Howden warns against over-reliance on cyber insurance

The insurance broker listed three AI threats haunting organisations.

Singapore saw a 52.9% spike in local cyber threats in 2023, highlighting the rapid transformation of the cybercrime landscape by artificial intelligence (AI), Kaspersky reported. Whilst AI offers immense benefits in cybersecurity, ironically, attackers are also leveraging its power to launch more sophisticated and targeted attacks, warned Howden. 

Mitigating this, Howden presses the importance of cyber insurance as it acts as a critical financial safety net for organisations navigating the treacherous waters of cyber threats.  It provides access to expert risk assessment tools and experienced professionals from forensics, data restoration, legal, ransom negotiation, and public relations. 

However, cyber insurance should not be viewed as a stand-alone solution but as part of a comprehensive cyber risk management strategy, which includes robust cybersecurity practices and a tailored cyber insurance policy.

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Spear phishing

Spear phishing, driven by advancements in AI technology, incorporates personalised strategies to enhance its effectiveness. Attackers can analyse vast amounts of data to craft hyper-personalised emails that mimic a victim's colleagues or superiors. 

This personalisation makes the emails eerily realistic and often contains a sense of urgency, exploiting current events to pressure the recipient to click a malicious link or download an attachment containing malware. Organisations can combat spear phishing by implementing advanced detection tools and fostering a culture of cybersecurity awareness.

Ransomware and artificially intelligent ransomware

AI injects a new layer of intelligence into ransomware attacks, allowing them to actively search for new vulnerabilities. 

Organisations must prioritise proactive cybersecurity measures, including implementing AI-powered threat detection systems and regularly patching vulnerabilities.

Insider threats

Insider threats in the age of AI present a significant challenge, as malicious insiders could exploit vulnerabilities within AI systems or misuse AI tools. Organisations must prioritise comprehensive security measures, including rigorous vetting procedures for personnel and ongoing monitoring of user activity.