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Imagine you receive an email from your CEO instructing you to make an urgent wire transfer to a supplier. Since this email is from the C-suite, you immediately take action and make the transfer, never pausing to think about whether the request was indeed made by the CEO. This is just one example of a business email compromise attack (also known as CEO fraud), a scam the FBI says inflicted $51 billion in damages to global organizations.

Setting an AI strategy and execution plan requires careful consideration and the quantification of both opportunities for positive business impacts as well as accompanying risks. To appropriately manage privacy and cybersecurity concerns, there are a few key steps executive management can take and corporate board directors can inquire about that can help set up your enterprise for success.

The implementation of AI in cybersecurity also raises ethical and regulatory concerns. Enterprises must ensure that their systems adhere to legal requirements and ethical standards, such as privacy regulations and fairness in decision-making. A healthcare organization employing these algorithms to analyze patient data for anomaly detection must navigate the complexities of data privacy laws and maintain strict patient confidentiality.

In an era where digital threats are ever-present and increasing, web application security has become a necessity. Web application attacks are now involved in 26% of all breaches, and websites encounter an average of 94 attacks daily. With malware affecting an estimated 4.1 million websites at any time, the importance of robust security measures can't be understated.

This likely doesn’t come as a surprise. In 2021, a number of major brands fell victim to ransomware, and 2022 was a record year for cyberattacks and breaches. The fact is, it doesn't matter if you're in the public or private sector; in 2023, I believe that, in addition to ransomware and breaches, the world could witness another evolution of cybercrime-as-a-service where cyber mercenaries are hired to carry out sophisticated attacks and breaches on behalf of rogue nations, "hacktivists" and criminal-minded networks.

Let's explore six important cybersecurity considerations against the backdrop of an expected recession. Despite expected economic headwinds, organizations cannot afford to allow cyber risk and associated cyber investments to slow down. Focusing on solutions to these six challenges can help leaders ensure they're positioned for recession resilience.

Viewed as a criminal “industry,” cybercrime is now expected to amount to 1-2% of the global GDP, or $1-2 trillion—and that number is expected to grow with each passing year. Intellectual property theft has also become part of the cybercrime ecosystem; Mark Warner, head of the U.S. Select Committee on Intelligence, has said that the United States alone loses $600 billion annually in IP theft.