The latest edition of the “Cybersecurity Guide for CFOs” has been released by Eftsure, providing valuable insights into how cybercriminals are leveraging artificial intelligence (AI) tools such as ChatGPT to refine their tactics and threaten businesses. The guide draws on expert insights to reveal the AI-based infiltration and attack strategies cybercriminals use, and it offers practical guidance on how organizations can develop and drive a unified, AI-aware cybercrime prevention strategy.
According to Mark Chazan, CEO of Eftsure, the pace of AI evolution is already outstripping laws, regulations, and societal norms, and finance leaders need to be prepared for a post-trust future. He emphasized the central theme of the guide, which focuses on how AI is shifting the paradigm of cybercrime, releasing a new array of unanticipated risks at a time when businesses are already experiencing huge losses.
The guide highlights the rising global cybercrime costs, which are projected to reach $10.5 billion USD by 2025, with Australia experiencing significant losses as well. In 2022, businesses in Australia lost $224 million AUD to payment redirection scams. One of the most common forms of cybercrime is a business email compromise (BEC) attack, where cybercriminals send fraudulent emails to a business, requesting a change in payment details to redirect money to their own accounts.
To make matters worse, AI tools like large language models (LLMs) are being used to create more convincing BEC attacks at scale. Trained on vast amounts of text, LLMs have the ability to mimic the writing and speaking style of specific individuals, making it easier for cybercriminals to create more effective messages at scale. Additionally, cybercrime arsenals now include synthetic media such as synthesized images and voices, which can help criminals bypass authentication methods and defraud businesses and consumers.
In response to these growing threats, Eftsure has distilled insights from AI researchers, CFOs, finance experts, and futurists into the latest edition of the “Cybersecurity Guide for CFOs.” The guide provides practical steps for understanding vulnerabilities and strengthening payment security within the finance teams, which are leading targets for cybercriminals.
Overall, the guide aims to educate CFOs and finance leaders about the impacts of generative AI on the current threat landscape for accounts payable and finance teams and empower them to implement technology-driven processes and stay informed about cybersecurity best practices.
For those interested in obtaining a copy of the 2024 “Cybersecurity Guide for CFOs,” it is available for download on Eftsure’s website. With a mission to build a safer business community, Eftsure offers an end-to-end solution that safeguards over $216B in B2B payments per year. Their multi-factor verification process gives businesses greater knowledge and control over onboarding suppliers, receiving invoices, and making payments, ensuring that customers never pay the wrong people.
For more information about Eftsure and their payment fraud prevention solutions, please visit their website at https://eftsure.com. Those interested in downloading the “Cybersecurity Guide for CFOs” can do so by visiting https://home.eftsure.com.au/cybersecurity-guide-for-cfos-2024.