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Artificial intelligence is creating new opportunities for businesses across the state. Indiana’s diverse business landscape, with key sectors like manufacturing, healthcare, agriculture and logistics, are all experiencing AI-driven innovations, but they are not the only ones. Hackers and cybercriminals are also leveraging AI to scale up their attacks.
According to a recent cybersecurity report75% of security professionals have seen an increase in attacks over the past year, and 85% of them attribute the increase to hackers using generative AI. One of these attack methods – phishing attacks – is used by 2.9% of employees on average.
The benefits of strong cybersecurity go beyond protecting data and finances: they also aim to strengthen a company’s reputation and build customer trust. Additionally, it lays the foundation for important technological innovations (like AI), ensuring safe working environments and strengthening critical infrastructure that can impact entire communities and economies.
As bad actors increasingly use AI for cybercrime, Hoosier businesses are not defenseless. Cybersecurity threats can be effectively managed and mitigated with the right measures.
What you need to know
Widespread digitalization and the reliance on interconnected systems have made all businesses more vulnerable to cyberattacks today. Employers and employees should be particularly vigilant regarding the following:
- Business Email Compromise (BEC) involves cybercriminals posing as company executives or trusted partners to trick employees into transferring money or sensitive information, resulting in significant financial and data losses.
- Ransomware The attacks encrypt a company’s data, making it inaccessible until a ransom is paid, which can severely disrupt operations and cause significant financial damage.
- Phishing attacksthat involve deceptive emails or messages that trick individuals into revealing sensitive information or downloading malware, are a widespread threat that can open the door to more serious breaches.
Today, with AI, attackers can automate and scale their operations to launch more attacks faster against more targets. AI enables rapid vulnerability scanning, the creation of highly personalized phishing emails, and the ability to adapt to security defenses in real time, making these attacks more sophisticated and harder to detect. Unlike traditional threats, which often require manual intervention and are generally less adaptable, AI-based attacks can continually evolve, learning from each failed attempt to become more effective.
Fortunately, AI is also revolutionizing cybersecurity defense. AI helps detect and respond to threats faster and more accurately by analyzing large amounts of data, identifying patterns, and predicting potential attacks before they occur. It automates routine security tasks, reduces false positives, and adapts to new threats as they arise, improving overall security posture.
Cybersecurity Best Practices
Simple best practices remain very beneficial, and the steps below are essential to strengthening cybersecurity:
- Enforce strong password policies and multi-factor authentication to prevent unauthorized access.
- Regularly update software and apply patches to address vulnerabilities that can be exploited by attackers.
- Provide comprehensive training to employees to recognize phishing attempts and manage data securely.
- Regularly assess risk profiles and adapt strategies to address changing threats to ensure that cybersecurity measures remain effective and aligned with the needs of the organization.
That said, businesses of different sizes have different levels of vulnerability and should start by addressing the following issues:
- Small businesses should focus on fundamental measures such as strong passwords, multi-factor authentication and regular software updates. Training employees to recognize phishing attempts and use cost-effective security solutions, such as firewalls and antivirus software, is crucial.
- Mid-sized companies should build on this foundation by implementing more advanced solutions such as intrusion detection systems and centralized logging and consider investing in dedicated cybersecurity staff or managed security services.
- Large companies Businesses facing more complex threats must adopt comprehensive security frameworks that include robust network segmentation, advanced threat detection and response capabilities, and rigorous compliance with industry regulations.
With proper cybersecurity practices in place, the benefits of AI outweigh the risks. The most demanding companies can turn challenges into opportunities by investing in both AI and cybersecurity to innovate their industries and continue to lead growth in our state and the Midwest.
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