With the increased use of digital technologies and more exposure to risks, local businesses are being urged to fit artificial intelligence (AI) into their cybersecurity strategies.

According to Kamla Hamilton, cybersecurity professional and senior product manager at C&W Business, this could serve as one of the most effective defences against evolving threats in a digitally charged landscape. This, as for her the continued reliance on traditional measures, which focus on the sole use of an antivirus as security, are “no longer sufficient to safeguard against sophisticated cyberattacks, many of which are now AI-driven.”

“An antivirus application offers a static approach to protection, whereas AI-powered solutions enable real-time detection of emerging threats based on patterns. By incorporating AI methodologies into cybersecurity controls, businesses can effectively combat the rising tide of AI-driven attacks,” she noted.

Cybercrimes, which are poised to cost the world over US$10 trillion by 2025, experts have said is to become one of the greatest transfer of wealth in history, one risking incentives for innovation and investment while robbing countries and firms millions in costs. Some of these costs cut across the damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.

Hamilton said that while hackers have been a concern for enterprises for over two decades, the threat they now pose has become more real as more of them move to utilise advanced technologies to achieve their goals.

Presenting at the recently concluded Jamaica Stock Exchange regional conference, she highlighted the vulnerability of the Caribbean to cyber threats, which, in light of its growing economic significance, she said, has made it an attractive target for hackers and bad actors. As a result, the need for businesses and governments to make cybersecurity an essential component of the digital economy infrastructure is needed now more than ever, Hamilton said

To this end, she said “the importance of investing in talent with diverse skill sets, including cybersecurity expertise and auditing backgrounds”, also becomes of critical importance.

“Organisations must also take a proactive approach to cybersecurity, starting from top management and advocating for policies and legislation that support robust cybersecurity frameworks,” she added.

Highlighting the need for a data-driven approach to cybersecurity decision-making, the cybersecurity professional further urged businesses to analyse past attacks and industry trends to inform their security strategies effectively. This, while encouraging organisations to view cybersecurity not as a cost centre but as an enabler for business growth and risk mitigation.

“Investing in cybersecurity is an investment in the trust and resilience of your business. By prioritising security measures, organisations can safeguard their reputation, mitigate financial risks, and foster innovation in the digital economy,” she added.

As a safeguard against growing incidents of attacks, she urged businesses to embed security considerations into every aspect of their operations, emphasising its crucial role in driving customer engagement and business success.