Cybercriminals are leveraging the power of AI

Listen to this article

In today’s rapidly evolving digital landscape, emergent technologies have brought a new breed of cyber threats to the fore that demand our attention. The mainstream usage of artificial intelligence (AI) has introduced new challenges for cyber security. Malicious actors using AI lurk in the shadows of the digital landscape, employing advanced algorithms to execute phishing scams with alarming precision on unsuspecting individuals.

All the factors above make it a good time for organisations to reassess their cyber security strategy, going beyond mere fortification. They must consider arming themselves with a powerful ally: Cyber Insurance. It’s not just about safeguarding finances; it’s about preserving reputations in the face of these daunting new threats.

Cybercriminals are leveraging the power of AI

You have likely heard of ChatGPT, an AI chatbot using an advanced language model to generate human-like responses or content based on whatever the user inputs or requests. Regrettably, this is just one of the tools cybercriminals are now using to deceive targets in phishing scams by creating convincing emails or messages that are increasingly effective at catching out individuals. Phishing scams aim to trick individuals into divulging sensitive information by email or phone, inputting that information into a fake website, or downloading malware that can compromise an organisation’s security. By leveraging the power of AI, cybercriminals can generate personalised messages making it challenging for victims to discern between genuine and fraudulent communication. Often they will create a false sense of urgency to increase the effectiveness of the phishing scam.

The potential repercussions of employees using AI tools

One type of internal threat is from well-meaning employees submitting sensitive financial, medical, or contractual information through an AI website to generate content. This poses a risk to the organisation from GDPR legislation and intellectual property lawsuits, but also a new trend has emerged where cyber criminals are creating fake AI websites that mirror legitimate ones and will trawl through the data to collect anything that can be used to facilitate other attacks such as social engineering – extracting more sensitive information through interactions with a targeted person – or fund transfer fraud. Organisations can limit this exposure by setting clear directives on what information is allowed to be shared externally and being clear that this includes AI websites and chatbots.

How to reduce the chances of phishing attacks

A common misconception is that small businesses are not a primary target because cybercriminals prefer to go after asset-rich large organisations. This isn’t always true because large organisations have IT departments and strict security measures to combat these threats. A small business will often not have the resources or knowledge to properly prevent cyber attacks, which can lead to a significant disruption to the business.

Here are some ways to reduce the likelihood of phishing attacks by making yourself harder to target:

• Strengthen IT security measures by changing passwords regularly, installing update patches, running regular backups and anti-virus scans, and implementing endpoint detection software.
• Educate your employees about the techniques used by cybercriminals and remind them to exercise caution when dealing with unusual requests that may have spelling errors, unknown URLs, requests for sensitive data, etc.
• Encourage employees to review their social media privacy settings and curate their posts to limit personal information.

Phishing scams are becoming more sophisticated. If you do fall for one, remember these points.

• Don’t panic and never hide the scam. Immediately report it to your management and IT team.
• Don’t engage in discussions with the cybercriminals.
• Contact your Cyber Insurance company’s incident response team immediately.

How Cyber Insurance can help protect your business

Cyber Insurance plays a vital role in addressing the financial and reputational risks associated with phishing threats. By offering incident response support, financial protection, legal compliance assistance, and risk management tools, Cyber Insurance policies support organisations to navigate the challenges posed by cyber security. Businesses must stay informed, adopt proactive cybersecurity measures, and invest in comprehensive Cyber Insurance coverage.

To discuss your Cyber Insurance needs, contact us on: 020 7543 2807 or email us.