Cybersecurity and fraud prevention should merge as automated attacks surge

TLDR:

Key points:

• Cybersecurity and fraud prevention must work together to combat automated attacks
• Generative AI is making it easier for cybercriminals to create convincing bots

As cybercriminals continue to use automated attacks, cybersecurity and fraud prevention need to join forces. According to a recent study, bad bots now make up almost 75% of internet traffic, with their top five attack categories including fake accounts, account takeovers, scraping, account management, and in-product abuse. Gavin Reid, the chief information security officer of HUMAN Security, highlights how the increase in malicious bot activity is hurting businesses and brand trust. He emphasizes the importance of distinguishing between bad bots and good bots that perform helpful tasks like customer service. However, the ease with which generative AI allows criminals to create bots that mimic humans online poses a significant challenge.

Reid points out that there is a gap in security compliance regimes when it comes to defending against automated attacks. Many organizations do not address this issue adequately, leading to vulnerabilities that cybercriminals exploit. Additionally, the divide between cybersecurity and fraud prevention within some companies further exacerbates the problem. Reid suggests that adopting a more collaborative approach, similar to the fusion centers in large financial institutions, could help organizations combat cyber threats more effectively.

Overall, the key takeaway is that in order to effectively combat automated attacks, organizations need to bridge the gap between cybersecurity and fraud prevention, leverage tools like generative AI responsibly, and prioritize collaboration in their defense strategies.