News

AI is the future, but criminals are faster: BOXX Insurance warns of rising threats

  • 29% of insurance companies are using AI globally – and that figure is only set to rise and rise.

  • BOXX's Neal Jardine explained that in order to thrive through this digitized future, organizations need to understand the real value proposition of investing in cyber insurance as a preventative measure.

  • Part of BOXX’s value isn’t just offering insurance, it’s helping clients recognize new threats.

29% of insurance companies are using AI globally – and that figure is only set to rise and rise

There’s little in today’s world that isn’t feeling the impact of AI in some shape or form and it’s no different for the insurance sector. According to the Global Insurance Survey by Goldman Sachs in 2024, 29% of insurance companies are using AI globally – and that figure is only set to rise and rise.

In the realm of cyber insurance, however, AI is something of a double-edged sword, posing as both an ally and an enemy when it comes to digital security. Speaking to Insurance Business, Neal Jardine (pictured), chief cyber intelligence and claims officer at BOXX Insurance, explained that in order to thrive through this digitized future, organizations need to understand the real value proposition of investing in cyber insurance as a preventative rather than a curative measure.

“AI is becoming the new search engine, the new analyst, and the new threat actor,” he said. “At BOXX, we’re leveraging AI’s ability to process vast amounts of data to better predict threats, respond faster, and support clients with actionable insights. But the same tools we’re using for defense are being weaponized by attackers.”

This, Jardine revealed, feeds directly into BOXX’s core services in risk intelligence and cyber detection. The value proposition is two-fold: harness AI to protect clients, while recognizing that bad actors are doing the same.

“Criminals aren’t just using AI, they’re scaling their operations with it,” he said. “The underground economy is embracing AI faster than many businesses, turning what used to be one-off attacks into fully automated, scalable campaigns. This is reshaping how we assess and underwrite cyber risk.”

At BOXX, which was recently acquired by Zurich Insurance, they’re keenly aware that the same innovations bolstering their risk detection frameworks are simultaneously supercharging adversaries.

About BOXX Insurance

BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.  

BOXX Insurance is an award-winning global cyber protection and insurance provider. We're not a typical company. That's by design. We're serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.  

Every day we're improving the digital health of businesses, families and individuals around the world who rely on BOXX's solutions and services to predict, prevent and insure them against cyber threats. 

Media Contact:   

Sarah Madden, Growth Marketing & Communications Lead  
news@boxxinsurance.com 

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