The Role of AI and Machine Learning in Cybersecurity

The use of machine learning and AI in cybersecurity is rapidly growing. Many organizations are using AI models as a vital tool in preventing attacks and identifying threats. These new approaches can detect and respond to threats in real time, allowing companies to save time and resources throughout their cybersecurity strategy. AI models can also continuously adapt and learn, allowing people to identify new threats as they emerge and increase protection. Discover more about the role of AI and machine learning in cybersecurity now.

Threat Detection Using AI and Quantum Machine Learning

Machine learning aids in pattern recognition, which helps detect various cyber threats. Pattern recognition is how machines learn to identify patterns, recognize the environment and make decisions. This process involves reducing information, mapping information and labeling information. Leveraging machine learning, AI can solve complex tasks such as identifying threats to protect organizations from cyber-attacks. Additionally, this process allows AI to better identify new and more sophisticated attack vectors that humans may otherwise be unable to recognize.

Similarly, quantum computing in cybersecurity can tackle complex computations. This technology can harness information in profound new ways, including symmetric and asymmetric encryption. Quantum computers can tackle problems that classical computers cannot, empowering organizations to prevent potentially devastating attacks more efficiently.

Machine Learning in Incident Response

Incident response refers to the actions and technologies that detect and respond to potential or actual cyberattacks or breaches. The ultimate goal of incident response is to prevent attacks before they occur, but it also includes plans for recovery if an attack occurs. Machine learning and AI excel at collecting and analyzing the data needed to identify threats to minimize the likelihood of an attack.

Furthermore, AI and machine learning can automate many routine processes, reducing workload and saving time during incident response processes. Machine learning can quickly alert teams if an issue arises and begin protecting information. Some tools can respond to threats automatically, minimizing potential damage.

With advanced technology automating these processes, human workers can dedicate their time to more critical tasks while algorithms work to identify threats and suspicious behavior. This division of tasks allows organizations to instill better incident response practices while ensuring workers participate in meaningful work.

Challenges and Limitations of AI in Cybersecurity

Several challenges and limitations exist for AI in cybersecurity. Being aware of these problems can help you determine solutions for preventing attacks and data breaches. You must be aware of these challenges:

• Biases in training data: Relating to cybersecurity, bias can lead to false negatives or false positives. These results can drive flawed decisions, unjust actions or missed threats. Bias occurs through data to train the algorithms. If the AI training data is unrepresentative or biased, the algorithm will perpetuate those biases in its decisions and predictions.
• Adversarial attacks: These attacks attempt to deceive or manipulate AI systems by exploiting design or input data vulnerabilities. Adversaries can use these attacks to lead AI models to make incorrect decisions or predictions.
• Advanced evasion techniques: Some evasion techniques could empower attackers to remain undetected. Malware that modifies behavior to evade AI detection systems can bypass security controls and make it more challenging for security solutions to neutralize the threat.
• Deepfake attacks: AI can create highly realistic media. Attackers can use altered audio, images and videos to manipulate information and threaten individuals. They can also use this media to create fake profiles and spread false information, which could result in financial loss, damage to a reputation or other adverse outcomes.
• Automated attack tools: Attackers may be able to target many more people by using AI to automate the attack lifecycle. For example, AI can automate vulnerability scanning, allowing hackers to launch targeted attacks and exploit weaknesses much more easily.
• Enhanced phishing attacks: Those with malicious intent could use AI to create highly personalized and convincing phishing emails to trick individuals into performing sensitive actions or divulging personal information. Some users may struggle to identify fraudulent messages because AI can use natural language processing to increase attack success rates.

The Role of Machine Learning and AI in Cybersecurity Education

The next generation of cybersecurity professionals must have an in-depth understanding of AI, machine learning, cybersecurity and quantum computing. Machine learning is quickly evolving, and human workers can’t work at the speed or with the accuracy of AI models. Equipping the next generation with this knowledge will be essential to practicing the best security measures and preventing attacks.

Cybersecurity education often provides hands-on experiences. Practical labs and simulations can closely mirror real-world obstacles and scenarios, equipping students to handle various challenges. These experiences can provide an essential foundation for understanding response processes and how cyberattacks can significantly impact businesses and people.

Cybersecurity occupations are expected to grow much faster in the upcoming years, highlighting that proper education will be essential for data protection and industry success. Along with changes in higher education programs, cybersecurity education is taking root in K-12 schools to provide foundational knowledge for protecting personal information and awareness about careers in cybersecurity.

There is room for growth in education about cybersecurity, but there is also an increasing demand. Many students are interested in the industry, but few educators report student awareness of cybersecurity jobs or of how to learn more about the industry.

