Craig Heeren Discusses AI Cybersecurity Risks for Financial Services Organizations With Life Annuity Specialist

In the article, “New York Regulator Highlights Cybersecurity Risks of AI,” white collar defense and investigations partner Craig Heeren spoke to Life Annuity Specialist about the risks artificial intelligence (AI) can pose to financial services firms and insurers.

Heeren noted a recent guidance letter from the New York State Department of Financial Services on how to deal with cybersecurity risks from advancements in AI. The guidance was aimed at financial service companies and insurers who are subject to New York cybersecurity regulations, which require risk assessments to determine potential vulnerabilities in the event of a cyber-attack. These assessments, along with other tests detailed in the letter, include training, data management strategies and even the use of AI to combat third-party AI attacks.

“Really, the most important step is to appreciate that almost any company in this space is a potential target of malicious cyber actors, and so ensure that you have knowledgeable people working with leadership to implement a risk-mitigation plan that fits the needs of the company,” Heeren noted.