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Survey: Cybercrime and misuse of AI among top risks for insurance industry

Technological challenges, including cybercrime and the misuse of artificial intelligence, are among the top risks to the insurance industry, a new survey has found.

The PwC Insurance Banana Skins survey, which is published every second year, indicated that, for the first time in the survey’s 14-year history, the top three risks for the sector globally are dominated by technology-related concerns.

As well as threats from cyber-criminals, considered the number one risk, and the misuse or poor governance of AI, the second highest risk, the survey, done in partnership by PwC and the London Foundation for Banking and Finance, found that failure to keep pace with technological change was the third most urgent risk.