As machine learning and AI become more advanced, the need for cybersecurity education will increase. Schools must begin offering more cybersecurity education, and these opportunities should intertwine with other educational materials. It will be important to ensure students have access to cybersecurity tools so they can interact with different forms of technology and better understand how they work. Education must also shift to more hands-on experiences, allowing students to engage with AI and machine learning in various ways to learn how to train models and use them to their advantage.

Find Cybersecurity Solutions With Morefield

At Morefield, we understand the importance of cybersecurity. With advances in technology and online services, data breaches can compromise your organization’s confidentiality and cause loss of resources and trust. Proper security is essential for your organization’s success. We provide scalable and expansive options to protect your sensitive information. Our protective services include technical and consulting resources and end user solutions to give you control over your systems.

Our cybersecurity services include advanced vulnerability assessments, cybersecurity assessments and virtual CISO services. Advanced vulnerability assessments can analyze networks for password hacking, port scanning, network readiness and current security policies. Cybersecurity assessments will highlight vulnerable areas, business goals, risk tolerance levels and more. Virtual CISO services provide expertise, scalability, permanence and measurable performance.

Morefield takes an in-depth approach to security, and we can align our services to your organization’s needs. Contact us today to enhance your organization’s security.

Experts predict the cyber threat landscape in 2024 will change even more dramatically in response to evolving technological innovations than in previous years. This post explores some of the most prominent cybersecurity predictions for 2024 and the steps organizations can take to protect their assets against them.

1. Shifting Cybercrime Tactics

Innovation is often a double-edged sword. As technological developments ramp up each year, cybercriminals will rapidly change their tactics to exploit new vulnerabilities before developers can release the appropriate patches. 

Artificial Intelligence (AI) and Machine Learning (ML)

Artificial intelligence (AI) has become a buzzword in the cybersecurity landscape, and it will only become more prevalent in 2024. Because machine learning (ML) allows AI programs to adapt automatically based on previous inputs, hackers can use ML and AI to create attack vectors that are more difficult to eliminate using existing methods.

Hackers can also use generative AI and ML to produce and proofread malicious code rapidly, allowing them to launch increasingly sophisticated attacks at higher volumes than ever before.

Phishing and Social Engineering

With the rise of large language models (LLMs) like ChatGPT and Google’s Bard, social engineering attacks such as phishing are becoming even more pernicious threats. Thanks to natural language processing (NLP), which enables an AI to understand and properly respond to human language, an LLM can produce incredibly convincing phishing emails free of typical giveaways like typos and awkward phrasing. 

Zero-Click Malware

Malware attacks are usually part of a larger phishing scam, where the hacker tricks employees at your organization into clicking on a malicious link that automatically downloads a virus onto their computer.

Zero-click malware is a new type of attack that eliminates the need for user interaction. It can infiltrate your system through various attack vectors — including vulnerabilities in legitimate applications — and execute its code in the background. Users don’t know the computer or network has been compromised until it’s too late.

2. Rise in Ransomware Threats

In 2024, ransomware will likely remain one of the top cybersecurity threats in business across all industries. Ransomware is a specific type of malware that automatically encrypts your files or software systems until you pay a ransom to the attackers. In previous years, losing access to local storage would incapacitate an organization, resulting in thousands or even millions of dollars lost and debilitating reputational damage.

Notably, ransomware tactics have changed in recent years as companies have begun investing in robust backup- and disaster-recovery-as-a-service solutions (BaaS and DRaaS, respectively). Companies can now afford not to pay the ransom because they can get their data back from their existing backups. 

In response, hackers are finding new ways to pressure their victims into paying. Double extortion — also known as extortionware — is a ransomware variant that threatens to release the hostage information to the public if the victim does not meet the attacker’s demands. It’s significantly more effective than traditional ransomware, and businesses must learn new ways to respond.

Preparing for a ransomware attack is a matter of “when,” not “if.” Organizations need to remain agile to prepare for the worst-case scenario.

3. Exploitation of New Technologies

Organizations are sure to see the impact of new technologies on cybersecurity within the next year as cybercriminals find ways to turn new advancements into devastating attack vectors. Some examples include: 

• 5G: 5G networks can handle billions of connected devices at even faster speeds than 4G connections. However, this growth gives hackers more opportunities to exploit supply chain vulnerabilities.
• Internet of Things (IoT): Although IoT infrastructure unlocks exciting opportunities for data collection, the rapidly growing network of internet-connected devices greatly expands an organization’s attack surface.
• Quantum computing: While still in its infancy, quantum computing can handle tasks that are too complex for most traditional computers — such as breaking into encrypted files. Quantum-resistant encryption algorithms will become critical for protecting against such attacks.

