Fighting cybercrime with AI

Economic loss as a direct result of cybercrime is predicted to hit $3 trillion by 2020 and an estimated 74% of businesses are likely to be hacked over the course of this year. How can AI lead the charge in the fight against cybercrime?

Many high profile attacks have made headlines in 2019, including the attack on Capital One which compromised the data of over 100 million Americans, showing that cyberattacks can have wide-ranging and long-lasting effects to both consumers and businesses. Unfortunately, despite the efforts to mitigate the threat or contain these attacks, they still persist. 

In March 2019, the CEO of an energy firm gave the go-ahead on a €220,000 transfer, under instruction from who he believed to be his superior. It was soon discovered that the call was fraudulent, and the criminals responsible had used artificial intelligence to create a deepfake convincing enough to fool the CEO.


nordvpn

With what is now becoming a relatively simple technology to utilise, getting easier and more accessible by the day, these criminals bypassed layers of security to prey on the human element in a chain of otherwise digital, sophisticated, cybersecurity protocols. But the blame doesn’t fall solely at the feet of human staff.

Weak links in the cybersecurity chain

The security chain in any business is made up of numerous weak links, despite each company’s best efforts to safeguard their assets. Points of entry are abundant for those who know how to exploit them, and cyberattackers are becoming adept at navigating the web of measures put in place by each business. 

This September, DoorDash announced that they too had been on the receiving end of a data breach which compromised the personal information of 5 million customers and delivery drivers. Home addresses, names, encrypted passwords, email addresses and phone numbers were among the breached data. 

cybercrime security


Now, companies are turning to AI to fight cybercrime.

Firdaus Mogul, CEO and founder of Check an Invoice, a company which uses AI to detect fraudulent invoices, has hope that AI can play its part in effectively combat the threat of attacks. Check an Invoice was launched to counter simple BEC (business email compromise) attacks which, in 2018 alone, cost businesses in the UK over £90 million.

“Using AI to solve common cyber threats that affect all of us and results in billions of pounds of losses is very exciting, and it’s fantastic to see technology not only identifying and preventing fraud but making it affordable, too.”

Leveraging collective might to fight cybercrime

Many industry commentators have spoken on the disjointed and scattered cybersecurity ecosystem, noting that partnerships in both private and public sectors must be forged. Born from this very notion, the World Economic Forum’s Centre for Cybersecurity seeks to leverage collective might, in order to:

Foster global governance

Support governance at the enterprise, regional and international levels, including through the development of effective risk-management practices and cybersecurity policies

Stimulate efforts to reduce cybercrime

Deter cybercrime by identifying, implementing and enforcing measures that counter popular criminal models, including high-gain/low-risk.

Facilitate global cybercrisis management

Heighten organizational cyber preparedness and resilience as part of broader efforts to build global capabilities in managing and mitigating cybercrisis.

Anticipate future threats and risks

Project future cyber-risks and work with our partners to address and respond to these risks from a global, industrial and organizational perspective.

Develop a global cybersecurity workforce

Establish a network of partners to actively build the future cybersecurity workforce to meet global human capital demands.

hacker cybercrime

Uniting to counteract the threat and safeguard assets

As the cyberthreat landscape continuously evolves, companies must adapt to survive the increasing risks. Industry 4.0 presents numerous technologies capable of doing just that, and AI is central to the way in which these threats take shape in both attack and defence. 

With the World Economic Forum’s drive for interconnected, global solutions, businesses will able to rely on experts in key areas to advise and act on harmful attacks. Through unity, these organisations will be able to stay abreast of the latest security measures in order to counteract any developing threats. And, by diminishing the risk associated with what is an inevitable, looming threat, companies should be able to secure and safeguard their assets, allowing their reputation, not to mention the trust of their customers, to remain intact. 


FutureLearn Limited

Luke Conrad

Technology & Marketing Enthusiast

Birmingham Unveils the UK’s Best Emerging HealthTech Advances

Kosta Mavroulakis • 03rd April 2025

The National HealthTech Series hosted its latest event in Birmingham this month, showcasing innovative startups driving advanced health technology, including AI-assisted diagnostics, wearable devices and revolutionary educational tools for healthcare professionals. Health stakeholders drawn from the NHS, universities, industry and front-line patient care met with new and emerging businesses to define the future trajectory of...

Why DEIB is Imperative to Tech’s Future

Hadas Almog from AppsFlyer • 17th March 2025

We’ve been seeing Diversity, Equity, Inclusion, and Belonging (DEIB) initiatives being cut time and time again throughout the tech industry. DEIB dedicated roles have been eliminated, employee resource groups have lost funding, and initiatives once considered crucial have been deprioritised in favour of “more immediate business needs.” The justification for these cuts is often the...

The need to eradicate platform dependence

Sue Azari • 10th March 2025

The advertising industry is undergoing a seismic shift. Connected TV (CTV), Retail Media Networks (RMNs), and omnichannel strategies are rapidly redefining how brands engage with consumers. As digital privacy regulations evolve and platform dynamics shift, advertisers must recognise a fundamental truth. You cannot build a sustainable business on borrowed ground. The recent uncertainty surrounding TikTok...

The need to clean data for effective insight

David Sheldrake • 05th March 2025

There is more data today than ever before. In fact, the total amount of data created, captured, copied, and consumed globally has now reached an incredible 149 zettabytes. The growth of the big mountain is not expected to slow down, either, with it expected to reach almost 400 zettabytes within the next three years. Whilst...

What can be done to democratize VDI?

Dennis Damen • 05th March 2025

Virtual Desktop Infrastructure (VDI) offers businesses enhanced security, scalability, and compliance, yet it remains a niche technology. One of the biggest barriers to widespread adoption is a severe talent gap. Many IT professionals lack hands-on VDI experience, as their careers begin with physical machines and increasingly shift toward cloud-based services. This shortage has created a...

Tech and Business Outlook: US Confident, European Sentiment Mixed

Viva Technology • 11th February 2025

The VivaTech Confidence Barometer, now in its second edition, reveals strong confidence among tech executives regarding the impact of emerging technologies on business competitiveness, particularly AI, which is expected to have the most significant impact in the near future. Surveying tech leaders from Europe and North America, 81% recognize their companies as competitive internationally, with...