The use of artificial intelligence poses new risks for companies that are not always well identified or correctly covered. Its adoption makes it possible to automate processes, improve decision-making and gain operational efficiency, but it also introduces exposures in cybersecurity, third-party liability, corporate governance and business continuity. The relationship between artificial intelligence, business risk and insurance has become a strategic issue for general management, finance, technology and risk functions. AI is no longer just a technical matter: it affects the balance sheet and the company’s liability.
What risks does artificial intelligence generate for companies?
The risks of artificial intelligence for companies are the economic, operational, legal and reputational exposures that may arise from the use, misuse or lack of supervision of AI systems in the corporate environment. These risks can affect any company that uses AI tools, regardless of its sector or size, and can materialise both through internal incidents and through external attacks that exploit the technology itself.
Artificial intelligence as a new business risk factor
The adoption of artificial intelligence tools can generate significant benefits, but it also introduces exposures that many companies do not yet have fully under control.
The main risks associated with the use of AI in companies include:
- Leakage or misuse of confidential data.
- Erroneous or unsupervised automated decisions.
- Dependence on external technology providers.
- Errors in automated critical processes.
- Algorithmic bias with legal or reputational impact.
- More sophisticated cyberattacks through generative AI.
- Fraud through deepfakes, voice cloning or identity impersonation.
These risks can lead to financial losses, business interruptions, third-party claims, regulatory sanctions or reputational damage.
AI is also transforming cyber risk
One of the areas where artificial intelligence is having the greatest impact is cyber risk. Until recently, many companies associated cyber risk primarily with ransomware. However, AI is expanding the scope and sophistication of threats.
It is now possible to generate highly personalised phishing campaigns, create messages in local languages without obvious errors, automate the search for vulnerabilities, or use voice and video deepfakes to deceive employees, executives or suppliers.
This means that companies that were previously not considered priority targets may now be exposed to more frequent, faster and harder-to-detect attacks.
Governance, prevention and insurance: three essential pieces
Faced with this scenario, companies need to go beyond simply adopting technology. Incorporating artificial intelligence requires establishing governance policies, defining internal responsibilities, controlling the use of external tools and assessing the impact that AI may have on corporate risks.
From an insurance perspective, the key is not to insure artificial intelligence as a technology, but to analyse what economic consequences its use or misuse may cause.
What insurance covers artificial intelligence risks in companies
An AI-related incident can affect different policies depending on the type of exposure. The table below summarises the main scenarios:
| Policy | Scenario | Concrete examples |
|---|---|---|
| Cyber | Cyberattack, data breach or system interruption | Ransomware, data exfiltration, critical system outage |
| General / Professional Liability | Error in an automated system causing loss to a third party | Incorrect automated decision, unsupervised critical process error |
| D&O | Claim against directors for lack of supervision or control | Absence of AI governance, lack of internal policies |
| Crime / Cyber | Technological fraud through impersonation or deception | Deepfakes, voice cloning, invoice manipulation, electronic fund theft, electronic identity impersonation |
For this reason, the management of artificial intelligence risk must be approached in a cross-functional way, reviewing both preventive measures and the company’s insurance programme.
Key questions to assess whether your company is prepared for AI risks
Many organisations are adopting AI solutions at speed, but have not always adapted their internal policies, cybersecurity protocols or business insurance to the new landscape.
Key questions that any company should ask itself include:
1. What artificial intelligence tools does the organisation use?
This is the first step. Many companies use AI tools without a formal inventory: writing assistants, data analysis tools, chatbots, automation platforms. Without knowing what is being used, it is not possible to assess the actual exposure.
2. What data is being fed into these tools?
The type of data determines the risk. If client data, financial information, health data or strategic information is being entered into external AI tools, the company may be assuming confidentiality and data protection risks that are not always covered by a standard cyber policy.
3. Are there internal policies for the use and supervision of AI?
The absence of internal policies is one of the main risk factors. Without an AI usage policy, employees may use external tools without oversight, input sensitive data or make decisions based on AI outputs without adequate supervision.
4. Have the legal, operational and reputational risks been assessed?
The European AI Regulation (AI Act) already establishes obligations for certain categories of AI systems. Companies that have not assessed whether their systems fall within the regulated categories may be assuming significant compliance risks.
Answering these questions makes it possible to identify potential gaps and get ahead of situations that could have a significant impact on the company’s operations and balance sheet.
The role of insurance in addressing the new risks of AI
Business insurance does not replace prevention or governance, but it does form part of a comprehensive risk management strategy. In a context where artificial intelligence multiplies the speed, scope and complexity of certain incidents, reviewing the insurance programme is increasingly important.
Artificial intelligence represents an opportunity for many organisations, but it also demands a new way of understanding business risk. Anticipating, assessing and adequately transferring these risks can make the difference between a controlled incident and a problem with economic, operational or reputational impact.
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Do you want to review your company’s exposure to the risks arising from artificial intelligence? At O. Brokers we help companies analyse their risks, review their current coverages and design insurance solutions tailored to their activity, structure and actual exposure. If you would like to review whether your insurance programme is prepared for the new risk scenarios associated with artificial intelligence, contact us and request an advisory meeting: info@obrokers.es | +34 935 95 56 23 |
