By using the Gerasimov-Drell-Hearn (GDH) sum rule and an isobaric model of kaon photoproduction, we calculate contributions of kaon-hyperon final states to the magnetic moment of the proton and the neutron. We find that the contributions are small. The approximation of sigma_{TT'} by sigma_{T} clearly overestimates the value of the GDH integral. We find a smaller upper bound for the contributions of kaon-hyperon final states to the proton's anomalous magnetic moment in kaon photoproduction, and a positive contribution for the square of the neutron's magnetic moment.
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