Belfast businesses will be informed on Tuesday about the growing demands for enhanced cybersecurity, propelled by the emergence of artificial intelligence (AI). The multinational law firm Pinsent Masons, which is hosting an event to commemorate CyberNI Week, reports that ransomware accounts for nearly 60% of all cyber attacks on businesses. This type of cyber crime involves acquiring a company’s data and demanding a ransom for its recovery.
Laura Gillespie, who is the leading partner of the cyber team at Pinsent Masons in Northern Ireland, has observed a significant rise in the complexity and frequency of attacks over the previous year. In response to the mounting threats, she noted, clients are intensifying their focus on growing cyber readiness initiatives.
Financial firms are a prime target for criminals, comprising 40% of all data breaches. Such firms hold data that fetches a high price on the black market or can be used to commit identity or financial fraud. Illegal activities led to the extraction of crucial information from businesses in 43% of verified instances.
In their latest report, titled Cybersecurity Landscape, Risks and Challenges, Pinsent Masons draws attention to recent developments in the pattern of attacks on companies’ systems. Some criminal groups targeting businesses have begun to behave more like franchises.
“Cyber criminals are consistently devising innovative approaches to stake out businesses in their pursuit of commercially or personally valuable secrets. With AI poised to usurp a larger role, organisations must elevate cybersecurity to their highest priority over 2024,” remarked Miss Gillespie.
Nevertheless, AI offers potential solutions to safeguard against cyber threats by recognising suspicious techniques and identifying potentially harmful emails.
The EU Network and Information Systems Directive will foster a uniform high level of security to protect IT infrastructure, with member states instructed to comply by this October. However, Pinsent Masons mentions that the progress in amending the UK’s network information systems’ security regulations remains sluggish which creates a degree of uncertainty.