After an explosion in the early 1860s killed his younger brother, Alfred Nobel invented dynamite, allowing miners and prospectors to dig through stone faster and safer.However, Alfred Nobel was saddened and regretted his invention when he soon discovered that people used dynamite to harm others. Worried about his legacy, Alfred Nobel created the Nobel Prizes to reward those who have conferred the greatest benefit to humankind.
Similar to dynamite, artificial intelligence (AI) is only a tool, and it’s up to us to choose how we use it.Throughout this article, we’ll highlight how AI is used to protect organizations. But we’ll also show you how AI is used to hack and steal from organizations.Before we begin, let’s start by addressing the growth of artificial intelligence in cybersecurity today.
THE GROWTH OF ARTIFICIAL INTELLIGENCE IN CYBERSECURITY
AI is a well-known asset for businesses that use automation to increase productivity and streamline tasks. One crucial application that leverages AI more than any other today is data security, or cybersecurity . With the economy going through a digital transformation and data breaches increasing by the day, AI might be our best chance at safeguarding our information.
The global market for artificial intelligence in cybersecurity is projected to reach $46.3 billion by 2027, at a compound annual growth rate (CAGR) of 23.6% during the forecast period . This stems from the increasing complexity and frequency of cyber threats, leading to a need for disruptive cybersecurity solutions.
This explosive growth results from increasing government investment in the security sector and the requirement for cloud-based security solutions among businesses regardless of size or industry. As the network capacity grows with 5G technology and improved cloud services, so does the growth of artificial intelligence and the arms race between cyberattacks and cybersecurity.
DATA BREACHES: THE NEED FOR BETTER CYBERSECURITY
As technology progresses, more of our information has been moving to the digital world. As a result, cyberattacks are increasingly common and costly. Business organizations, for example, are desirable targets to cybercriminals simply due to the large amount of data that hackers can steal in a single attack.
Artificial Intelligence benefits cybersecurity
Globally, a company’s average total cost per data breach was $3.86 million in 2020 . The Ponemon Institute study identified that organizations with fully deployed security automation saved on average $3.58 million compared to those with no security automation in place.
When used in conjunction with traditional methods, AI is a powerful tool for protecting against cyber attacks. In the digital age, shielding assets and operations from hackers is more challenging than ever. The numbers are staggering – Cisco alone reported that they blocked seven trillion threats on behalf of their customers in 2018.
At the same time, the adoption of artificial intelligence is not without risks: more than 60% of companies adopting AI recognize cybersecurity risks generated by AI-powered threats as the most relevant ones to business operations . Although AI provides organizations with the tools to fend off malicious attacks in the wrong hands, it can supply cybercriminals with avenues to take advantage of systems.