Since ChatGPT was released just over a year ago, business leaders in nearly every industry are increasingly investigating the potential uses of artificial intelligence (AI).Although AI may be the buzzword today with approximately 10,000 new AI tools hitting the market in 2023 alone, most professionals have used or interacted with some form of AI on a near-daily basis for the past two decades.As AI advanced during the 1990s and early 2000s, cybersecurity companies realized it could prove invaluable to keeping information and systems safe.

Unfortunately, hackers also realized the potential AI could have in successfully attacking and compromising valuable data.Some of the leading areas attackers are using AI today are: Thankfully, AI advancement also has an upside and is making cybersecurity increasingly effective in stopping/minimizing cyberattacks and improving the efficiency of security and IT teams.Some of the primary ways AI is enhancing cybersecurity measures are: Ultimately, cybersecurity AI is completing tasks that have historically needed direct human involvement.

This allows security personnel to spend valuable time on more urgent or complex tasks.What does this mean for your company? IBM recently published its 2023 Cost of a Data Breach Report and found that organizations that have extensively adopted AI into their cybersecurity systems were able to identify and contain breaches on average 108 days faster than companies not using AI cybersecurity.Additionally, these organizations reported $1.76 million lower data breach costs than organizations not using AI.

Even organizations that are only using AI cybersecurity to a limited extent reported 88 days quicker breach identification and containment.As AI technologies continue to rapidly advance, now is the perfect time to assess your cyber risk and ensure your business is protected.Our team at Scott Insurance can help you assess this risk and build strong defenses to effectively prevent and minimize the damage of cyberattacks.

Data source for graphs: IBM 2023 Cost of a Data Breach Report