Artificial intelligence (AI) has evolved from a science fiction concept to a living, breathing reality in the twenty-first century. Today, AI is the heart of many businesses. From online shopping recommendations to self-driving cars to virtual assistants like Siri and Alexa, AI is everywhere. It has immense potential to enhance people’s lives and economic outcomes and create a world of limitless possibilities.
Furthermore, in this era of digital transformation, where everything is connected and shared online, security is a significant concern for users. Also, as organisations transition into a fully digital work environment, hackers are taking advantage of digital vendors. There has been a significant surge in security breaches in recent years. As per TechRepublic analysis, cyberattacks against midsize organisations increased by at least 50% in every industry between 2020 and 2021. This percentage is overwhelming for an ordinary company’s security staff.
As a result, many businesses are working on integrating AI into cybersecurity to run their businesses more safely and efficiently, and protect themselves from the ever-evolving threat landscape. According to online statistics, the global market for AI in cybersecurity will increase at a CAGR of 23.6% from 2020 to 2027, reaching $46.3 billion. Also, as per the International Data Corporation (IDC) report, global cybersecurity spending will reach $174.7 billion by 2024, with security services being the most significant and fastest-growing segment.
Identifying and preventing the treats
Every year, hackers launch a staggering number of cyberattacks for various reasons. It is difficult for human beings to identify all of a company’s threats. This is where AI comes into the picture. It can quickly analyse large groups of situations and behaviours to find threat needles that match malicious activity.
AI can run pattern recognition, detect malware, and even the most minor activities of malware or ransomware attacks before it goes into the system. With the proper procedures in place, the hackers won’t even realise that you are aware of their existence, allowing you to take swift action to secure your digital infrastructure.
We can see a lot of fraudulent activities going on these days. Attackers use advanced technologies to gain access to other people’s data and steal important information to carry out malicious operations. They can use this information to carry out illicit transactions, credit card fraud, and other types of fraud. According to the National Crime Records Bureau (NCRB), cases of online financial fraud involving a credit or debit card have increased by more than 225% during the pandemic, rising from 367 in 2109 to 1194 in 2020.
In this context, AI can promptly detect unexpected behaviour, such as purchases made on a separate device or unusual transactions, and assist users in password selection by notifying them when a password is not safe enough.
Increasing cyber analyst effectiveness by handling massive data
A lot of data is exchanged daily between customers and the company. This data must be protected from malicious people and software. However, cybersecurity specialists cannot inspect all traffic for potential threats.
Thus, AI can help cyber analysts minimise their workload by reducing the time required to filter through data logs manually. It can notify them of an attack while also categorising the type of attack, better equipping them to respond appropriately. Furthermore, the comprehensive analysis of behaviour patterns helps cyber analysts manage even the most complex threats with less manual effort.
Responding to data breaches in real-time
With the increasing number of cyberattacks, being able to detect and respond quickly to malware authors is the first step in securing your company’s network. AI can quickly evaluate large amounts of data, making it significantly more efficient than manually spotting threats. Integrating AI with cybersecurity is the most effective way to detect and respond to cyber threats in real-time. AI can provide alerts or respond automatically without human intervention, creating defensive patches immediately when an attack is detected.
It is essential for businesses to carefully evaluate the security implications to thrive in this digital ecosystem. AI can help cybersecurity professionals minimise breach risk and improve security posture by providing much-needed analysis and threat identification. It has the potential to stop the influx of cyberattacks, and with proper integration, it will prove to be a game-changer for cybersecurity professionals.
Views expressed above are the author’s own.
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