Cisco Systems, Inc. (CSCO) launched an innovative AI defence embedded in its Cisco Security Cloud on Tuesday, 6 February 2024. Called Cisco Identity Intelligence, this AI-driven solution synchronises identity networking and security to address the increasing threat of cyber-attacks via online identity fraud.
Cisco launches first-of-its-kind AI defence against identity cyber-attacks
The company pointed out the gaps between virtual authentication and access processes. According to its 2023 data, 26% of all Cisco Talos Incident Response incidents comprised fraudulent logins to gain access to authentic accounts. Due to the connection between accounts used on different platforms, Cisco said that cybercriminals only need to compromise one digital identity to gain access to other online platforms.
According to a 2023 IBM report, data breaches had a worldwide cost impact of about $4.45m, driving 51% of companies to spend more on cybersecurity. An organisation loses almost $6m per data breach in the finance industry, which is exponentially higher than in other global sectors. On top of increasing regulatory pressures, this makes investments in enhanced cybersecurity worth every penny.
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Cisco Identity Intelligence perceives irregularities in user trends to pinpoint cybersecurity breaches. It alerts the cloud security staff, who then either trace or block the perpetrator. Cisco’s executive vice president and general manager of security and collaboration, Jeetu Patel, commented:
Identity is the fabric that connects humans, devices and applications in the workplace, and has become an easy target for modern cybersecurity attacks.
Patel said that security systems should do more than just confirm correct access details – once an account is accessed, online behaviour plays a definitive role. The company’s shares were slightly up by 0.95% at the close of trading on Tuesday, 6 February 2024, following this announcement.
