Cybersecurity evolution: harnessing GenAI for defence & growth

In the ever-evolving world of cybersecurity, businesses are increasingly turning to advanced technologies such as Generative AI (GenAI) to bolster their defences. Insights from EY's latest Transformation Insider report highlight the pivotal role GenAI and proactive strategies play in safeguarding enterprises against an alarming rise in cyber threats.

Jeremy Pizzala, EY's Asia-Pacific Cybersecurity Consulting Leader, underscores that by 2027, GenAI is expected to be implicated in 17% of all cyberattacks. This projection, while daunting, forms the crux of a necessary paradigm shift. Pizzala posits that cybersecurity transcends mere compliance or risk management and is fundamentally about business continuity and facilitating growth. He suggests that fear of GenAI is misplaced; instead, businesses should integrate and leverage GenAI to remain one step ahead of cybercriminals. Notably, the Asia-Pacific region's unique convergence of talent and innovation underscores the importance of investing in local skills and fostering AI confidence to secure the future.

Richard Bergman, EY Global Cyber Transformation Leader, and Steve Lam, EY Asean Cybersecurity Leader, elaborate on the transformation driven by integrating AI into cybersecurity strategies. They argue that leaders who harness AI are dramatically reducing incident response times, slashing them by up to 150 days. GenAI, when meshed with automation and cloud technologies, is becoming a formidable tool in the fight against cybercrime—a domain expected to impose costs of USD $9.5 trillion globally by 2024. The message is clear: adopting AI-powered defences transforms cybersecurity from a reactive pursuit to a proactive, strategic initiative.

The human element remains a critical factor in cybersecurity. Kelvin Gao, EY Greater China Cybersecurity Leader, and Rohit Rao, EY Asia-Pacific Financial Services Cybersecurity Leader, stress that over 80% of cyberattacks involve human error. Sophisticated AI-driven phishing and deepfake tactics are increasingly targeting employees. Gao and Rao advocate for continuous education and the integration of AI-assisted training regimes and cybersecurity simulation exercises, known as 'war games'. By embedding cybersecurity into the company's culture and DNA, businesses can convert potential human vulnerabilities into a fortified line of defence.

The complex web of third-party vendors that businesses rely on brings inherent risks. Sang Woo Kim, EY Consulting Korea Cybersecurity Lead Partner, and Naoshi Matsushita, EY Cybersecurity Co-Leader, highlight GenAI's revolutionary potential in managing these risks. Automated risk assessments, continuous monitoring of vendor activities, and predictive threat models powered by AI transform third-party risk management. By adopting real-time vigilance and tailored mitigation strategies, businesses can turn potential vulnerabilities into strategic advantages.

Looking forward, the EY report also delves into the impending challenges posed by quantum computing. The exponential processing power of quantum technology threatens to dismantle current cybersecurity frameworks, rendering today's encryption techniques obsolete. Industry leaders are urged to implement quantum-secure solutions and adopt resilient frameworks to pre-emptively tackle this looming threat.

As GenAI increasingly shapes the cybersecurity frontier, businesses are at a critical juncture. This technology not only enhances defensive measures but also equips cyber adversaries with more refined tools to execute ransomware attacks. The 'AI for Cyber' strategy, using AI to anticipate and automate defences, and the 'Cyber for AI' strategy, safeguarding AI systems from exploitation, are cited as necessary dual approaches to maintain a competitive edge in cybersecurity.

Transformation Insider offers a blend of expert perspectives from EY and industry insiders, aimed at shedding light on the current transformation trends and technological shifts reshaping the market. As the cybersecurity landscape grows more complex, such insights are crucial for businesses striving to stay ahead of threats and harness technology for secure innovation.