BFC Bulletins Monthly News Digest
Top experts weigh in on the changing dynamics of cybersecurity threats and cybersecurity trends for 2024, including AI’s impact, behavioral biometrics, fraud prevention, masking and enhanced security for financial services:
- Seth Blank, CTO at Valimail, highlights the rising sophistication of AI-driven cyber threats that are increasing the difficulty of distinguishing real communications from fake communications. He suggests learning from email’s existing protections to combat these emerging challenges.
- Si West of Resilience warns of an increase in AI-driven cyberattacks, particularly those using large language models (LLMs), targeting identity providers and third-party vendors. He notes the growth of state-backed cybercrime and risks in SaaS from insecure LLM deployment. He further cautions about politically-motivated disinformation campaigns, especially in US and UK elections.
- Lucas Moody, CISO at Alteryx, warns of escalating ransomware sophistication, urging companies to proactively enhance cybersecurity and unite against paying ransoms to deter future attacks.
- Patrick Smith, CEO of Zally, predicts a shift from passwords to behavioral biometrics in cybersecurity. He highlights the limitations and risks of traditional passwords, noting their vulnerability to breaches and their burden on users. Smith emphasizes the importance of advancing secure, user-friendly authentication solutions.
- Joe Palmer of iProov emphasizes the growing adoption of facial biometric verification in financial services. He notes the sector’s challenges with digital identity technology and the increasing pressure from fraud risks, KYC and AML non-compliance. Financial institutions are shifting from traditional methods to biometric technologies for secure and convenient customer authentication processes.
- Guy Bauman of IronVest predicts a surge in card-not-present (CNP) fraud in 2024, largely driven by the growth online shopping. He explains that fraudsters can steal money using just credit card numbers or personal information, without needing a physical card. Bauman suggests consumers use virtual cards and masked personal information for safer online transactions, reducing the risk of data breaches and fraud.
