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artificial intelligence

Nuance trumpets $1bn fraud savings

960 640 Stuart O'Brien

Nuance says it saved saved organisations more than $1 billion in total fraud costs in 2018 using AI-powered biometrics technology.

Fraud in enterprise contact centres has always been a challenge to manage, but with the explosion of digital channels, organisations today are faced with securing an increasingly complex ecosystem.

At the same time, fraudsters are getting more sophisticated, working through networks and social engineering their way into accounts to commit intricate, devastating crimes, using information they obtain through one attack to gain access to other accounts a given person may own.

Javelin Strategy & Research reports that account takeovers (ATOs) tripled over the past year, resulting in $5.1B in losses and a CFCA report found that the telco industry was hit with nearly $30B in fraud losses in 2018.  

Nuance Security Suite helps enterprises thwart omni-channel fraud through a layered offering of artificial intelligence technologies, including voice and behavioural biometrics, intelligent channel, geo and network detectors and ConversationPrintand DevicePrint algorithms.

Together, these technologies can identify legitimate customers through the sound of their voice, location, device and the way they talk, tap and type – flagging when a call or online interaction is likely fraudulent by analysing typical conversation patterns, voice characteristics and other aspects of an interaction, identifying perpetrators whose profiles do not match those of a given customer.  

“With Nuance voice biometrics, we get a clearer view of customer and fraudster behaviour, so we can keep genuine customers protected and take the fight to the criminals who are targeting their accounts,” said Jason Costain, Head of Fraud Strategy and Relationship Management, RBS Group. 

In less than one year, RBS screened 17 million inbound calls with Nuance Security Suite. Of these, 23,000 have led to alerts, and the bank has found that one in every 3,500 calls is a fraud attempt.

“The ROI from the tool is well over 300%, so as payback our technology deployment has been very impressive,” Costain added.    

As consumers are getting more comfortable with biometric identification and organisations look for innovative ways to authenticate, adoption of Nuance’s Security Suite is growing at a rapid rate.

Recent deployments include Lloyds Banking Group, Allied Irish Bank, Deutsche Telekom, Rakuten Life Insurance and RBS Group. In addition to curbing fraud, Nuance biometrics decreases the overall time agents spend resolving customer queries with one multinational financial services firm reducing agent handle time by 89 seconds after deploying the product.  

“Our customers come to us not only wanting to make their authentication process more convenient for customers but perhaps more importantly to evolve their contact centre security strategy. Our approach is unique in that our algorithms can not only identify and validate individuals by their voice, but also understand what types of conversation patterns fraudsters typically use. That’s powerful when you consider how much money is lost due to fraudulent account access each year, whether through traditional phone channels or in complex cross-channel attacks,” said Brett Beranek, General Manger, Security Business, Nuance Enterprise. 

Research into AI cyber security threat lacking

960 640 Stuart O'Brien

A study of cyber security academic research projects worth €1bn to assess academic trends and threats has found Cyber Physical Systems, Privacy, IoT and Cryptography the strongest cyber security areas to watch – but that Artificial Intelligence is an “apparent omission”.

Crossword Cybersecurity looked at nearly 1,200 current and past research projects from academic institutions in the United Kingdom, United States, Europe, Australia, and Africa, with reported funding of EU projects at over €1 billion.

The database identified several global trends by comparing the periods January 2008 to June 2013 with July 2013 to December 2018, including:

· Cyber Physical Systems (CPS) – Over 100 projects were found in this area alone, a significant figure. The United States appears to be the most active in CPS research, with a focus on securing critical infrastructure.
. Privacy – Projects related to privacy have increased by 183% in recent years.
· Internet of Things (IoT) – Projects with an IoT element have increased by 123% lately, with around 14% of current projects having this characteristic.
· Cryptography – With the promise of quantum computing on the horizon, there has been an influx of new projects that apply the technology to the future of cryptography, with a 227% increase in this area of research (albeit this was from a low base).

Significant differences can also be seen between regions. For example, the EU appears distinctly focused on minimising Small & Medium Enterprises’ (SME) exposure to cyber security risk. Conversely, when compared with other regions, the US has a greater focus on the human component of cyber security. Other US top project funding areas include Cyber Physical Systems (as applied to smart cities and power grids), securing the cloud, cybercrime, and the privacy of Big Data sets (as applied to the scientific research community).

In the UK, the leading research verticals are critical infrastructure and securing the health sector (with 11 current projects each). Current funding across UK projects exceeds £70m, with quantum and IoT-related projects both more than doubling over five years. There are currently nine new UK projects with a focus on Cyber Physical Systems.

The four UK projects with the greatest funding are in the fields of Safe and Trustworthy Robotics, Big Data Security, Cybercrime in the Cloud and Quantum Technology for Secure Communications.

