Approximately one out of every seven businesses.
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Cybercriminals, aided by AI, are rampaging through businesses, swiping sensitive data, or crippling corporate networks. Experts are witnessing a boom in these attacks.
One in seven companies has endured an cyberattack in the last year, as per a survey by the TÜV Association. A staggering 15% of establishments employing ten or more workers admitted to at least one IT security incident. But most of these businesses reported minimal to no damage. A few encountered slight damages, and an extremely scant few suffered severe or even existential repercussions.
A four percent rise
Compared to the survey conducted two years ago, the number of businesses that have succumbed to hacking has soared by four percent, as mentioned by the association during a presentation in Berlin. The majority of the victims have sustained nominal to no damage. Some suffered minor blows, while only a couple faced severe or even catastrophic outcomes.
System wrecks, data heists, and shakedowns
"German businesses are under attack from state and criminal hackers, intent on stealing confidential data, extorting money, or causing disruption to important supply chains," said Michael Fubi, the President of the TÜV Association, at the release of the study in Berlin. One method used by crooks is to hijack or pilfer company data and then demand a ransom.
AI takes the wheel
Phishing is the most commonly deployed strategy. In a phishing ambush, for instance, a company's employees are lured to click on a linked attachment, unknowingly infecting the corporate network with malware. With the assistance of artificial intelligence, these emails have grown more personalized and cunning – it's no longer as simple to recognize a phishing email like it once was.
The future of cybercrime
AI and deepfake technology have elevated the menace of phishing attacks. These AI-powered impostors generate fake audio or video messages impersonating high-ranking individuals, further enhancing the credibility of phishing attacks and increasing their success rates. As the accessibility of AI tools widens, even inexperienced attackers can wield advanced techniques without needing professional skills. This has led to a spike in phishing attempts, especially against smaller businesses that may not have extensive defenses.
In Germany, as in other parts of Europe, organized crime gangs are utilizing AI for fraud and data theft, heightening the complexity and frequency of phishing attacks. The use of AI by cybercriminals is thus a critical factor in the growing success and frequency of phishing attacks across all spheres.
Safeguarding Your Business
To counter these threats, businesses are integrating AI into their cybersecurity strategies, strengthening detection and prevention of fraud:
- AI for Fraud detection: AI systems evaluate transaction risks and monitor network activities in real-time, identifying suspicious behaviors, thereby reducing false alarms and fostering customer trust.
- Adaptability and Scalability: AI systems learn from new data, adapting to emerging fraud tactics, and managing increased transaction volumes without performance slowdowns.
By assimilating AI into their cybersecurity arsenal, businesses can fortify themselves against AI-driven phishing attacks.
- The integration of AI into businesses' cybersecurity strategies is crucial, as AI systems can evaluate transaction risks and monitor network activities in real-time, identifying suspicious behaviors, thereby reducing false alarms and fostering customer trust.
- As AI and deepfake technology have elevated the menace of phishing attacks, and the use of AI by cybercriminals is thus a critical factor in the growing success and frequency of phishing attacks, it's essential for businesses to invest in financial resources and up-to-date technology to combat these threats and protect their sensitive data.
