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Upfort CEO Featured on “Nasdaq Trade Talks” to Discuss Cyber Risk and Solutions

Upfort CEO Featured on “Nasdaq Trade Talks” to Discuss Cyber Risk and Solutions

Upfort co-founder & CEO Xing Xin was featured on a recent episode of Nasdaq Trade Talks focused on cyber risk management and modern security solutions. The episode was a tie-in with #CybersecurityAwarenessMonth, and featured a panel of industry leaders.

“While the attack methods are evolving, a lot of the same themes remain,” Xing said. “Ransomware is growing and the average cost is getting higher, but the leading issue still is business email compromise and fund transfer fraud. Phishing and social engineering remain the leading tactics.”

“Ransomware is growing and the average cost is getting higher, but the leading issue still is business email compromise and fund transfer fraud. Phishing and social engineering remain the leading tactics.”

Another trend businesses should be aware of is how the cost of a successful attack can have an impact beyond the initial incursion. “Class action lawsuits have quadrupled from 2021 to 2023. And this year is a already banner year for them, and we’re not even done yet,” Xing went on to say. “We’ve already seen the first, second, and sixth largest data breach class action settlements totaling more than a half-billion dollars.”

Where does AI fit in?

Today, companies must contend with a wide range of new attack attacks enabled by these new technologies. The good news is that AI can also be a tool to defend businesses against malicious actors. 

“AI advancements are a double-edged sword. We’ve seen it affect and increase the sophistication of impersonation attempts in phishing,” Xing explained. “But it's also an important tool to incorporate as part of your defense. Upfort’s security tools are increasingly leveraging AI to help combat these emerging threats, but it’s a very fast-evolving fight.”

Even as the attacks evolve, companies can remove much of the threat if they stick to a few good cyber practices. “While the attack methods are evolving, when we look at the claims data, we continuously see how impactful sticking to a few strong cyber fundamentals can—that includes things like keeping your systems updated, proper access management, and continuously training your team on the latest threats.”

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