Page 186 - Cyber Defense eMagazine June 2024

AI: Cause and effect

AI is rapidly changing the cyber landscape, making bad actors even more sophisticated, and making it
easier for people to become bad actors in the first place.

We know from our own coding practices when we’ve used AI internally that these tools make already
exceptional developers even better.

Unfortunately, the same is true for threat actors. Fraudsters are now able to use GenAI tools to rapidly
modify their attacks to help them breach even the most robust cyber defenses.

The good news is that AI can also be harnessed to combat these new threat factors.

Broadridge’s 2024 Digital Transformation & Next-Gen Technology Study shows that financial firms are
set to boost their investments in cybersecurity by nearly a third (28%) in the next two years. Companies
must explore how they can better use the latest AI developments to prevent incidents, and how they can
correlate attacks in order to share usable insights across the industry to fight fraud.

Building resiliency at the business level
AI is only part of a much wider story.

Many financial firms are relying heavily on their tech providers for cybersecurity, but they really need to
be upskilling their teams at the same time. This could include frequent training sessions covering the
pressing topics, such as how to identify and block AI-led phishing attacks, and how to protect personally
identifiable information (PII) more effectively.

You shouldn’t just be training your cyber department: any role that touches tech is now responsible for
cybersecurity. Widespread training can ensure prevention at the point of arrival. This may mean creating
a mindset shift for many firms, something that will require a concerted effort.

Even with best-in-class tech solutions and comprehensive training in place, firms still need to plan for
what to do if a cyberattack breaks through.

Cybersecurity measures should never be an afterthought, they should be plotted out at the start of all
technology projects. Building cyber into your software development lifecycle is another important aspect
of building resiliency, which can be supported by enrolling everyone in your cyber defense program.

It’s also important to have a proper handle on your partners and any third parties you work with. Make
sure you do your due diligence and find out what vendors do to protect themselves. Remember, if they
get hit, you will too — and it can irrevocably damage your brand.

Cyber Defense eMagazine – June 2024 Edition 186
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