Protecting financial institutions in the era of AI-driven threats

The rise in open-source AI tools has enabled scammers to conduct more sophisticated ransomware attacks, particularly through targeted spear phishing that exploits personalized data.

Financial organizations remain particularly vulnerable as they handle vast amounts of money and sensitive information, making them prime targets for AI-enhanced cyber attacks.

Social engineering attacks have almost doubled, now accounting for 17% of data breaches, driven by AI's ability to create credible phishing emails that evade detection.

With advanced techniques like deepfakes, attackers can convincingly impersonate trusted figures, demonstrated by the $25 million fraud involving a video call with a fake CFO.

Read at Securitymagazine