Artificial intelligence (AI) is changing the way we work, shop and even communicate. But just as it offers new opportunities for businesses, it also gives cybercriminals new tools to launch attacks. That means scams may look more convincing and harder to spot than ever before.
How AI Makes Scams More Convincing
With the help of AI, cybercriminals can use deepfake technology to clone someone’s voice or mimic their appearance. In the past, scam phone calls often sounded suspicious because of unusual accents or poor audio quality. Now, with AI, a cybercriminal can create a nearly identical voice to a co-worker or even a boss to trick employees into sharing valuable information. Cybercriminals can also use AI to scour the internet for details and then use that information to craft emails and phone calls that sound authentic to you and your business.
Essentially, AI cyberattacks on businesses are smarter, faster and harder to detect than attacks traditionally carried out by humans. Phishing scams in particular have surged, with attacks increasing by more than 1,200% due to generative AI.*
The Risk for Small and Mid-Sized Businesses
This isn’t just a problem for big businesses. Small and medium-sized businesses are often prime
targets because they don’t always have the resources to investigate or combat these attacks. In fact, 70% of ransomware attacks last year were aimed at small and mid-sized businesses.*
When a cyberattack occurs, the damage can go beyond stolen money or data. A business’s reputation may also suffer, and trust can be hard to rebuild – especially if client information was stolen or leaked.
Protecting Your Business from AI Attacks
The good news? There are proactive steps businesses of all sizes can take. Awareness is one of the most effective and inexpensive defenses. Staying informed about attacks in your industry, conducting regular training and sharing tips with team members can all help. There are also security tools available that may detect and block certain types of attacks.
Even with strong defenses, mistakes can still happen. That’s where cyber liability coverage comes in. Cyber liability coverage may help businesses recover by offsetting some of the costs associated with an attack, such as data recovery, legal fees or customer notification.
At Auto-Owners, we offer cyber liability insurance packages that include coverages like:
- The disclosure of private information
- Transmission of a computer virus
- Extortion payments and rewards (typically involving ransomware)
- Computer and funds-transfer fraud
AI has changed the way cyberattacks are carried out, but businesses don’t have to face these risks alone. Awareness, preparation and the appropriate protection can help you move forward with confidence. Don’t wait until after an attack happens – talk to your independent agent to explore your options and take the first step.
*https://www.sentinelone.com/cybersecurity-101/cybersecurity/cyber-security-statistics/