The most notable UK decline was in big data projects, which have dropped by 85%.

Globally, there are currently 52 global projects with a cryptographic focus, and at least 39 current live EU projects featuring a cryptographic element. In the UK, this area has been consistently strong over the last ten years, with 18 projects starting between 2008 and mid 2013, and 19 projects from mid 2013 to now.

Tom Ilube, CEO at Crossword Cybersecurity plc said: “The need to protect critical infrastructure has never been stronger as technology becomes more deeply embedded in every aspect of our daily lives. However, one apparent omission is research solely focused on the application of AI techniques to complex cyber security problems. We hope to see more of that in the future, as the industry works to stay ahead of the constantly evolving cyber security landscape.”

The Crossword Cybersecurity database will be periodically updated, to deliver ongoing insight into the most prevalent cyber security research trends and investment areas. If you are interested in further details, contact the Scientific Advisory Team at Crossword Cybersecurity on innovation@crosswordcybersecurity.com.

Ransomware and phishing top concerns for IT professionals

960 640 Stuart O'Brien
Ransomware (24%) and phishing attacks (21%) are the top two concerns among IT leaders in 2018, according to new research.
Barracuda surveyed more than 1,500 IT and security professionals in North America, EMEA, and APAC about their IT security priorities, how these have shifted over the 15 years and what is expected to change within another 15 years.
Other key finding include:
  • In 2003, viruses (26%) and spam and worms (18%) were noted as the top two threats
  • In 2003 only 3% identified cloud security as a top priority. This number has gone up to 14% in 2018
  • 43% identified AI and machine learning as the development that will have the biggest impact on cyber security in the next 15 years
  • 41% also believe the weaponisation of AI will be the most prevalent attack tactic in the next 15 years

Overall, Barracuda says study indicates that while the top security priorities have remained consistent over the past 15 years, the types of threats organisations are protecting against has shifted significantly.

Looking ahead, respondents believe that the cloud will be a higher priority 15 years in the future and that AI will be both a threat and an important tool.

A full 25 percent of respondents said email was their top security priority in 2003, and 23 percent said the same about their current priorities.

Network security came in a close second for both 2003 and 2018 priorities, with 24 percent and 22 percent respectively.

31 percent of respondents chose AI as the new technology that they will rely on to help improve security, and 43 percent identified the increasing use of artificial intelligence and machine learning as the development that will have the biggest impact on cyber security in the next 15 years.

On the other hand, 41 percent believe the weaponisation of AI will be the most prevalent attack tactic in the next 15 years.

“Artificial intelligence is technology that is top of mind for many of the IT professionals we spoke with — both as an opportunity to improve security and as a threat,” said Asaf Cidon, VP email security at Barracuda. “It’s an interesting contrast. We share our customers’ concern about the weaponization of AI. Imagine how social engineering attacks will evolve when attackers are able to synthesize the voice, image, or video of an impersonated target.”

Cylance raises $120m to expand AI cybersecurity platform

960 640 Stuart O'Brien

US-based Cylance has closed a $120 million funding round led by funds managed by Blackstone Tactical Opportunities and other investors.

The company says the financing will enable it to continue a global expansion and extend its portfolio cybersecurity solutions.

Cylance offers a machine learning-powered predictive endpoint security solution that protects users from unknown cyberattacks, in particular from threats which may not exist for years to come. The company says that since its inception its approach has prevented attacks on average 25 months before the attack was launched and first discovered.

The new funding will bolster the company’s sales, marketing and development efforts to expand its global footprint across Europe, the Middle East, and Asia Pacific, and extend its product offerings.

“Cylance has proven that artificial intelligence can defend against cybersecurity problems that were previously thought impossible to prevent,” said Cylance CEO, Stuart McClure. “With the most advanced application of AI in endpoint security, Cylance products continuously learn and improve over time, enabling customers to achieve a state of ‘Perpetual Prevention’ and creating a simple silence on the endpoint.”

“Blackstone was an early believer in Cylance’s approach of applying AI to prevent one of the most difficult issues businesses face today – cyberattacks that disrupt operations and damage reputations,” said Viral Patel, Senior Managing Director in Blackstone’s Tactical Opportunities group.

“This has been a unique opportunity to participate in funding a company helping to turn the tide against a very serious threat to organizations worldwide,” added Dave Johnson, a Senior Advisor to Blackstone.

“With annual revenues over $130 million for fiscal year 2018, over 90% year-over-year growth, and more than 4,000 customers, including over 20% of the Fortune 500, we have demonstrated market success, scale and traction,” said Brian Robins, Chief Financial Officer at Cylance. “We are honored to have Blackstone Tactical Opportunities expand its commitment to Cylance by leading this round of financing. The investment supports our growth strategy and will enable us to continue on the path to becoming cash flow positive.”