30.08.23

Cyber-criminals Are Weaponising Artificial Intelligence

Artificial Intelligence and cyber-criminals

Artificial intelligence (AI) has become increasingly popular in recent years, offering functions that simulate human intelligence. While AI technology offers numerous benevolent applications, it can also be weaponised by cyber-criminals. In an experiment conducted by cyber-security firm Home Security Heroes, an AI tool was able to crack 51% of common passwords in less than one minute, 65% in under one hour, 71% in one day and 81% in one month.

As this relatively new threat continues to grow, it is imperative for organisations to understand its risks and adopt strategies to mitigate these concerns. After all, cyber-criminals can and are weaponising AI technology to seek targets and launch attacks in numerous ways. For example, cyber-criminals may leverage this technology to conduct the following activities:

• Create and distribute malware through chatbots and fake videos
• Crack credentials and steal passwords
• Deploy convincing social engineering scams that trick targets into sharing confidential information or downloading malware
• Identify exploitable software vulnerabilities (eg unpatched code or outdated security programs)
• Efficiently disseminate stolen data

To protect against these vulnerabilities, businesses should implement effective risk management measures. These tactics can reduce the likelihood of cyber-attacks and mitigate related losses. Here are some strategies for businesses to consider:

• Promote the safe handling of critical workplace data and connected devices by requiring strong passwords or multifactor authentication, regularly backing up data, installing security software on networks and devices, and routinely training employees on cyber-hygiene
• Use automated threat detection software to monitor business networks for possible weaknesses or suspicious activity
• Create a comprehensive cyber-incident response plan and routinely practise it to help defend against cyber-attacks and reduce associated losses
• Secure adequate coverage to provide financial protection against the weaponisation of AI technology

Another month and another cyber-crime warning – if you have any concerns about your possible vulnerability to a cyber attack, please contact us to discuss how cyber insurance can offer peace of mind and support.

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Information provided by Zywave and contributed by Andrew Kenyon from Cox Mahon.