When a digital business begins experiencing growth, its risk of experiencing a cyber-attack increase dramatically. Enterprise-level data breaches and unauthorized access incidents involved privileged accounts for 74% of the time in today’s business climate.
Once hackers have valuable data from these systems, they can sell it on the Dark Web for massive profits.
Artificial intelligence allows companies of any size to improve their cybersecurity processes. This benefit is already under consideration with today’s largest organizations, as information from Capgemini’s Reinventing Cybersecurity with AI report indicates.
- 69% of organizations believe that artificial intelligence is necessary to respond to future cyber-attacks, with the highest priority in this area coming from American-based businesses.
- 48% of enterprise-level companies say their budget for AI will increase by a median of 29% for FY2020.
- 61% of organizations say that they cannot detect a data breach attempt without the use of artificial intelligence.
- 21% of companies stated that they experienced a breach that led to unauthorized access in 2018, with 1 in 5 incidents reporting a loss of $50 million or more.
Cisco blocked 7 trillion threats in this area in 2018. AI gives us the ability to recognize a danger proactively instead of reactively, which is how it saves all of us time and money.
Why Are Companies Embracing AI for Cybersecurity?
PetSmart worked with Kount to use artificial intelligence as a way to detect fraud more efficiently. This partnership used machine learning technology to aggregate millions of transactions and outcomes.
AI worked to determine the legitimacy of each transaction.
It used the data points from all other transactions received to generate results. When a fraudulent order was detected, then this technology had the authority to cancel it automatically.
Not only did this process save PetSmart up to $12 million, but it also helped the company avoid brand damage due to data loss.
Companies like PetSmart are quickly realizing that AI advancements can lead to the development of new cybersecurity threats. Artificial intelligence can protect systems effectively, but it can also hack into vulnerable areas more efficiently than any human.
Experienced hackers can disguise their attacks using AI so effectively that an unprepared organization might not even know that their systems were compromised.
AI Redefines Every Aspect of Cybersecurity
According to Deltec Bank, Bahamas, “Artificial intelligence redefines every aspect of cybersecurity.” It improves a company’s ability to stop breaches before they start, even if the attacks are constant. As machine learning and other related tech make our current framework and protection approaches obsolete, we will all be relying on algorithms and automated features to guard our sensitive information.
Hackers will use this technology in similar ways. The Capgemini report found that AI can send phishing tweets with twice the success at six times the speed, which means the number and complexity of breach attempts will continue to increase in the future.
The future of cybersecurity will become a battle of AI technology. When a proactive approach is the top priority of tomorrow’s businesses, then the good guys have an excellent chance to come out on top.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.