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 weaponized by cybercriminals. In an experiment conducted by cybersecurity 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 businesses to understand its risks and adopt strategies to mitigate these concerns. Cybercriminals can weaponize AI to seek targets and launch attacks in numerous ways. Examples include using AI to:

-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-Identify exploitable software vulnerabilities such as an unpatched code or outdated security programs
-Efficiently disseminate stolen data

To protect against these vulnerabilities, businesses should prioritize implementing cyber risk management measures. These tactics can reduce the risk of experiencing a cyberattack and mitigate related losses. Here are strategies to consider:

-Promote the safe handling of critical workplace data and connected devices by requiring strong passwords or multifactor identification, regularly backing up data, installing security software on networks and devices, and regularly 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 practice it to stop cyberattacks or reduce their potential damage.
-Secure adequate insurance coverage to provide financial protection against the weaponization of AI.

Businesses should be aware of the risks associated with the weaponization of AI technology and implement effective strategies to mitigate these exposures. By staying informed about AI-related developments and following best practices, businesses can secure their operations’ data and minimize cyberthreats.

Contact us today for additional risk mitigation and insurance guidance.

For a copy of this notice, click here: Commercial Risk Advisor Newsletter – August 2023

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