Experts Tackle Cyberthreats, AI Risks at WSJ Tech Live Event

Kimberly Ferguson-Walter, a manager with research group Intelligence Advanced Research Projects Activity, expects humans to continue to play significant roles in advanced cyberattacks. PHOTO: ARIA ISADORA FOR THE WALL STREET JOURNAL

The Wall Street Journal's WSJ Tech Live: Cybersecurity event brought together industry leaders, security experts, and government officials to address pressing issues in the cybersecurity landscape. From sophisticated scams to election threats and the impact of AI, the daylong conference shed light on the challenges and future of protecting digital assets.

The event kicked off with a discussion on the rise of "pig-butchering" scams, which have become increasingly sophisticated and pervasive. These text-based investment scams aim to seduce victims online, build trust, and persuade them to invest in bogus platforms.

Jamil Hassani, an FBI special agent, and Troy Gochenour, an investigator at a nonprofit organization assisting victims, highlighted the organized nature of these crime rings. Often involving human trafficking victims, these scammers exhibit intense determination, making them formidable adversaries.

Hassani emphasized the importance of swift reporting, noting that victims who report within 72 hours have an 88% chance of recovering their money if it was sent via wire transfer, though cryptocurrency and gift card payments are harder to retrieve.

Kimberly Ferguson-Walter, a program manager at the Intelligence Advanced Research Projects Activity (IARPA), discussed a federally funded research program studying hackers' cognitive biases. By understanding these vulnerabilities, researchers aim to develop tools and policies that can help companies defend against cyberattacks.

Ferguson-Walter stressed the importance of addressing the human component in advanced cyberattacks, even as AI products continue to emerge in the cybersecurity market. The research explores biases like loss aversion, with the goal of creating deterrents or causing hackers to waste resources.

Asheem Chandna, a technology and cybersecurity investor at Greylock Partners, acknowledged the strong opportunities for cybersecurity startups but cautioned about the overcrowded market. He likened the space to a congested highway, with few companies truly offering differentiated and successful products.

Chandna emphasized the need for new technologies as cyberattacks become more sophisticated, predicting that the future battle will involve AI fighting AI, as human capabilities alone may not suffice against AI-powered attacks.

George Kurtz, CEO of CrowdStrike, highlighted the escalating threat of deepfake technology ahead of the 2024 U.S. election. Nation-state adversaries like Russia, China, and Iran possess significant capabilities to create convincing fake videos and voice messages, spreading false narratives on social media platforms.

Kurtz warned that the threats to the 2024 election are much greater than in previous years due to the advancements in deepfake technology, which could be exploited to undermine the electoral process.

The event also featured discussions on cybersecurity in the healthcare industry, New York's cybersecurity strategy, and fostering the next generation of cybersecurity talent in the age of generative AI.

At Belite Capital, we understand the critical importance of staying ahead of the rapidly evolving cybersecurity landscape. As sophisticated scams, nation-state actors, and AI-powered attacks pose new risks, we are dedicated to continuously enhancing our cybersecurity capabilities. Our team of experts closely monitors the latest developments, leveraging cutting-edge technologies and best practices to fortify our defenses. With a proactive approach and unwavering vigilance, we strive to empower our clients with robust cybersecurity solutions, ensuring their data and systems remain secure in the face of an ever-changing threat landscape.