INTHEBLACK July 2025 - Magazine - Page 35
As cyber scams become more
elaborate, defensive tactics are
increasing in sophistication and
new innovations are emerging.
While AI is being used
by cybercriminals, it is also
feeding into crime-prevention
techniques.
The cybersecurity “greatest
hits” include multifactor
authentication and strong
passwords, but there’s more
that businesses can do.
What’s next for
cybersecurity?
Cyber scams are becoming more sophisticated,
so how are the security specialists responding
and what can be done to keep cybercriminals
out of businesses?
Words Susan Muldowney
IN JANUARY 2024, MULTINATIONAL ENGINEERING FIRM
Arup confirmed that a significant case of fraud had occurred in its
Hong Kong office. A finance worker had attended a video call with
people he believed to be the firm’s CFO and other members of staff,
and agreed to send a total of HK$200 million — or roughly
US$25 million — to bank accounts via 15 transactions.
The employee had received a phishing email addressed from
the company’s UK office and, while he felt suspicious at its request
for secret transactions, the subsequent video call allayed his concerns.
The people on the screen looked and sounded just like his colleagues,
but in an alarming example of criminal sophistication, he had been
duped by deepfakes created by artificial intelligence (AI).
The world has entered a golden age of scams. Data from research
firm Cybersecurity Ventures shows that annual global cybercrime costs
intheblack.cpaaustralia.com.au 35
