Page 195 - Cyber Defense eMagazine December 2023
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explosion in connected mobile devices and 5G-enabled Internet of Things, the avenues for cyber-attacks
            look only likely to increase in the coming years.

            As a global insurer, Allianz Commercial monitors the emerging threat landscape and assists its clients
            with mitigating these risks. Here are three key cyber threats currently on our radar:



               1.  Artificial Intelligence

            Artificial  intelligence (AI) is widely expectedto power futureransomware attacks,  with  automated  attack
            processes,  more  convincing  phishing,  and  faster  malware  development. However, it could also
            enhance cyber security, with more effective and faster detection and threat intelligence.


            Threat actors are already using AI-powered language models like ChatGPT to write code. Generative AI
            can help less technically proficient threat actors write their own code or create new strains and variations
            of existing ransomware, potentially increasing the number of attacks they can execute. We can expect
            an increased utilization of AI by malicious actors in the future, necessitating even stronger cyber security
            measures.

            Voice simulation software has been a recent addition to the cyber criminal’s arsenal. In 2019, the CRO
            of a British energy provider transferred €220,000 to a scammer after they received a call from what
            sounded like the head of the unit’s parent company, asking them to wire money to a supplier. The voice
            was  generated  using  AI. In  August  2023,  researchers  at  the  Google-owned  cybersecurity  company
            Mandiant documented the first known instances of deepfake video technology designed and sold for
            phishing scams. The going rate was as little as US $20 per minute, US $250 for a full video or US $200
            for a training session, although the researchers were unable to confirm that the services they identified
            on hacker forums were legitimate or whether a deepfake has been used in any scam.


             AI will help threat actors, but it is also a powerful tool for detection. We might see more AI-enabled
            incidents in the future, but investment in detection backed by AI should catch more incidents early. If we
            can keep pace with developments in AI, there is always the chance it might not change the picture too
            much from today, neither in favor of the company nor the attacker.



               2.  Mobile Devices

            Lax security and the mixing of personal and corporate data on mobile devices, including smartphones,
            tablets and laptops, is making for an attractive target for cyber criminals. Allianz Commercial has seen a
            growing number of incidents caused by poor cyber security around mobile devices. During the pandemic
            many organizations enabled new ways of accessing their corporate network via private devices, without
            the need for multi-factor authentication (MFA). This also resulted in a number of successful cyberattacks
            and large claims.

            Cyber criminals are now targeting mobile devices with specific malware in order to gain remote access,
            steal  login  credentials,  or  to  deploy  ransomware.  Increasingly  we  have  corporate  and  personal





            Cyber Defense eMagazine – December 2023 Edition                                                                                                                                                                                                          195
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