Palo Alto Networks CEO Nikesh Arora urges companies to modernize their cybersecurity systems, allowing bad actors to breach enterprise defenses much faster than ever before. warned.
In an interview with Jim Cramer on CNBC’s “Mad Money” Aug. 21, the cybersecurity CEO said cybercrime is getting faster and companies have outdated security systems. said that special attention should be paid to
“For us, it’s important to see if we’re ready to work around the problem in hours instead of days,” Arora explained.
He stressed that outdated cybersecurity solutions need to be modernized, and even suggested that artificial intelligence could play a role.
“If you put it in some kind of AI stack, you can actually do it more in real time, because the villains are moving faster.”
OpenAI, the creator of ChatGPT, announced in June a $1 million cybersecurity grant program to measure the enhancement and impact of AI-driven cybersecurity technologies.
Nikesh Arora, CEO of Palo Alto Networks, said: @jimcramer Businesses need modern cybersecurity systems to protect against faster and more skilled hackers.https://t.co/Vajy9LnJiP
— CNBC’s Mad Money (@MadMoneyOnCNBC) August 22, 2023
This year has been a bountiful year for crypto hackers, especially when it comes to decentralized financial protocols.
Cointelegraph reported that over $300 million in cryptocurrency was lost to hacks and exploits in the second quarter of 2023.
On the other hand, August already saw a significant share of cryptocurrencies abused with seven-figure losses on Exactly Protocol, Zunami Protocol, Steadefi Protocol, and Cypher Protocol. according to To the De.Fi Rekt database. However, not all of them were traditional cybersecurity breaches, with many consisting of smart contract code bugs and flash loan exploits.
Related: Two-thirds of AI Chrome extensions can compromise user security
In late July, the Securities and Exchange Commission voted to introduce new rules on cybersecurity disclosures that affect publicly traded companies, including cryptocurrency companies.
Regulators require public companies to disclose “major” cybersecurity breaches within four days, saying they needed to collect data “to protect investors.”
However, the company objected to the short announcement period as unreasonable. They are also concerned that the need to go public could hurt companies and expose them to further exploitation by cybercriminals.
“I really hate being exposed by telling the SEC that we’ve had a security breach and haven’t fixed it yet,” Arora said, urging the client to fix the problem sooner.
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