The rise of artificial intelligence (AI) is highlighting the importance of stronger cybersecurity measures for Belfast businesses, according to a recent event. Ransomware attacks, where criminals demand payment to return stolen data, are on the rise and account for nearly six out of every 10 cyberattacks on businesses, as reported by multinational law firm Pinsent Masons during CyberNI Week.
Laura Gillespie, a partner at Pinsent Masons leading the cyber team in Northern Ireland, emphasized that the sophistication and frequency of cyberattacks have increased in the past year. Despite this, businesses are stepping up their efforts to enhance their cybersecurity readiness programs.
Financial firms are a prime target for cybercriminals, making up 40% of all breaches due to the valuable data they possess. Criminal gangs have successfully accessed sensitive information from businesses in 43% of confirmed cases.
A report released by Pinsent Masons, titled “Cybersecurity Landscape, Risks and Challenges,” highlights new trends in cyberattacks, including the fragmentation of groups targeting companies’ systems, some of which now operate like franchises.
Ms. Gillespie stressed the importance of prioritizing cybersecurity in 2024, especially with the increasing role of artificial intelligence in cyberattacks. AI can also be utilized to defend against attacks by identifying criminal techniques and suspicious emails.
The EU Network and Information Systems Directive, which member states must adopt by October, aims to enhance IT infrastructure security. However, uncertainties remain in the UK regarding proposed changes to network information systems’ security regulations.
Overall, the event underscored the critical need for businesses to prioritize cybersecurity in the face of evolving cyber threats and the growing influence of artificial intelligence.