Cybercriminals are moving with speed, leaving firms with mere hours, not days, to deflect cyber attacks, according to Nikesh Arora, CEO of Palo Alto Networks. In a conversation on CNBC’s “Mad Money”, Arora emphasized the pressing need for companies to modernize their defenses, highlighting the use of artificial intelligence (AI) for real-time responsiveness as cybercriminals become even more rapid in their exploits.
However, modernizing and integrating AI into cybersecurity systems is not a small feat. Many companies still rely on traditional, outdated mechanisms, leaving their defenses vulnerable. Integrating AI could mean a significant investment, but it could also mean the difference between deflecting an attack in time or bearing the losses. Given the rising cases of crypto hacking, it seems more essential to shell out the investment to protect these digital assets.
In recent times, the crypto market has seen several hacking incidents. Decentralized finance protocols in particular face significant vulnerability with more than $300 million in crypto lost to hackers in the last quarter alone. August witnessed another wave of crypto exploits, resulting in substantial losses for Exactly Protocol, Zunami Protocol, Steadefi Protocol, and Cypher Protocol. While some of the exploits result from traditional cybersecurity breaches, many emerge from smart contract code bugs and flash loan exploits.
Recently, the Securities and Exchange Commission (SEC) adopted new rules requiring public companies to disclose cybersecurity breaches within four days. This proactive measure aims to protect investors but ruffled feathers among corporations. Many feel the short disclosure period is unrealistic and counterproductive. Publicly declaring a breach could lead to uncontrolled information, potentially causing more harm and offering more opportunities for cybercriminals.
Indeed, Arora emphasized that firms would not want to expose an unresolved breach. Faster responses on the part of firms could help avoid the potential harm that could come with such disclosures. These recent developments underscore that, while the proliferation of blockchain and cryptocurrencies has led to a democratization of financial systems, it has also ushered in new vulnerabilities. Therefore, the need to marry cybersecurity and compliance in this dynamic industry is more pressing than ever.
Source: Cointelegraph
