In today’s digital age, cyberattacks pose one of the most pressing security challenges for organizations of all sizes. This issue is far from new; it often begins with an unsuspecting employee receiving an urgent email from a seemingly legitimate sender. The message may contain typographical errors or request money or gift cards on behalf of the CEO. Sometimes, it may ask for sensitive data that could ultimately compromise the company’s security.
These messages often contain links that the employee is prompted to click, potentially leading to requests for credentials or further information. In many cases, there’s a tight deadline for the requested action, which incites panic and diminishes any hesitations about responding.
Historically, certain characteristics helped identify phishing emails. However, we are now encountering new boundaries in cyberattacks, particularly concerning cybersecurity and the realm of generative artificial intelligence (AI). Cybercriminals can now leverage tools like chatbots and generative software to create emails that appear entirely legitimate, devoid of spelling or grammatical errors, making even the most vigilant employee susceptible to cyberattacks.
Cybersecurity Threats and Their Risks
According to the 2023 Hiscox Cyber Readiness Report, phishing emails remain a major entry point for ransomware attacks. As unauthorized actors become increasingly sophisticated, thanks to digital advancements such as AI, the need for robust cybersecurity measures becomes more urgent.
However, the tools designed to counter these threats are also evolving. There are now protective tools that can intercept spam or suspicious emails before they even reach your inbox, equipped with the capability to scan emails for questionable content or links, effectively removing anything deemed a threat.
Protecting Your Business from Cyberattacks
Here are five comprehensive strategies for safeguarding your business from cyber threats that utilize artificial intelligence:
-
Implement Comprehensive Employee Training Programs
When it comes to cybersecurity, organizations are only as strong as their weakest link. Employee training programs are essential for protecting against cyberattacks.
Despite their importance, the 2023 Hiscox Cyber Readiness Report reveals that 59% of small businesses neglect to implement cybersecurity awareness training, leaving them vulnerable. An effective training program should cover critical topics such as current phishing trends, ransomware threats, and best practices for password security.
Training methods can include workshops, webinars, and simulated phishing exercises. For instance, some organizations test their employees by sending out mock phishing emails, giving the team an opportunity to identify and report suspicious messages. This real-world data can help organizations pinpoint areas for improvement and identify which employees may need additional training.
In today’s hybrid and remote work environment, it’s equally important to educate employees on how to work securely online. For example, if an employee is working from a café or shared workspace and connects to a public Wi-Fi network, they may inadvertently open the door to cyber threats.
-
Deploy Strong Protective Tools
Phishing emails are often the primary entry point for ransomware attacks, as noted in the Hiscox Cyber Readiness Report. Threat actors are becoming increasingly skilled and intelligent due to digital advancements, including AI.
However, the protective measures against these types of cyberattacks have also become more advanced. There are now tools available that prevent spam or suspicious emails from reaching your inbox, with the ability to scan emails for dubious content or links to remove anything perceived as a threat.
Additionally, implementing tools such as two-factor authentication (2FA) or multi-factor authentication (MFA) provides an extra layer of security by requiring two or more forms of identification to access an account or resources. Most two-factor authentication systems utilize a password generator to verify the identity of the account holder. This method is significantly more secure than traditional passwords, as there are no two identical authentication codes.
-
Practice Callback Verification
While remote and hybrid work offers increased flexibility, it also diminishes the face-to-face interactions that were once common among colleagues. In the past, if you received a suspicious email, you could easily approach a colleague sitting next to you in the office to confirm whether they had sent it. Nowadays, verifying the authenticity of messages requires additional effort.
Callback verification and authentication are among the most effective and low-cost tactics for protecting your inbox. When you receive an email, it’s wise to verify the sender by calling them to confirm that the email is genuine and that it is an original request or note. This significantly reduces the risk of acting on phishing emails and allows you to quickly assess whether something is amiss.
-
Integrate the Human Element
While AI introduces new risks, it also provides numerous opportunities. Businesses can leverage the power of AI in various areas, including content creation, customer service, graphic design, and time management, especially if they are newly established. AI can serve as a highly effective and cost-efficient resource in fields that a company may not be able to afford a dedicated employee for.
However, it’s crucial to recognize that no system is perfect, including AI, as it can fail and generate errors within your system. For instance, if you use AI to write code for your website, you may not be aware of known vulnerabilities in the generated code.
If a failure occurs or a string of poor coding is produced, the consequences could be severe for your business. Even more concerning is that if a critical security flaw arises, malicious actors could exploit this weakness within the script generated by AI, potentially leading to data breaches or even your website being taken offline.
AI may analyze millions of data points, but it lacks the necessary logic to form correct assumptions and recognize bias or inaccuracies in facts regarding inputs and outputs, including data quality and accuracy. Furthermore, AI is unlikely to identify copyright issues or other forms of intellectual property protection, while legal frameworks are certainly aware of such matters.
Therefore, it’s imperative to always incorporate a human checkpoint with any use of AI, as this provides the best chance of detecting errors and ensuring accuracy while avoiding the introduction of sensitive or confidential information that may not be recoverable later, especially regarding business or personal life.
Failure to implement thorough checkpoints could expose your business to potential neglect and a myriad of claims. Additionally, you must ensure your business complies with any AI regulations that may apply if you are utilizing this technology.
-
Secure Adequate Cyber Insurance Coverage
The 2023 Hiscox Cyber Readiness Report revealed that 75% of small businesses in the U.S. lack adequate insurance coverage, leaving them vulnerable to financial liabilities resulting from cyber incidents. In the event of a breach or ransomware attack, having robust cyber insurance can help protect your organization from potentially crippling costs associated with recovery, legal expenses, and reputation management.
When assessing your insurance needs, consider the specific risks associated with your business operations and industry. Cyber insurance policies vary widely in terms of coverage limits and exclusions, so it’s essential to work with an insurance provider experienced in cybersecurity to tailor a policy that meets your organization’s unique needs.
As cyber threats continue to evolve, organizations must adopt a multi-faceted approach to cybersecurity. By prioritizing employee training, deploying advanced protective tools, practicing verification measures, integrating human oversight with AI, and securing adequate insurance coverage, businesses can significantly bolster their defenses against cyberattacks. Investing in these strategies not only protects your company from financial loss but also strengthens your reputation as a trustworthy entity in an increasingly complex digital landscape.
Christopher Hognoski
