AI and online Security: The way AI is innovating the future of cybersecurity
Artificial intelligence AI is changing the face of cybersecurity. AI in cybersecurity integrates the use of machine learning to identify characteristics of harmful software. This integration, when done well, has the promise to revolutionize the online market, especially in identity theft protection.
What is AI?
By definition, AI is teaching machines to think like humans. Experts developing Artificial Intelligence want to create a computer capable of thinking, adapting, and learning like humans. Previously machines were limited and could only respond to specific questions if asked correctly. However, as AI emerged, there also came the possibility of a machine being able to extend past its set instructions to provide solutions.
Types of cyber theft.
There is a longstanding debate on how the integration of computers poses a threat to the public. Phones and computers are the main part of daily operations with links to personal information. It is no wonder computers are the main components in conducting fraud online activities called cyber theft. Cyber theft is using computers to carry out theft. Last year’s financial records show that cyber theft cost financial institutions an estimated total of $3.5 billion. Cyber theft examples include identity theft, password theft, and theft of information.
However, the most common of cyber theft practices is identity theft. Identity theft is the act of using another person’s name or information to access loans of funds. There are several examples of identity theft, including financial identity theft, medical identity theft, criminal identity theft, child identity theft, identity cloning and concealment, and synthetic identity theft. Online identity thieves take advantage of financial information to get credit, buy products online, and get benefits. Recent developments in identity theft introduced synthetic identity, the use of partially false information with real information to generate new identities.
Why is online security a threat?
Online security is important both at a personal level and at a company level. The number of online cyber theft cases are increasing yearly. Identity thieves stand to gain a lot with minimal effort with cyber theft.
Hackers have various methods available to steal information, including Denial-of-Service Attacks, Man-in-the-middle attacks, phishing attacks, malware attacks, SQL injection attacks, and password attacks. Let us look at these methods individually.
Denial-of-service (DOS) attacks involve hackers flooding a network looking for prices of information. DOS attacks work toward getting general information. Man-in-the-middle attacks involve hackers being an intermediate between two communicating parties hoping to steal valuable data from both sides. Likewise, Phishing attacks are malicious emails designed to draw information from unsuspecting users. Phishing emails don’t need to install on the machine and can be operated without being online, making them the most common attack method for cyber thieves. Hackers also use malware. These are harmful downloadable software that gives hackers permission over a targeted machine. SQL injection involves hackers placing codes in online servers providing access to online traffic otherwise not ordinarily accessible. Password attacks are attempts to try replicating weak passwords to access information.
Financial identity theft cases were at a record high of 1.7 million in 2019. Out of these, 900,000 were consumer-based cases, while companies reported 651,000 identity theft cases. 23% of these cases reported missing money records. To understand the impact of such numbers, consumer-related cases cost $1.9 billion in revenue. This is equivalent to the cost of repaving 1000miles of a road to pristine conditions. At this rate, there was an equivalent of 2,500 daily identity theft cases last year. Due to this, there is an increasing need for online security from cyber theft.
Companies can also fall victim to cyber theft. Such attacks include corporate information theft, financial information theft like bank records, money phishing, and disruption of online financial activity and loss of businesses. Identity theft on businesses also presents challenges to repair affected systems leading to more costs. However, the most impactful effect of identity theft is damage to the company’s reputation to customers. Customers do not like dealing with companies prone to cyber-attacks leading to loss of trust, lost sales, and reduced profits. Reputational damage in payments affects a company’s credibility before suppliers, investors, and partners too.
The government also has regulations and policies regulating identity theft protection. Some laws place charges or fines when there is a breach in all personal information in the company, both staff based and customer-based information. These laws prevent companies from taking advantage of data collected form parties involved in running activities.
How to tackle cyber theft problems.
Identity theft methods are evolving every day. This development means there is no sure way of adequately protecting yourself or your company from identity theft cases. However, there are easy identity theft protection steps that protect you from losing data to online data-seekers. Such measures include using trusted, secure networks; educating family friends and employees on the importance of cybersecurity; using a firewall and trusted internet service providers, and practicing a secure password culture.
In the event you or our company comes under attack, there are steps to lessen the impact. First, back up your data to a secure location. This backup can be a physical hard disk drive or trusted online cloud servers. Second, run and test emergency data security drills with company employees and family members if there is a cyber-breach.
How is AI innovating cyber-security?
While there are no sure identity theft protection methods against cyber theft breaches, there is hope in the future. Experts in artificial intelligence technology report on the progress of training AI to help in identity theft protection efforts. Using machine learning, AI can recognize the methods identity thieves use to gather data. However, AI goes further to evolve as it learns, providing an input-free identity theft guard against attacks. Currently, AI is used to detect irregularities in software, most commonly seen in Google’s Android PlayStore, looking for malicious apps in Android phones.
Conclusion
Identity theft is a significant nuisance causing inconveniences both at a small scale and a broader range of operations. However, there is hope in the rise of AI’s ability to learn and work to protect identity theft. Experts in machine learning are confident that AI is the best defense in identity theft and cybersecurity.