What is the Price of Technological Progress? Innovation or Vulnerability
Cyber Risks and Cyber Security
Everyday hustle, a multitude of tasks, scattered thoughts and shattered focus. As you sit in your car, waiting for the traffic light to turn green, a call comes in. A well-organized system, maximum security – the banking advisor of your company called you to confirm a financial transaction through the account. The business is proceeding as planned, and procurement is being organized even before the scheduled deadline. It is necessary to dictate the security code that arrived via SMS in order to complete the payment. The familiar voice of the bank officer asked a few more unusual questions before the call got disconnected. Notification of the completed financial transaction and the awareness that you may be a target of fraud are measured in seconds. The opportunity for reaction is minimized. You call the bank, get information that you have not been contacted by their officers, and that a transaction has just been made from your account to an unidentified account abroad. You initiate the process of blocking the account, change the password, and take all steps to prevent it from happening again. But will it really not happen again?
Introduce yourself to “deepfake”. A new type of cyber risk, which with the help of artificial intelligence (AI) enables a wide range of possibilities to harm the victims of the attack.
Fascinating Development with a Serious Cost
Modern platforms, such as social networks and online markets, offer numerous advantages and drive innovation; however, at the same time, they provide an ideal field for fraudsters who skillfully manipulate audio and video content. The use of such content, generated by artificial intelligence to create a perfect "digital impostor", is a new weapon cybercriminals adeptly utilize. The "deepfake" scam method can be used for social engineering by using realistic but fabricated photos, audio, and video recordings of media personalities, victims themselves, or associates and friends in all spheres of life, for the purpose of extortion, misinformation or theft of data from a large number of users. Through such generated content, "phishing" is also conducted, in which victims are directed to data theft websites via fake links. While "deepfake" is often used for attacks on businesses for the purpose of uncovering financial data, extortion from companies, blackmail, and industrial espionage.
Creativity and Ingenuity Using World-Renowned Platforms and Programs
Cybercriminals have eagerly adopted tactics arrived with the new trend of videos featuring personalities generated by artificial intelligence. They use these tactics on various platforms (Twitter, YouTube, Instagram), utilizing market-adapted language - talking about employment, training, conversations with world power magnates, etc.
Fake, computer-generated video calls have become increasingly common in the world of politics and among power brokers. These have quickly become viral, including conversations of European officials with the Mayor of Kyiv - Vitali Klitschko, while for years now on YouTube and social networks, it’s possible to find a video titled "Synthesized Obama," in which the former American president gives a speech he has never actually made.As LinkedIn has been very prevalent in recent years and can be considered one of the most popular platforms among employers and recruiters, as well as job seekers, it has a significant share in employment-based scams. Hidden behind the image and credibility of legitimate companies, scammers target people looking for work or contract collaboration (freelance jobs), standing out with the readiness to offer high fees and plenty of opportunities. However, the aim of these "talent hunters" is not employment but rather the exploitation of victims for various types of extortion – free labor, theft of personal information, bank account details, passwords, and even documents (like passports, driving licenses, ID cards) for identity theft and use.
Scams are becoming more frequent and include sending fake calls, where individuals receive calls from “a superior at work,” “bank officers,” “colleagues,” or “close persons,” with specific requests that may involve financial transactions, divulging critical information, passwords, and instructions for certain demands and actions, which can cause serious material damage as well as damage to the reputation and business of companies. In 2023, an employee in the financial sector of a company in Hong Kong paid out 25 million dollars. Following a standard call from the company’s director and a request for a transaction to be made, a video conference call ensued, in which, alongside the director, several colleagues discussed the entire project. After verifying the entire situation’s authenticity, the transaction was carried out. It was later determined to be an identity theft, facilitated by artificial intelligence, used to form the individuals in the video, resulting in a multimillion-dollar payout.
Rapid technological development and constant social changes have made artificial intelligence one of the central topics of global discourse. Artificial intelligence is a revolutionary field transforming nearly all industries, and cybersecurity is no exception. However, AI is a double-edged sword. Its learning and adaptation capabilities make it ideal for fighting increasingly sophisticated cyberattacks, offering proactive defense and predicting potential obstacles. However, AI also poses a potential risk in the wrong hands. As mentioned, malicious actors often use AI to develop more creative and harmful attacks.
According to a report by Kaspersky, in just the first five months of 2023, a staggering 764,015 attacks on small and medium-sized enterprises were recorded. This alarming trend highlights the urgent need for enhanced cyber security measures.
Amounts in millions
In Serbia in 2021, there were 13,279,007 incidents registered in systems of special importance.
˚ Bloomberg Adria
Need a reliable partner in the fight against emerging threats?
In addition to implementing transparent and ethical AI solutions, as well as protecting sensitive data, another proactive form of protection to minimize the consequences and reduce the risk of cyber attacks is Cyber Insurance contracting. As a long-standing insurance broker, at EuroSolutions, we understand the unique challenges in protecting resources in the rapidly advancing digital world. Therefore, we offer more than the standard protection model - insurance that meets the specific needs of your company.