Last year, AI took the technology sector by storm, with businesses across the industry beginning to implement the technology into their operations. Research has shown that 77% of companies are either exploring the use of or are already using AI, and with the global AI market expected to reach $1.85 trillion by 2030, its influence on the technology landscape cannot be disputed.
AI is continuously evolving, which means that more innovative opportunities will continue to be unlocked for businesses this year. However, organisations are not the only ones utilising this technology. Threat actors are also beginning to leverage it to launch more sophisticated attacks, and in order to stay safe against the growing cybercrime wave, it is crucial that business leaders have safeguarding measures in place to protect them from these advanced threats. But what are these threats and how can they be mitigated?
AI-enhanced social engineering attacks
Last year, 94% of firms were hit by phishing attacks, and with AI becoming increasingly accessible to the general public, this number will only continue to rise. AI unlocks a realm of opportunity for threat actors as the technology can harvest and analyse vast amounts of data from various sources. This data can then be used to identify and understand more about potential targets and make phishing campaigns more personalised. Enhanced Natural Language Processing (NLP) programs also enable scammers to understand a target’s tone, language patterns, and style to make their attacks more convincing and increase the chance of succeeding.
One way that businesses can help combat this is by educating their employees on phishing attacks. Research has shown that 31% of organisations had at least one user fall for a phishing attack, making education and awareness all the more crucial. It is important that businesses do not adopt a ‘one and done’ approach and instead provide regular, in-depth guidance to ensure all employees are educated on existing and emerging threats. Too many businesses treat training as a box-ticking exercise, and this is not something that businesses can afford to continue as the cyber threat landscape continues to evolve.
Another key way of helping to mitigate phishing attacks is anti-spoofing solutions. These software programs have the ability to detect and reject data packets that disguise their true origin. Essentially, if a packet appears to come from one network interface but is actually sent from another, the anti-spoofing software will recognise this discrepancy and block it to ensure network security.
Alongside anti-spoofing software, businesses should also utilise email security solutions, especially those that include authentication capabilities to help defend against phishing attacks. These systems use multi-factor authentication to verify the identity of a recipient before they can gain access to the contents of an email, ensuring that the sender delivers sensitive data to the correct person and that the recipient is assured that the message is coming from a trusted source.
Overall, businesses must invest in employee training, anti-spoofing software and email security solutions to safeguard their company from attacks. With more cybercriminals utilising AI, it is more important than ever for businesses to prioritise implementing robust cybersecurity measures to avoid becoming a victim of these evolved attacks.
AI-altered realities: the rise of deep fakes
Alongside phishing attacks, cybercriminals are utilising AI to engage in other forms of social engineering, including voice and video-generated fraud. By leveraging AI, threat actors can create ‘deep fakes’, which are realistic audio/video recordings that impersonate an individual or organisation.
Due to the technology available, deep fakes were historically only created of public figures, as the process required a large collection of audio data. However, this is no longer the case due to significant technological advancements. The latest pre-trained algorithms can replicate an individual’s voice using only a three-second snippet of their speech and will lead to a rise in deep fakes of everyday people in 2024.
This alarming development is something that business leaders must take into consideration when developing their cybersecurity strategies this year. All businesses should provide in-depth and consistent training sessions around deep fake technology, its risks and how to spot these attacks. Businesses must also establish robust verification processes for any critical communications and invest in advanced cybersecurity tools to help detect and prevent deep fakes.
Throughout this year, we can expect AI to continue evolving and the cyber threat landscape to become more sophisticated and dangerous as a result. With this in mind, business leaders must ensure they create a strategy that doesn’t just safeguard them from current threats but also helps them to be protected from evolving threats. Without proper training, we will undoubtedly see a drastic rise in affected individuals and organisations throughout the year. To ensure smooth sailing in 2024, businesses must act now to help safeguard their employees and customers.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.