When it comes to Anthropic’s Mythos as friend or foe, Chubb CEO Evan G. Greenberg said the “arms race is on.”
Speaking during a conference call to discuss first quarter earnings, Greenberg told analysts Anthropic’s Mythos artificial intelligence model has lowered the threshold for vulnerability.
“What were minor vulnerabilities can now be aggregated in a much more insightful way,” he said. “It’s not just that you can use this to find your own vulnerabilities.”
Because many organizations use open-source cybersecurity, AI tools like Mythos can “find vulnerabilities maybe even before suppliers do.” But, he added, “It doesn’t mean the patch has been created.”
The evolution of use may get to a point at which holes in network systems are identified and patched very fast with AI, but that’s the defense. The offense is “just around the corner,” Greenberg said to give analysts a sense of how Chubb is being thoughtful about the topic.
Thus far, cyberattacks have yet to progress beyond human involvement. “Humans are in the cockpit when they’re using agentics so far,” he said. But are AI cyberattacks coming?
“From an underwriter’s point of view, policy conditions and pricing are on our minds,” Greenberg said. Large companies, with capabilities and money to invest in cybersecurity, may be better at cyber hygiene. Small companies aren’t targeted as much but “create more systemic concerns.” The sweet spot—the “biggest meatball” as Greenberg described—are middle-market organizations.
“They are a target,” he said. “They have more money, and they’re less capable at hygiene and focus on it less. They have weaker perimeters.”
The Mythos model has yet to be released to the general public. Anthropic has allowed a select few to experiment with Mythos, which the company admits poses security risks while simultaneously identifying “thousands” of vulnerabilities.
In a recent brief on the cyber insurance marketplace, Fitch Ratings said AI tools can certainly help with vulnerability analysis, but it also “lowers barriers for attackers, expands third-party risks, and could materially increase attack volume.”
Hormuz Reinsurance Facility
Greenberg said Chubb was approached by the U.S. government to create a program to support ships’ passage through the Strait of Hormuz – which has been materially disrupted by the war with Iran.
“The government wanted to support shipping through the Gulf and open up when they think that the risk environment is such that they can support with military convoys,” he explained. “That has yet to occur.”
The facility is conditional. Ships will be insured only as part of the convoy run by the U.S., with the government taking 50% of the risk, he said.
Related: US Doubles Hormuz Reinsurance Guarantees to $40 Billion With New Partners
Chubb’s motivation, he added, is to support the country, the military, and the economy. However, premium revenue has yet to be generated. “Stay tuned,” he said.
In earlier comments on the war, Greenberg said it concern for higher inflation and slower economic growth.
“To what degree…the timing and the pattern are all unknowable at this time,” he said. “However the impact of the war adds a degree of pressure to certain financial, fiscal, and economic stresses such as underlying inflation, fiscal deficits and sovereign debt, global supply chains, and financial valuations.”
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