Cybersecurity insurance company Coalition Inc. today announced that it has added a new Deepfake Response Endorsement to its cyber insurance policies globally.
The endorsement allows brokers to offer clients comprehensive coverage that helps ensure their resilience as the artificial intelligence landscape evolves. With the endorsement, policyholders gain coverage against deepfakes, such as where a chief executive falsely appears to make inflammatory remarks to damage the company’s reputation, or an employee’s likeness is shown speaking negatively about the company’s products to manipulate stock prices.
In addition to providing financial coverage for deepfake events, Coalition’s new Deepfake Response Endorsement also offers technical analysis by a deepfake forensics firm, legal support to have a deepfake taken down from online platforms and crisis communications support from a public relations firm.
“Businesses can do everything right — lock down networks, ignore fraudulent funds transfer requests, comply with privacy laws — only to have their reputation damaged by a deepfake,” explains Tiago Henriques, chief underwriting officer at Coalition. “Coalition’s Deepfake Response Endorsement helps businesses respond to and recover from these potentially damaging situations with specialized technical, legal and reputational support.”
The new Deepfake Response Endorsement is available in the U.S., the U.K., Canada, Australia, Germany, Denmark, Sweden and France, with certain limitations and exclusions applying depending on the policy and region.
“It’s crucial for businesses to feel confident that they have a partner who can help them recover from a damaging incident,” said Michael Phillips, head of cyber portfolio underwriting at Coalition. “Our Deepfake Response Endorsement provides clarity around what support would be provided to mitigate the damaging impact of AI-generated impersonations.”
The new deepfake offering comes after Coalition announced in November that it had acquired managed detection and response startup Wirespeed Inc. for an undisclosed price.
The acquisition combines Wirespeed’s MDR with Coalition’s suite of cyber risk management tools and coverage to provide protection against fast-moving cyberthreats. Integrations include Wirespeed MDR integrating data from Coalition’s Active Data Graph, including external attack surface monitoring, cyber claims data and more to give more businesses access to 24/7 protection.
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