Fighting cybercrime with AI

Economic loss as a direct result of cybercrime is predicted to hit $3 trillion by 2020 and an estimated 74% of businesses are likely to be hacked over the course of this year. How can AI lead the charge in the fight against cybercrime?

Many high profile attacks have made headlines in 2019, including the attack on Capital One which compromised the data of over 100 million Americans, showing that cyberattacks can have wide-ranging and long-lasting effects to both consumers and businesses. Unfortunately, despite the efforts to mitigate the threat or contain these attacks, they still persist. 

In March 2019, the CEO of an energy firm gave the go-ahead on a €220,000 transfer, under instruction from who he believed to be his superior. It was soon discovered that the call was fraudulent, and the criminals responsible had used artificial intelligence to create a deepfake convincing enough to fool the CEO.


nordvpn

With what is now becoming a relatively simple technology to utilise, getting easier and more accessible by the day, these criminals bypassed layers of security to prey on the human element in a chain of otherwise digital, sophisticated, cybersecurity protocols. But the blame doesn’t fall solely at the feet of human staff.

Weak links in the cybersecurity chain

The security chain in any business is made up of numerous weak links, despite each company’s best efforts to safeguard their assets. Points of entry are abundant for those who know how to exploit them, and cyberattackers are becoming adept at navigating the web of measures put in place by each business. 

This September, DoorDash announced that they too had been on the receiving end of a data breach which compromised the personal information of 5 million customers and delivery drivers. Home addresses, names, encrypted passwords, email addresses and phone numbers were among the breached data. 

cybercrime security


Now, companies are turning to AI to fight cybercrime.

Firdaus Mogul, CEO and founder of Check an Invoice, a company which uses AI to detect fraudulent invoices, has hope that AI can play its part in effectively combat the threat of attacks. Check an Invoice was launched to counter simple BEC (business email compromise) attacks which, in 2018 alone, cost businesses in the UK over £90 million.

“Using AI to solve common cyber threats that affect all of us and results in billions of pounds of losses is very exciting, and it’s fantastic to see technology not only identifying and preventing fraud but making it affordable, too.”

Leveraging collective might to fight cybercrime

Many industry commentators have spoken on the disjointed and scattered cybersecurity ecosystem, noting that partnerships in both private and public sectors must be forged. Born from this very notion, the World Economic Forum’s Centre for Cybersecurity seeks to leverage collective might, in order to:

Foster global governance

Support governance at the enterprise, regional and international levels, including through the development of effective risk-management practices and cybersecurity policies

Stimulate efforts to reduce cybercrime

Deter cybercrime by identifying, implementing and enforcing measures that counter popular criminal models, including high-gain/low-risk.

Facilitate global cybercrisis management

Heighten organizational cyber preparedness and resilience as part of broader efforts to build global capabilities in managing and mitigating cybercrisis.

Anticipate future threats and risks

Project future cyber-risks and work with our partners to address and respond to these risks from a global, industrial and organizational perspective.

Develop a global cybersecurity workforce

Establish a network of partners to actively build the future cybersecurity workforce to meet global human capital demands.

hacker cybercrime

Uniting to counteract the threat and safeguard assets

As the cyberthreat landscape continuously evolves, companies must adapt to survive the increasing risks. Industry 4.0 presents numerous technologies capable of doing just that, and AI is central to the way in which these threats take shape in both attack and defence. 

With the World Economic Forum’s drive for interconnected, global solutions, businesses will able to rely on experts in key areas to advise and act on harmful attacks. Through unity, these organisations will be able to stay abreast of the latest security measures in order to counteract any developing threats. And, by diminishing the risk associated with what is an inevitable, looming threat, companies should be able to secure and safeguard their assets, allowing their reputation, not to mention the trust of their customers, to remain intact. 


FutureLearn Limited

Luke Conrad

Technology & Marketing Enthusiast

How E-commerce Marketers Can Win Black Friday

Sue Azari • 11th November 2024

As new global eCommerce players expand their influence across both European and US markets, traditional brands are navigating a rapidly shifting landscape. These fast-growing Asian platforms have gained traction by offering ultra-low prices, rapid product turnarounds, heavy investment in paid user acquisition, and leveraging viral social media trends to create demand almost in real-time. This...

Why microgrids are big news

Craig Tropea • 31st October 2024

As the world continues its march towards a greener future, businesses, communities, and individuals alike are all increasingly turning towards renewable energy sources to power their operations. What is most interesting, though, is how many of them are taking the pro-active position of researching, selecting, and implementing their preferred solutions without the assistance of traditional...

Is automation the silver bullet for customer retention?

Carter Busse • 22nd October 2024

CX innovation has accelerated rapidly since 2020, as business and consumer expectations evolved dramatically during the Covid-19 pandemic. Now, finding the best way to engage and respond to customers has become a top business priority and a key business challenge. Not only do customers expect the highest standard, but companies are prioritising superb CX to...

Automated Testing Tools and Their Impact on Software Quality

Natalia Yanchii • 09th October 2024

Test automation refers to using specialized software tools and frameworks to automate the execution of test cases, thereby reducing the time and effort required for manual testing. This approach ensures that automation tests run quickly and consistently, allowing development teams to identify and resolve defects more effectively. Test automation provides greater accuracy by eliminating human...

Custom Software Development

Natalia Yanchii • 04th October 2024

There is a wide performance gap between industry-leading companies and other market players. What helps these top businesses outperform their competitors? McKinsey & Company researchers are confident that these are digital technologies and custom software solutions. Nearly 70% of the top performers develop their proprietary products to differentiate themselves from competitors and drive growth. As...

The Impact of Test Automation on Software Quality

Natalia Yanchii • 04th October 2024

Software systems have become highly complex now, with multiple interconnected components, diverse user interfaces, and business logic. To ensure quality, QA engineers thoroughly test these systems through either automated or manual testing. At Testlum, we met many software development teams who were pressured to deliver new features and updates at a faster pace. The manual...