CEOs attending the Africa Roundtable conference in Victoria Falls have expressed growing concerns about the negative impacts of Artificial Intelligence (AI) on cybersecurity.
The conference, which brings together business leaders from across Africa, highlighted the escalating risk of cyber-attacks that has been compounded by the rapid advancement of AI technology.
While AI has undoubtedly enhanced operational efficiency in businesses, it has also inadvertently led to the proliferation of cyber threats. During the conference, cyber security expert Victor Mapunga drew attention to the alarming ability of AI to facilitate impersonation and data breaches.
He explained that attackers can exploit AI to mimic the voices and personas of CEOs, using this deception to gain unauthorized access to sensitive information and even issue fraudulent directives, such as ordering the withdrawal of substantial sums of money.
“AI has created the possibility to impersonate the CEOs of companies to give directives to withdraw huge sums of money,” said Mapunga.
“This technology can imitate voices of executives for example. So risk has moved from your servers and how you store your data to you as executives.”
As a result, the executives in attendance acknowledged that the focus of cybersecurity has shifted from solely protecting servers and safeguarding data to managing the personal vulnerability of top executives themselves.
The emerging threat landscape demands comprehensive defences, including risk assessments and the implementation of robust security measures within organizational structures.
Never Ncube, the CEO of Dandemutande, emphasized the importance of proactive and adaptive risk assessment in the face of growing cyber risks. He stressed that these threats have the potential to not only disrupt individual businesses but also undermine the entire financial ecosystem of a country.
The revelations made at the CEO Africa Roundtable conference have highlighted the urgent need for businesses to stay ahead of cyber threats that exploit AI technology.
“Risk assessment is very important in every organization today. Cyber risks has the power to shut down the entire financial ecosystem of a country,” said Ncube.
With cyber-attacks becoming increasingly sophisticated, CEOs and organizations must remain vigilant and continuously adapt their strategies to protect both their valuable data and the integrity of their operations.
