Organizations quite often spend millions of dollars on deploying various technologies on cybersecurity to defend against data breaches. Despite that, devastating hacking continues to occur. Let's not forget the breaches at Target, Sony, Home Depot, along with the recent theft of millions of dollars from a Bangladesh bank by attacking financial transaction network SWIFT and the many examples of ransomware in news headlines this year. Does it mean that the technology is not advanced enough to outwit hackers? The race between security professionals and hackers seems to be a never-ending game, and hackers are seemingly always ahead in this race.
The rise of the AI is inexorable. Artificial Intelligence has become a part of everyday lives in some form or the other. It has massive potential to drive innovations and considerable improvements in this data-driven world. From predictive analytics, chatbots, to assistant-enabled homes to self-driving cars and cybersecurity, AI is everywhere. It has become viable for almost all sectors.
Every once in a while the world wakes up to the news of yet another data breach of incredible proportion, providing a crude reminder that healthcare IT systems are not as secure as they should be. Some black hat hackers sell stolen data in bulk on the dark Web while others use a technique called credential stuffing to automatically force authentication on targeted domains. But regardless of how the stolen data gets used, one thing is for certain: increasingly bigger cyber data breaches and thefts are clear indicators that passwords used on their own are an inadequate way to ensure security. Instead, passwords should be used in addition to data encryption, guaranteeing that even if data is stolen it can't be used by any other entity--hacker or competing organization. The reality is, passwords really haven't been an effective security control method for a very long time.
There is a common misconception prevalent amongst businesses that cyberattacks, and data breaches only target large scale enterprises. This is not true as almost half of the cyberattacks target small to midsize businesses. This misconception prevents businesses from taking data breaches and cybersecurity attacks seriously. They not only ignore it but also do nothing to protect themselves from it. According to IBM's cost of data breach report 2020, the average cost of data breach in the United States alone is $8 million.
By the year 2021, cybercrime losses will cost upwards of $6 trillion annually. It's no surprise, then, that the cybersecurity industry is exploding as it grows to protect the networks and systems on which companies and organizations operate and store data. Because effective information security requires smarter detection, many cybersecurity companies are upping their game by using artificial intelligence to achieve that goal. A new wave of AI-powered solutions and products keep bad actors on their toes while giving IT teams much needed relief. Here are 30 companies merging artificial intelligence and cybersecurity to make the virtual world safer.