Each passing year, Artificial Intelligence (AI) is reshaping the business landscape, and in turn, forcing business owners to advance their data security to adapt to the new world. A recent study has shown that in the past year alone, there were 94,000 cyber cases reported to the Australian Signals Directorate.

With the rising risk of cyber threats, AI is emerging as one of the most effective methods of defence against data breaches and cyber-attacks.

Australian businesses are increasingly taking on new technology to solve complex business challenges. While this is a natural progression, it introduces greater risks to our digital assets. It is critical that security measures advance in line with technological developments to safeguard the future of our businesses. Finding new ways to do this is vital, and AI is shaping up to present an important solution.

Here are five ways that businesses can defend against cyberattacks with AI:

Protect your digital future

Using historical data and patterns, AI can predict potential weaknesses in a system. By assessing the risk landscape, AI provides businesses with insights into areas that may be targeted by cyber threats. Research has shown that 65 per cent of companies stated they could last no more than five days if subject to an outage that restricted access to their data. The integration of AI into cybersecurity strategies enhances resilience, reduces response times, and fortifies businesses against cyberattacks.

Instant defence against data breaches

AI technology has the potential to respond to incoming threats at a faster rate than human input. With an average response time of no more than five seconds, it has become one of the leading defence systems against cyber-attacks. Automated incident response enhances security operations’ efficiency and minimises human error risk, ensuring a swift and accurate reaction to emerging threats.

Past patterns to prevent future financial risk

The use of AI has become one of the key detection tools for data breaches. By utilising predictive analytics, it can scan for early detection of a potential data breach.  Businesses can prevent or mitigate the financial fallout associated with data breaches by identifying threats before they escalate. The total cost of a cybersecurity breach in Australia has experienced a significant 32 per cent increase over the past five years, reaching an average of $4.03 million. The financial impact of data breaches on businesses encompasses a range of costs, including incident response, remediation efforts, legal proceedings, regulatory fines, and potential compensation to affected parties.

Keeps confidential information hidden

AI is one of the key contributors to global technological advancement and is increasingly becoming integrated into the daily lives of consumers and businesses. However, this widespread adoption makes personal information susceptible to cyber threats. Incorporating AI into your business can dynamically adjust encryption levels based on the sensitivity of data and user behaviour. This adaptive encryption approach ensures that the compromised data remains unreadable to unauthorised entities even in the event of a breach.

Defend your business against imposters 

Phishing is the most common form of cyber attack. A potential hacker tries to impersonate an individual or company to ‘offer’ or ‘alert’ your business of a potential threat or reward. Through analytics and pattern predictions available with AI, the technology can recognise spam and phishing attempts by searching for the message content for warning signals. This information will then be stored within the company database to block messaging of the same context coming through. 

The use of AI can protect business data from each stage of a potential breach. By incorporating this approach into business security methods, companies can protect their assets and eliminate the financial risk associated with a data breach. 

Luke Kelly is managing director from DKG Insurance Brokers.