Palo Alto Networks CEO Nikesh Arora called on companies to modernize their cybersecurity systems and warned that bad actors are becoming faster than ever at breaching company defenses. Arora emphasized the need for companies to seek artificial intelligence support in the face of rapidly moving cyber threats.
Artificial Intelligence Should Be Used
Speaking to Jim Cramer on CNBC’s Mad Money program on August 21, the CEO of a cybersecurity firm highlighted the importance of companies with outdated security systems being particularly cautious due to the increasing speed of cybercriminals. Arora stressed the importance of being aware that we can be compromised within hours, not days.
He emphasized the need to modernize outdated cybersecurity solutions and even suggested that artificial intelligence could be utilized for this purpose.
“Put your company’s security system into a kind of artificial intelligence stack so that you can do it more real-time. Because bad actors are moving faster.”
In June, OpenAI, the creator of ChatGPT, announced a $1 million cybersecurity grant program to enhance and measure the impact of AI-focused cybersecurity technologies.
Concerning Attacks
This year has been quite eventful for crypto hackers, especially when it comes to decentralized finance protocols. Over $300 million in crypto assets were lost due to exploits in the second quarter of 2023.
According to De.Fi Rekt’s database, the month of August witnessed seven-figure losses for Exactly Protocol, Zunami Protocol, Steadefi Protocol, and Cypher Protocol due to successful attacks. However, these were not traditional cybersecurity breaches, as many of them consisted of smart contract code vulnerabilities and flash loan exploits.
In late July, the Securities and Exchange Commission (SEC) adopted new rules regarding cybersecurity disclosures that will affect publicly traded companies, including cryptocurrency firms. The regulatory agency will require “material” cybersecurity breaches to be disclosed within four days, claiming that data collection is necessary to “protect investors.”
However, companies pushed back, claiming that the short notice period is unreasonable. They are also concerned that making public disclosures could harm them and make them more vulnerable to exploitation by cybercriminals. Arora urged companies to fix the issues quickly, stating, “You don’t want to disclose to the SEC that you got breached and you haven’t fixed it yet.”
