Bring on AI and Machine Learning to take on escalating cybercrime threats

Tech breakthroughs have become prevalent in this digitised environment, and revolutionising the facets of our daily lives. The growth of AI has been a spectacular breakthrough, ushering in possibilities and transformations.

AI applications have found their way into industries, allowing for automation, better decision-making, and overall efficiency. However, as the world embraces digitalisation and AI, it is also confronted with the darker side of this technological revolution - the new perils of cybercrime.

Particularly in the aftermath of COVID-19, the travel industry has seen tremendous expansion and appeal. The unprecedented rebound in outbound travel has increased the exposure to cybercriminals. The travel and tourist industry has become a target of cyberattacks, suffering a variety of threats such as data breaches, ransomware attacks, and phishing efforts.

According to industry forecasts, the costs of cyberattacks would climb by a steep 15 per cent every year, reaching a staggering $10.5 trillion by 2025. This shows the intensity of the situation, emphasising the critical need for organisations to commit significant resources to strengthen their cybersecurity.

Recognising the importance, an astounding 85 per cent of SMEs have stated their intention to boost IT security investment by end-2023. That explains why investing in comprehensive cybersecurity measures is not only a must, but a strategic imperative for long-term success.

Following are a few technology advances that can help combat cybercrime:

AI and Machine Learning

AI and ML are revolutionising the field of cybersecurity by providing advanced capabilities to detect, analyze, and respond to cyber threats in real-time. These enable systems to automatically learn from vast amounts of data and identify patterns, anomalies, and potential risks that might be difficult for human operators to detect.

AI and ML algorithms can analyse network traffic, user behavior, and system logs to identify malicious activities, such as malware infections, unauthorised access attempts, or abnormal data transfers. This approach allows organisations to respond swiftly and effectively, minimising the impact of cyberattacks.

Blockchain

Blockchain technology, originally developed for cryptocurrencies like Bitcoin, offers a decentralised and tamper-resistant method of storing and verifying data. Its inherent properties, such as transparency, immutability, and consensus-based validation, make it highly suitable for enhancing cybersecurity.

In the context of cybersecurity, blockchain can be used to secure critical data, authenticate identities, and establish secure communication channels. By decentralising data storage and ensuring that information cannot be easily altered, blockchain technology adds an extra layer of protection against unauthorised access, data tampering, and insider threats.

Zero Trust architecture

Traditional network security models operate on the assumption that once a user or device gains access to the internal network, they can be trusted. However, with the increasing sophistication of cyber threats, the Zero Trust architecture has gained prominence.

Zero Trust revolves around the concept of ‘never trust, always verify’. Under this model, all users, devices, and network traffic are treated as potentially untrusted and are continuously verified and authenticated before being granted access to critical resources.

Zero Trust employs various security measures such as multi-factor authentication, strict access controls, and continuous monitoring to ensure that only authorized entities can access sensitive data and systems. By implementing Zero Trust principles, organisations can mitigate the risk of internal and external attacks, limit lateral movement, and protect their digital assets.

Staying ahead of cyber threats requires organisations to embrace evolving technologies as integral components of their cybersecurity strategies. These technologies have helped many organisations in the industry stay safe while also lowering their security management expenditures.

As businesses continue to grapple with the growing challenges of cybersecurity, those at the forefront of technological innovation will gain a competitive advantage by safeguarding their operations, reputation, and, most importantly, their invaluable data.