By David Warr, Cyber Portfolio Manager for QBE Europe
Against a backdrop of a world more connected than ever before, businesses are increasingly dependent on integrating new emerging technologies. From AI-powered tools and cloud-based services and connected devices, the opportunities for rapid growth and increased efficiency are obvious. But this online interconnectivity and reliance on adopting the latest tech has a downside – an increased exposure to cyber risks.
QBE’s latest research highlights the increasing challenge faced by businesses, with annual global cyber-attacks predicted to double from 2020 to 2024[1]. This surge is being driven by the very technologies that businesses now rely on to operate, innovate, connect and compete.
The evolving risk landscape
As digital systems become more integrated into business operations, the potential vulnerabilities increase. Take cloud services, for example. Many companies have shifted their infrastructure to cloud-based platforms for flexibility and scalability. However, this shift has led cyber criminals to adapt their tactics, using new tools to target cloud systems. Cloud-based cyber-attacks that were once highly sophisticated are now accessible to lower-level cybercriminals, making the threat landscape more unpredictable and widespread. Employees are accessing business cloud infrastructure while hybrid working from home or on the move, often without the same cyber security measures available in the office.
Another rapidly growing area of risk is AI. The market for “AI-as-a-Service” is projected to skyrocket from $200 billion to $1.85 trillion in the coming years.[2] Many businesses will be racing to adopt AI services to not get left behind competitors, but in doing so may overlook new cyber risks that come with rapid adoption. For exam ..
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