Emerging Tech Risk Series No. 2

“Gen. Keith Alexander, director of the National Security Agency and commander of U.S. Cyber Command, stated that the loss of industrial information and intellectual property through cyber espionage is the ‘greatest transfer of wealth in history.’” – Dawn Kristy, 33 Ways Not To Screw Up Cybersecurity, No. 1 Human Error – The Wake-Up Call (citing Foreign Policy Magazine in 2021)

The Lamborghini Dream

Last night, I woke up from a dream about a ransomware gang.

A group of guys from a ransomware gang stood in a circle, each in front of a Lamborghini showing how lucrative ransomware attacks had become.

I recall seeing this photo around twelve years ago (about the same time as General Alexander's quote) when I broadened my work to cyber risks and losses. That image ignited a spark inside me to help companies understand the risks, prevent losses, or recover from cyber losses.

Today, a few things have changed.

First, that image could be created using Generative AI (GAI).

Second, in 2023 ransomware gangs have jumped on board the gravy train. According to Chainanalysis, ransomware payments in 2023 surpassed the $1 billion mark for the first time (after the anomaly in 2022 with a decline in ransomware payment volume).

Third, we have a new attraction. GAI is seen as a way for users to become better, faster, and richer while possibly unaware of the risks.

Nevertheless, I want to stop the Lamborghini dream.

AI Thwarts Ransomware Attack at Car Dealership

It is not all doom and gloom. What if AI could thwart a ransomware attack?

This summer, car dealerships in the US experienced business interruption after a ransomware attack targeted the industry’s leading retail software provider, CDK Global.

The attack affected customer services at nearly 15,000 car dealerships nationwide. One-third of Chicago’s 400 new car dealers were forced to use pen and paper to complete deals.

Car dealerships rely on CDK Global to help register vehicles, apply factory rebates, manage inventory, and complete sales contracts, among other tasks.

Bloomberg reported a ransom request for tens of millions of dollars for hackers to restore CDK’s operations.

One AI company came to the rescue at Foundation Automotive Group in Wichita Falls, Texas. ICOM AI communicates with customers, when dealers are closed or after hours. They work directly with CDK Global, enabling customer inquiries to be sent directly to the dealer without business interruption.

This incident highlights the importance of proper cybersecurity measures and finding AI partners.

Indeed, AI can be part of the solution, not only the problem.

Call to Action

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