Emerging AI-driven scam attacks on businesses: exploiting individual vulnerabilities

By Eric AGGREY

In recent years, Artificial Intelligence has been revolutionized by so many advances in the world of science, mathematics, physics and so on. There were challenges and problems which were not solvable in our lifetime but now AI is solving these kinds of problems and challenges beyond human performance and accuracy.

AI is rapidly changing every year, month, day, minute and every second. Businesses have encountered a series of threats in the business community, many of this threat is being driven and powered by the rise and advancement of artificial intelligence (AI).

With its remarkable advancements brought into the business community like the data analysis with powerful AI tools, integration of AI in their product design system to tailored data and voice package, automations and customer services. Business has been vulnerable to all kinds of cyber risk and threat exploiting individual employees or customers.

This comes in a form of social engineering, phreaking, pharming, masquerading and the most common one is the phishing. These juicy scams are increasingly targeting businesses by exploiting the vulnerabilities of individuals within these organizations, creating a significant risk that every business owner and employee should be aware of.

Rise AI-driven scams

AI driven are a new breed of cyber-attacks in which cyber criminals use to attack businesses by exploiting individual vulnerabilities. These attackers use machine learning, deep learning and AI technologies to imitate human behaviors with creepy realistic accuracy.

This scam mostly involves social engineering techniques, where these scammers manipulate individuals associated with the business to gain unauthorized access to sensitive data, finances and other valuable resources of the business.

The danger about these AI driven scams is how they mimic human behavior. These help them access vast amounts of personal and organizational data, AI techniques and algorithms can tailor their attacks to mimic trusted individuals or common business data day-to-day operations, making it difficult to detect the fraud before it is beyond control.

How AI exploit individual vulnerabilities

Cybercriminals are in a race and the human element is often regarded as the weakest link when performing penetration in organization’s cybersecurity defenses. Attackers use this AI to automate and refine their attacks. AI driven scammers take advantage of individuals by focusing on their psychological and behavioral patterns of their targets.

Attackers can use AI to simulate the email of company executives, tricking employees into wiring funds to a fraudulent account, mostly known as Business Email Compromise (BEC) attack. This stimulation is done beyond accuracy and undetected.

AI-powered chatbots and voice impersonation tools have become more advanced in recent years. These scammers can create phone calls that seem the same as the real conversations with known contacts. In this instance, individuals may unknowingly provide sensitive information to what they believe to be a legitimate business request.

Phishing emails are the most common attack by these cybercriminals. Scammers use AI to craft highly convincing emails, exploiting the employees within the business perfectly based on their responsibilities and their roles.

These emails are mostly malicious links and embedded that, once clicked, can grant these scammers access to company confidential data or access the business network to steal what intention is driving them to access the business resources.

Real-world consequences for businesses in these attacks

The general impact of this AI-driven scams on businesses is very worrying. In addition to losing huge financial assets of the business, sensitive data and reputation are being lost and damaged. The business where these attacks are carried on loses trust from their client, partners and customers leading to long-term consequences that go beyond immediate monetary cost.

A recent incident involved a medium size firm that was tricked into transferring a huge amount US$750,000 to a fraudulent account after an AI-powered attack mimicked the firm’s Chief Executive Officer (CEO). It was then later discovered that the scammers have been collecting data on the company CEOs communication style and personal information for months, enabling them to create a convincing impersonation.

Protecting your business against AI-driven scams exploit through individual

Businesses can protect and remain vigilant in protecting themselves from these AI-driven scam attacks by implementing a strong culture of cybersecurity within the business. Here are some key steps every business should be taken:

1. Training

Employee training is the first step to be taken for them to recognize phishing emails, suspicious messages, AI automated calls and other scam tactics is crucial. Employees should be aware of how AI-driven exploits work and how to respond to these scams.

2. Multi-Factor Authentication (MFA)

Implementing MFA across business systems adds on the confidentiality, Integrity and availability (CIA) of information security. Even if a scammer gains access to credentials, MFA can prevent unauthorized access and modifying sensitive data.

3. Advanced cybersecurity tools

Investing in high cybersecurity solutions that use AI to detect, notify and prevent threats in real-time is essential. These tools can analyze data automatically through unusual patterns or operations and flag potential attacks before the scammer succeeds.

4. Clear line of communication protocols

Establishing clear protocols for verifying sensitive requests, especially those involved in financial transactions of the business. Employees should verify large transactions with a phone call or in-person confirmation rather than relying solely on email which is most risky.

5. Data privacy and limitation

Business should minimize the amount of personal and sensitive information that is accessible to employees. There should be limitations on who and how employees can access this information. Limiting access reduces the chances that scammers can exploit individual vulnerability.

Conclusion

AI continues to evolve, so do the treats also increase day in and out. Businesses need to stay ahead by being proactive in their cybersecurity efforts and understanding how AI-driven scams target their weakest link ‘individuals’.

The best ways for businesses to stay informed and implement strong security measures, businesses can protect themselves from the rising vastness of these AI-driven scam attacks.

Being informed of these new threats, social trends of security and preparing for them will not only save money but also protect the trust and relationships business has built with their clients and partners.

This article brings awareness to the potential dangers of AI-driven scams and how business can mitigate them. Preparations are the key in an ever-evolving digital landscape and businesses that remain vigilant will be in a good position to tend off this new form of attacks always striking on them.

>>>the writer is a Cybersecurity and Machine Learning Expert.

The post Emerging AI-driven scam attacks on businesses: exploiting individual vulnerabilities appeared first on The Business & Financial Times.

Read Full Story