4. Regulatory Compliance and Legal Considerations

As new threats emerge, we’ll see substantial updates to cybersecurity regulations beginning in 2024. Specific compliance requirements will vary by jurisdiction and industry. For example, healthcare organizations will likely see updates to the HIPAA Privacy Rule, and financial institutions may see new additions to PCI DSS.

Regardless, such standards will become significantly more complex. Cybersecurity professionals and IT departments must keep up with these evolving regulations to remain compliant. For many sectors, this process may require developing new strategies for effective data management.

How Businesses Can Stay Secure

Cybercrime is always changing, which is why a proactive stance toward cybersecurity is key. Organizations of all sizes and industries must stay updated with the ever-changing threat landscape to protect themselves against new and evolving threats.

Organizations should be aware of these cybersecurity concepts:

• Security by design: A system that is secure by design prioritizes cybersecurity on the same level as other critical features, significantly reducing the number of potential exploits before making it publicly available.
• Zero-trust architecture: Zero-trust systems grant access based on individual roles and identities rather than a user’s belonging to the organization, significantly reducing the risk of internal threats.
• Automated technologies: Automated threat detection and response technologies can save your organization valuable time in identifying and eliminating threats from your system.
• AI and ML: An AI and ML-enhanced system can learn from the new threats it encounters and automatically adjust its responses in real time, letting your organization quickly adapt to changes within the cybersecurity landscape.
• Cross-industry collaboration: Sharing cybersecurity information across sectors is essential for developing the most accurate understanding of new threats and their methods of operation — which will become vital for protecting national security over the coming years.

Protect Your Organization in 2024 and Beyond With Morefield

With such dramatic changes coming down the pipeline, it’s clear organizations will need to invest more in cybersecurity initiatives. A holistic, proactive approach to cybersecurity is essential for the most effective protection — but for companies without sufficient staff or IT resources, building this kind of strategy is difficult at best.

Working with a managed service provider (MSP) like Morefield provides the resources your company needs for a robust cybersecurity framework. We offer a wide range of cybersecurity solutions, including system assessments, vCISO services and cyber awareness training so you can strengthen your cybersecurity posture without making significant investments in labor or technology yourself.

Contact us today for more information on our managed cybersecurity services for companies in Central Pennsylvania.

Ransomware is a growing threat to businesses and institutions worldwide, increasing in frequency and cost. In 2022, 71% of organizations worldwide were victimized by ransomware, up from just over 55% in 2018. Financial services institutions are particularly at risk of being targets in these attacks. The volume and value of a financial service organization’s data are attractive targets for ransomware criminals. These institutions store and handle significant quantities of personal information and have numerous entry points for an attack.

Although financial institutions are vulnerable to the threat of ransomware, they can take steps to mitigate the risk. Learn about the dangers of ransomware for your financial institution and how to prevent an attack. 

What Is Ransomware in Financial Services?

Ransomware in financial services is a type of cybersecurity attack involving malware that attacks and encrypts files within a financial service institution’s network. Ransomware is a type of malware that encrypts and holds hostage files on a device. The ransomware renders the files and potentially the computer unusable, and the attacker demands a ransom in exchange for restoring the data. Ransomware in financial services specifically targets financial services institutions like banks, credit unions, financial advisors, insurance companies and more.

Ransomware attacks on financial institutions are serious and prevalent. A recent report found that ransomware attacks on financial services organizations in America increased to 55% in 2021, up from 34% in 2020. The average cost of remediation in the industry was $1.59 million, higher than the $1.4 million global average. One of the most significant recent ransomware attacks on financial institutions in the United States was the attack on insurance firm CNA Financial, which exposed the personal information of over 75,000 people. 

The Impact of Ransomware on Financial Institutions 

Ransomware has the potential to significantly harm a financial institution’s data integrity, reputation and finances. Consider the dangers of ransomware in this industry:

Lost Access to Critical Systems and Data

One of the most significant threats of a ransomware attack is the loss of access to critical financial systems and data. A ransomware attack could target one of the institution’s vendors — such as call centers, online banking systems or cloud providers — and gain access to their broader infrastructure. From there, cybercriminals can severely limit an organization’s operations. For example, a ransomware attack on a bank may result in encrypted and unusable financial data, crippling the institution’s employee and customer services and business continuity. 

Financial Losses 

Financial institutions that are victims of ransomware attacks often suffer heavy monetary losses. Although paying a ransom does not guarantee that a financial institution will receive its decrypted files or remain free from another ransomware attack, many institutions feel it is their only option. According to reports about the ransomware attack on CNA Financial, the company paid $40 million in ransom. While the Cybersecurity and Infrastructure Security Agency recommends not paying ransoms, some still do. The costs of business interruption can also be high. 

