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ARTICLE · 28 OCTOBER 2024

DFS Issues Circular Letter Addressing Cybersecurity Risks Related To AI

ArentFox Schiff
ArentFox Schiff
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On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers...

United StatesTechnology
Richard G. Liskov
Richard G. Liskov
Julius Rousseau, III
Julius Rousseau, III

On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance professionals, and banks. These entities must abide by cyberattack regulations, but those regulations have not included any specific requirements related to AI. Although the DFS guidance did not prescribe additional regulations, it detailed the shifting world of cyberattacks and suggested measures firms can take to combat the unique challenges AI poses.

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AI Risks

Deepfakes

DFS points to a significant uptick in the amount of cyberattacks involving deepfakes. Deepfakes refer to a type of synthetic video or audio records created with the use of AI that manipulate existing content to make it appear that someone is doing or saying something that they have not. While phishing attacks have been used for decades, deepfakes can make them more

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