercial policy, Cyberboxx Business.
The coverage problem deepfakes created The mechanism behind social engineering losses is identity impersonation: an attacker convinces an authorized person to take an action, usually a payment or credential handover, by appearing to be someone trusted.
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