Companies are dealing with more cyberattacks than ever before thanks to hackers using AI, but they might get some help by fighting fire with fire.
Driving the news: A cybersecurity incident in Canada will cost a company an average of $6.32 million, according to new data from IBM. That’s a lot of money, but it’s the second year in a row that the cost has gone down, and is the lowest it has been since 2019.
Why it’s happening: IBM claims AI has brought the cost down. Companies that don’t use AI and automation in their cybersecurity face an average cost of $7.83 million per breach, but those with some automation had a cost of $6.13 million, and those that invested heavily had a cost of $4.99 million.
- The biggest benefit AI offers is automating what would otherwise be time-consuming tasks, like monitoring who has accessed files, or checking dark web forums for data up for sale.
- Companies with extensive AI and security automation tools were also able to identify a breach almost a month earlier, and cut three weeks off the time it took to contain it.
Why it matters: Technology can’t shut down every data breach — the majority of incidents are caused by human error, which even the best threat detection tools can’t prevent. But AI and automation bring the cost of a data breach down by a couple million dollars, and make it easier to get under control.
- The most common causes of data breaches are phishing, improperly set up cloud systems, stolen login info, and system vulnerabilities companies aren’t aware of.
Zoom out: Several Canadian startups are developing automated threat monitoring, like Flare, which works with large enterprises, and Protexxa, which focuses on businesses and individuals. Qohash automatically detects risks in how sensitive data is stored, while Beauceron Security uses AI to boost engagement with security training to create better-equipped teams.