Damage to the Institution’s Reputation

Reputational damage may be unseen but can still significantly impact a financial services institution’s health. Customers who have had their personal information stolen through a ransomware attack on a financial institution may no longer trust the institution and take their business to another company. The institution’s share prices may also decline due to negative publicity, especially if it is found that the institution failed to follow data security protocols.   

The Reasons Why Ransomware Is Particularly Dangerous for Financial Institutions 

Ransomware is one of the most severe cyber threats to organizations in financial services. While other industries are also at high risk, financial institutions have specific characteristics that make them appealing to cybercriminals planning a ransomware attack. Here are a few reasons why ransomware attacks on financial institutions are particularly dangerous:

Sensitive Financial Data 

Financial services institutions handle sensitive personal and financial data for their customers and clients. Much of this information is stored electronically, making it a possible target for a ransomware attack. Financial services organizations store data such as: 

• Credit card numbers 
• Savings and checking account numbers 
• Social Security numbers 
• Wills 
• Titles 
• Estate documents

Reliance on Technology and Financial Systems

Financial services have increasingly adopted digital and cloud-based systems for their daily operations. For example, the percentage of Americans using digital banking rose from 2018 to 2022. Financial services institutions have a huge number of people who do business online and activities that occur digitally. These institutions also tend to work with multiple vendors, from software to banking equipment vendors, all of which could have access to customer data.

Financial institutions have a broad attack surface because of this reliance on technology. The enormous flow of information through a financial institution’s systems presents a challenge to securing and protecting its data.

Potential Disruption to Financial Markets

Ultimately, a ransomware criminal’s motivation for attacking a financial services institution comes down to money. Banks and other financial institutions consistently handle up to millions or trillions of dollars, making them prime targets for criminals interested in enormous payouts. While businesses in different industries also handle large sums of money, financial institutions provide ransomware criminals multiple opportunities for profit.

Steps Financial Institutions Can Take to Prevent Ransomware Attacks

Ransomware is a threat your financial services institution should take seriously. While the likelihood and severity of ransomware attacks on financial institutions have increased, institutions have strategies available to help them prepare for and prevent a ransomware attack. Understanding the nature of the threat can help your institution safeguard its critical data and protect itself from risk.

Here are a few steps that can prevent ransomware attacks on financial institutions:

Implementing Strong Cybersecurity Measures

It is more essential than ever for financial services institutions to put effective cybersecurity measures in place to protect their systems and data. For example, following an IT security checklist helps your institution ensure it takes every effort to prevent a security compromise. This may include steps such as:

• Assessing vendor risk and strengthening vendor security
• Installing file-access restrictions
• Implementing firewalls and anti-malware
• Patching and updating outdated systems

Training Employees to Recognize and Avoid Ransomware Threats

Another essential step financial services institutions should take to protect their data is training employees in cybersecurity best practices. Ransomware is frequently spread through phishing emails, which mimic trusted stakeholders to solicit sensitive information from employees. Training employees to recognize phishing schemes and report them can help your institution avoid a number of these attacks.

Developing a Response Plan in Case of an Attack

Implementing cybersecurity measures and training employees to recognize and avoid ransomware attacks are helpful methods for preventing an attack. However, businesses can’t prevent every attack, as ransomware constantly evolves. Develop a ransomware response plan in case of an attack to ensure your institution isn’t caught off guard.

Invest in robust disaster recovery solutions and conduct frequent vulnerability tests to spot weaknesses before ransomware attackers exploit them. Avoid paying the ransom and report the attack to the proper authorities within at least 36 hours, as the Federal Deposit Insurance Corporation (FDIC) requires.

Find the Best Cybersecurity Solutions From Morefield

Institutions in the financial services industry must prioritize cybersecurity to protect themselves and their customers from the consequences of ransomware attacks. These attacks can devastate institutions and their clients, leading to financial and reputational damage.

Morefield has decades of experience developing best-in-class IT solutions that are cost-effective, reliable and comprehensive. Our IT services for financial services institutions include security, unified communications and fully managed IT and networking. With over 75 years of industry experience, we have the experience and skills to optimize your systems while complying with industry regulations and providing exceptional customer service. Reach out to our IT experts to talk about your cybersecurity needs and find the best solution.

A good sign of a thriving business…. You’ve outgrown your building.

Our Altoona regional office is moving! We have spent many wonderful years in “the old schoolhouse” on Kettle Street, and while we will cherish the memories, we are excited to grow into a new space.

Don’t fret, we love our Altoona community and will not be moving far. Our involvement in the local communities and love for the region is embedded in our history and is a continued focus for our future.

We will be announcing our new location as soon as we are ready for the big move.

Stay tuned for more updates in the coming months!