As cyber criminals wage an online war, which they appear to be winning, could artificial intelligence be the best defence?
The EMC global Data Protection Index revealed 22 per cent of UK businesses have suffered data loss in the last year. This comes at an estimated average cost of £920,000 to breached organisations. Cyber crime will likely cost the global economy £335 billion this year alone, according to the World Economic Forum’s Global Risks Report 2016.
Meanwhile, the Hamilton Place Strategies’ report, Cybercrime Costs More Than You Think, estimates the median cost of cyber crime has increased by nearly 200 per cent in the last five years and is likely to continue growing, while Juniper Research predicts the overall cost of data breaches will rise by £1.58 trillion up to 2019.
It’s obvious the bad guys are winning and something needs to change. That change could well come in the shape of solutions driven by artificial intelligence or AI.