Article Synopsis :
Artificial intelligence (AI) is being applied to all kinds of services and processes in order to improve productivity, sales or customer experience.
An area of oversight – until now – has been the potential benefits of using it to combat cyberattacks, which are becoming more frequent on a daily basis. Cisco alone dealt with seven trillion threats to its customers in 2018.
Traditional methods of protection work, but simply cannot handle the volume of threats. Organisation need help to protect their businesses and are looking to AI for help.
This is not to replace IT and cybersecurity analysts, but, as AI is being used in core insurance processes, to make their work more effective and efficient. In effect, to do the heavy lifting so they can focus their expertise on specific risks.
This Capgemini survey asked 850 senior executives across seven sectors in 10 different countries with a role in IT, information security, cybersecurity and IT operations just what AI is doing for their company.
It also did in-depth interviews with industry experts and academics and dissected 20 use cases for AI in cybersecurity across these different functional areas.
It found that it has become imperative for organisations to support their cybersecurity efforts through the use of AI.
Nearly two-thirds believe it will help identify critical threats and 69% that AI will be necessary in order to respond to cyberattacks. This is because attackers are already using AI to coordinate attacks, and AI will help to level the playing field against the criminals.
The speed of adoption is growing rapidly. Before 2019, only 20% of companies were using AI, but now two-thirds plan to have it in place by 2020.
The reason for its deployment is simple, as it will allow responses to breaches to be faster, say 75% of the executives surveyed. The accuracy and efficiency of cyber analysts will also improve, say 60%. And more than half say AI reduces the cost of detection and response by an average 12%.
The report recommends building a roadmap for AI implementation in cybersecurity that enables organisations to avoid unnecessary losses.
The added benefit may be that in certain cases additional sources of revenue may present themselves from the project.
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Digital Insurer's CommentsThe volume of data being generated is already so huge that artificial intelligence (AI) will be essential if businesses are to exploit the opportunities offered by big data and advanced analytics.
This survey shows there is no need to sell the virtues of AI to them, but it also highlights that if one of the increasing risks that comes from digitalisation – cyber risk – is to be properly managed, AI must be integrated here as well.
That’s a relatively simple concept to grasp, but, says this Capgemini report, beginning that journey is not so easy.
The actors recommend building a roadmap for the implementation of AI in cyber security.
It also points out that this may generate new opportunities for insurers to exploit new sources of revenue generation.
Sounds like a win/win scenario to me.
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