Source@RPC – April 2024
The aim of Source@RPC is to provide lawyers, procurement professionals and CIOs/CTOs (amongst others) with a regular update on the legal implications and risks (and how best to manage them) of sourcing and utilising technology and outsourced technology-enabled services, as they affect businesses operating in the insurance and financial services sector.
Your editorial for Source@RPC's fourth edition comes from RPC's Cyber & Technology Insurance team. Our dedicated experts have dealt with many hundreds of incidents – ranging from high profile ransomware to sophisticated frauds. Our offering includes pre-breach training, data breach litigation, tech-related disputes, and cyber and technology insurance policy coverage.
An ongoing theme across Source@RPC has been AI. There continues to be much speculation as to the use of AI, both by criminal cyber groups and in the fight against cybersecurity threats. Indeed, the National Cyber Security Centre recently published a report setting out its views on these issues. Certainly, AI is enabling criminal cyber groups to become increasingly convincing in their attacks. However, AI can also be deployed to help combat these threats, for example through sophisticated modelling or to help increase the speed of response to actual attacks.
As always, do forward on this edition to those of your colleagues who may be interested in any of its contents and encourage them to subscribe to future editions.
Voluntary Code of Conduct for the Use of AI in the insurance industry is launched
A new Voluntary Code of Conduct for the Use of AI in insurance claims has been created to "deliver a simple set of guidelines that will help all those involved in AI design and deployment to stop, think, and properly consider the basis on which AI is to be used".
AI's Impact on Insurance Industry
Global Insurance Law Connect has published a report on the use of AI in the insurance industry, which draws upon the expertise and opinions from members in relation to the capabilities of AI, the risks and the benefits, and where the use of AI may be headed.
Government publishes response to AI White Paper consultation
The Government has published its "pro-innovation" response to its consultation on the AI White Paper it published in March 2023.
The European Central Bank publishes results from 2023 outsourcing register
The European Central Bank's analysis of the 2023 outsourcing register has raised alarm bells. Its report sets out significant findings and notes that its Supervisory teams will be following up.
ICO launches its consultation series on generative AI and data protection
The Information Commissioner's Office has launched a new consultation series to gather feedback from stakeholders with an interest in generative AI. The first "chapter", which examines the lawful basis for web scraping to train generative AI models, was published on 15 January 2024.
ICO publishes new fining guidance
The Information Commissioner’s Office has published new data protection fining guidance setting out how it intends to issue penalties and calculate fines, and what factors the ICO will consider when determining whether to impose a fine.