Navigating the Confluence of AI, Cybersecurity and InsuranceAditya Birla Sun Life Insurance's Shailendra Kothavale on Emerging Challenges
With many organizations rapidly embracing AI and machine learning tools, CISOs must meet the cybersecurity and privacy challenges of adopting these technologies head on. Shailendra Kothavale, chief compliance and risk officer at Aditya Birla Sun Life Insurance, discussed the challenges and threats as CISOs navigate the latest waves of the digital age.
The rise of AI and ML in the life insurance industry is influencing many aspects of the business including underwriting, risk management, fraud prevention and customer service, he said.
"A lot of these AI technologies are brought about by fintechs … some of them are very good from a business viewpoint. But I'm not sure whether they're adequately tested from a security viewpoint," Kothavale said. "Also, we don't have visibility of behind the application, the infrastructure - either vendor or the third party."
Kothavale said the industry needs better assurance and certification of security controls in AI engines. "In the ever-evolving landscape, AI is not just technology; it's a business advantage. As we adapt, the synergy of cybersecurity and AI becomes pivotal. It's not a battle; it's a dance, ensuring security without stifling innovation."
In this video interview with Information Security Media Group at the Mumbai Summit, Kothavale also discussed:
- Strategies to address compliance concerns;
- Deepfakes and identity misuse;
- Customer-centric technological innovation.
Kothavale, who leads compliance and risk functions for his company, has more than 17 years of experience in the field including internal audit, enterprise risk, operational risk, information security, business continuity, investment risk, SOX implementation and more. He previously spent 11 years in compliance with ICICI Prudential Life Insurance Co.