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Corporate Executives Targeted by Hyper-Personalised Phishing Scams
Corporate executives are being hit with an influx of hyper-personalised phishing scams generated by artificial intelligence (AI) bots, as the fast-developing technology makes advanced cyber crime easier.
Rise of Fraudulent Emails
Leading companies such as British insurer Beazley and e-commerce group eBay have warned of the rise of fraudulent emails containing personal details probably obtained through AI analysis of online profiles.
Personalized Attacks
"This is getting worse and it’s getting very personal, and this is why we suspect AI is behind a lot of it," said Beazley’s chief information security officer Kirsty Kelly. "We’re starting to see very targeted attacks that have scraped an immense amount of information about a person."
AI-Generated Phishing Scams
Cyber security experts said the increasing attacks come during a period of rapid advancement for AI technology, as tech companies race to create ever more sophisticated systems and launch popular products for consumers and businesses.
How AI Bots Work
AI bots can quickly ingest large quantities of data about the tone and style of a company or individual and replicate these features to craft a convincing scam. They can also scrape a victim’s online presence and social media activity to determine what topics they may be most likely to respond to – helping hackers generate bespoke phishing scams at scale.
Consequences of Phishing Scams
More than 90 per cent of successful cyber attacks begin with a phishing email, according to the US Cybersecurity and Infrastructure Security Agency. As these attacks become more sophisticated, their consequences have become increasingly expensive, with the global average cost of a data breach rising nearly 10 per cent to $4.9mn in 2024, according to IBM.
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Conclusion
The rise of AI-generated phishing scams is a significant concern for corporate executives, with the potential to compromise sensitive information and disrupt business operations. It is essential for companies to remain vigilant and implement robust cybersecurity measures to prevent these attacks.
Frequently Asked Questions
Q: What is AI-generated phishing?
A: AI-generated phishing is a type of phishing scam that uses artificial intelligence to craft personalized emails that mimic the tone and style of a company or individual.
Q: How do AI bots generate phishing scams?
A: AI bots can quickly ingest large quantities of data about a company or individual and replicate these features to craft a convincing scam. They can also scrape a victim’s online presence and social media activity to determine what topics they may be most likely to respond to.
Q: How do AI-generated phishing scams work?
A: AI-generated phishing scams typically involve sending a personalized email to a targeted individual, often with a sense of urgency to act quickly. The email may request sensitive information, such as login credentials or financial information.
Q: What are the consequences of AI-generated phishing scams?
A: The consequences of AI-generated phishing scams can be severe, including financial loss, reputational damage, and compromised sensitive information.
