For cyber-criminals, small businesses are big business

Whatever a cyber-criminal can learn, a machine can too

It’s no secret that technology is ever-evolving. While this can be a good thing, at Hiscox we know that as technology advances so do cyber-criminals' weapons.

Take Artificial Intelligence (AI). Once the stuff of science fiction, it’s now becoming a reality. Machines can learn how we think, act, even clone our voice – and look for vulnerabilities in our business systems. Cyber-criminals can use AI to run hacks on their behalf, allowing them to carry out more attacks, more quickly. They can exploit security flaws, shut down our systems, create phishing emails and steal data.

Putting AI to the test

We recently tasked a computer with writing our latest radio adverts to demonstrate how advanced AI has become. Firstly, the computer was fed over 50 sci-fi novels to analyse themes and structures, using deep technology learning, and from this, it was able to summarise the information it had learnt. You can find out more about how this was done by watching our short video.

Watch how we used AI to analyse sci-fi novels

Secondly, we used AI to clone the voice of the actress featured in one of our adverts. Find out how this was done in the video below: the words shown in red are read by the clone.

Learn how we used AI to clone the voiceover in one of our adverts

Criminals go phishing for small fish too

Cyber-crime is no longer a problem that only affects large businesses. Increasingly, small and medium-sized businesses are at risk as they seem less likely to have the same levels of protection in place, making them an easy target. Where AI is involved and the focus is on finding businesses with vulnerable systems, size is no longer a factor.

Last year 43% of small businesses suffered a cyber-attack in the UK, based on The Hiscox Cyber Readiness Report commissioned study of 343 businesses conducted by Forrester Consulting.

At Hiscox, we know the kind of attacks you might face and the type of help you’ll need. It’s why our policies don’t simply cover monetary compensation for any damage caused. We have a network of PR, legal and IT specialists that can offer practical support in the event of a data breach, including reputation protection, forensic investigations, legal advice and notifying customers or regulators.

Being aware of the latest developments in both technology and cyber-crime, and knowing how to prevent these threats and deal with them when they arise, can help you stay one step ahead.

We understand the importance of a partner who can manage the different aspects of an incident quickly, so you can focus on what's really important and get back up and running, fast.

Get a cyber and data risks insurance quote online

  • 0% interest on Direct Debits
  • Immediate coverage and documentation
  • No admin fees if you amend your policy

Need more help? Speak to our UK-based experts. Call us on 0800 2800 351

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