Cybercriminals are only getting smarter: NMFTA’s Banks

On more sophisticated attacks: “It’s starting to change now with artificial intelligence. Cybercriminals are always one step ahead, so they’re starting to incorporate artificial intelligence into their attacks. They’re using ir to make better phishing emails to make them harder to identify. They can now make phone calls and trick people to believe they’re talking to a superior or to a leader and to transfer money to places.”

On investing in cybersecurity: “Cybersecurity doesn’t make money. It’s not a profit center. It actually costs money. But what it does do is save you money in the end. If you don’t have cybersecurity and you are buying time-sensitive data and that data is exposed, it could put your business out of business.”

On those who get it: “If I’m talking to executives, they understand risks. They don’t understand the geek speak in the technical ones and zeros but they understand risk and they understand dollars and cents. And so you have to walk them through to make them understand their risk appetite.”

On simple prevention: “Phishing is the No. 1 way hackers get in. Ninety to 95% of successful attacks take place through phishing. So I always tell people to take care of the low-hanging fruit. First train your employees, because they are the weakest link. A company can spend tens of millions of dollars on the latest and greatest tools. But an employee can leave the door open or click on an email and all that investment is for nothing.”

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