Generative AI An ‘Exponential Weapon’ For Cyber Criminals, Says Corporate Governance Leader

Cyber attacks increased by 38 percent globally in 2022 compared to 2021, according to a study from Check Point Research. In its report, the firm warns it’s likely the number of cyber attacks is only going to grow. In February, for example, Dole (DOLE) revealed it suffered a ransomware attack. And before that, in January, T-Mobile (TMUS) said in a regulatory filing that a “bad actor” had accessed the personal data of 37 million customers.

With these sorts of attacks unlikely to stop any time soon, Wynn Resorts (WYNN) and GoPuff board member Betsy Atkins says companies need to be on top of their cybersecurity training, especially with the rise of generative AI. “With generative AI, I’m horrified at the exponential weapon we put in the cyber criminals hands,” Atkins told Yahoo Finance’s Allie Garfinkle at the Milken Institute Global Conference. Atkins noted in particular, the ability for generative AI to be used to impersonate others, saying that employees need to be trained to detect more sophisticated threats.


Video Transcript

 One of the biggest threats facing pretty much every company is cyber attacks. As the threat grows, companies now more than ever need to be on their toes to protect themselves. It’s something Yahoo Finance asked Betsy Atkins, who sits on the board of Wynn Resorts and GoPuff, about at the annual Milken Institute Global Conference. Take a listen.


BETSY ATKINS: Well, it’s interesting the rate of attacks. I think that your audience– I was shocked. KPMG, the big four accounting firm, says that there were 62% of all public companies had a breach, 62%. And when you look at the types of breaches, still 93% comes from phishing and social engineering.

 Very basic stuff.

BETSY ATKINS: Right? And so training your employees, it’s harder because the spoofing is more sophisticated. And with generative AI, I’m horrified at the exponential weapon we put in the cybercriminals’ hands at doing better impersonations. So I think that the focus needs to be in training and prevention. But critical– you need to look at how can you recover post a breach.

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