AI Generated Cyberattacks – What You need to Know

Video Transcript:

We all know that cybersecurity is a growing threat to small and medium sized businesses, or SMBs. 

But did you know that Artificial Intelligence – or AI – is accelerating that threat daily? 

In fact, generative AI scams hit 25% of small businesses in 2024, according to a nationwide survey. 

And, over half of businesses surveyed admitted to being deceived by a deepfake image or video in the past year.

AI, once a distant possibility, burst onto the scene with gusto in 2024 with the potential to revolutionize across industries and reshape our world. 

Yet, in the hands of cybercriminals, AI becomes a powerful tool to attack businesses of all sizes, including SMBs who are often less equipped with the resources to handle a cyberattack without serious consequences. 

AI allows cybercriminals to create increasingly sophisticated attacks from AI-crafted phishing emails, AI-developed malware that evades detection, and even AI that can generate deepfake impersonations. 

For most SMBs, a successful AI cyberattack can result in financial losses, lost customer trust and even legal challenges.  

77% of risk managers expressed concern about their company’s vulnerability to generative AI attacks.  

And 90% agreed that scams or fraud attempts that use generative AI have become increasingly sophisticated in 2024.

Source: https://news.nationwide.com/ai-cyberattacks-growing-concerns-corporations-lack-insurance/

Let’s break down the common cyberattacks most SMBs will face at some point and how AI is making them even more dangerous and hard to detect. 

When it comes to phishing scams, AI allows scams to become highly personalized. AI can analyze social media and other online data and craft personalized, convincing messages. These messages are even harder than traditional phishing scams for employees to recognize, putting sensitive company data at risk.  

Malware is another big weak point where AI-powered malware can now adapt and change in form – known as polymorphic malware – to slip past detection in traditional security measures like antivirus software. This allows cybercriminals to hack into a company’s systems and data with increasing ease.

Finally, there’s the threat of deepfakes. These are AI-generated images, videos and audios that are used to impersonate trusted individuals. The goal is to trick employees into revealing sensitive company data or authorizing fraudulent transactions. 

So how can a small to mid-sized business stay safe in the age of AI cyberattacks? 

Raising your employee’s awareness about AI cyberattacks is at the top of the list for staying safe and secure. Training employees to understand what an AI cyberattack looks like will help them be your frontline defense. Teach employees to pick up the phone and verify when in doubt, especially when it comes to deepfake attacks. 

Fighting AI with AI is also key. Investing in AI-powered security tools can help keep business data safe by detecting unusual activity and reacting to threats. Think of these tools as your digital bodyguard. 

The basics of good security are also part of your arsenal using multi-factor authentication to add an extra layer of protection to accounts and systems, making it harder for attackers to gain unauthorized access. Think of this as a lock to your digital door.

Finally, be sure to invest in cyber insurance coverage so that in the event your company is attacked, you’ll be protected.

Ready to learn more about security measures to keep your company data safe in the age of AI cyberattacks? 

Contact MyTek, an Arizona-based IT services and security company committed to keeping Arizona’s businesses secure and prospering.