The penalty for inadequate defense is increasingly severe, according to an Infosecurity Magazine article written by Alex Leadbeater, Technical Security Director at the GSMA, a global organization uniting 1,000 mobile operators and businesses around the world.
Cybersecurity Ventures estimated last year’s global cybercrime damages at a staggering cost of $8 trillion USD, ranking it as the world’s third largest ‘economy’, just behind the U.S. and China.
According to IBM, the average cost of a data breach in 2023 was $4.45 million — a 15 percent increase over the last three years.
What’s remarkable in modern cybersecurity is the speed with which the industry must react to new technological changes, perhaps the most notable being the rise of AI.
Cybercriminals can now use AI-powered tools to craft convincing phishing emails, orchestrate deepfake attacks, and develop malware with adaptive capabilities, rendering many traditional defence mechanisms obsolete.
But with advances in attacks come new forms of defense. AI can play a pivotal role in identifying anomalies and potential threats. For example, AI’s proficiency in automating incident response processes can transform cybersecurity – rapid detection, analysis, and response to security incidents become achievable at a pace that manual processes cannot match, minimizing the impact of cyberthreats.
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