ICBA released a white paper to help community banks address the challenges of securing cyber insurance coverage, with a particular focus on artificial intelligence issues.
Details: Developed by members of the ICBA Cyber and Data Security Subcommittee, “Safeguarding Resilience: Navigating Cyber Insurance in the Age of Artificial Intelligence”:
-
Says AI-driven attacks may not be explicitly covered under standard policy language.
-
Explains that vendor-embedded AI tools introduce additional exposures that are often invisible to underwriters and absent from policy terms.
-
Offers recommendations and a checklist of 30 questions community bankers should raise directly with their insurers to identify coverage gaps before an incident occurs.
More: ICBA recently released the Community Banker AI Security Readiness Guide to assess the AI threat shift, what it means for local institutions, and how to strengthen third-party due diligence, update and test incident response plans, among other topics.
AI in the Spotlight: After President Donald Trump’s recent executive order on Promoting Advanced Artificial Intelligence Innovation and Security explicitly recognized community banks as a critical infrastructure component, ICBA said it hopes this results in equitable access to federal AI security resources and coordination.
ICBA Advocacy:
-
In a statement for the record for a hearing on AI, ICBA in June urged senators to ensure recognition of the critical role played by community banks as Congress and federal agencies develop new AI policies.
-
ICBA formed an AI Task Force to provide practical guidance for community bankers.
-
ICBA led development of a Joint AI Action Plan to urge immediate federal action to prepare for a new era of AI-enabled cybersecurity risk.