AI lowers the barrier to entry for cybercriminals
We all know that businesses are facing a raft of more sophisticated cyberthreats, partly driven by AI. We also know that there can be an impact beyond the financial in terms of damage to reputation and loss of customers.
A new report from cyber insurance specialist Hiscox reveals that 67 percent of organizations report increase in attacks and 34 percent of firms have compromised cybersecurity measures due to lack of expertise in managing emerging tech risks.
AI is lowering the barrier to entry for cybercriminals, enabling faster attacks and more targeted social engineering with less need for technical expertise.
Durgan Cooper, chairman of tech solutions provider CETSTAT says, "AI is very good at exploiting vulnerabilities in poorly protected databases and systems, and of course for misconfigurations made by human error. Phishing emails will increasingly be used to target unsuspecting employees."
But while AI is part of the problem it can also be part of the solution. The report reveals that almost two-thirds (64 percent) of business leaders believe generative AI will be pivotal in shaping their cybersecurity approach by 2030.
Phishing remains a leading vector for attacks and better training is needed to help combat it especially in smaller companies. Alana Muir, Hiscox's head of cyber, says, "Small businesses may overlook cybersecurity training, believing they're less likely to be targeted compared to larger companies. However, cyberattacks can impact businesses of any size. Empowering your employees to spot the signs of an attack is a strong line of defence to maintain secure daily operations."
In terms of the effect a cyberattack can have, 61 percent of business leaders believe the reputational damage would significantly damage their business. 64 percent of leaders believe they risk losing business if they don't handle client and partner data securely.
The impacts cyberattacks have had on organizations over the past 12 months include, 47 percent of organizations having greater difficulty attracting new customers (compared to 20 percent the previous year). 43 percent losing customers (compared to 21 percent the previous year), 38 percent facing bad publicity, which impacts their brand reputation (compared to 25 percent the previous year), and 21 percent losing business partners (compared to 16 percent the previous year).
You can read more and get the full report on the Hiscox site.
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