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Tech news in less than 5 minutes – May 2024

Nurdianah Md Nur
Nurdianah Md Nur • 4 min read
Tech news in less than 5 minutes – May 2024
Bite-sized news on fraud, cybersecurity and generative AI. Photo: Unsplash
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WHAT’S BUZZING

More than half of Asia Pacific firms saw increase in fraud y-o-y

A study by LexisNexis Risk Solutions reveals that 58% of companies in Asia Pacific reported an increase in fraud in the past 12 months.

Those organisations incurred an average cost of $3.95 for every Singapore dollar lost to fraud. The costs encompass financial losses due to fraud, as well as internal labour expenses, external costs, legal costs and recovery fees, along with the expenses associated with replacing or redistributing lost or stolen merchandise.

Digital channels accounted for 51% of overall fraud losses, surpassing physical fraud. Cybercriminals are exploiting the anonymity of digital, cross-border transactions to execute fast and untraceable fraud. They are using stolen or synthetic identities to open fraudulent accounts. Additionally, the rise of scams and the use of technology, such as artificial intelligence (AI), expands cybercriminals’ ability to exploit both consumers and businesses.

“It is self-evident that new forms of fraud increase the risk of financial losses for consumers and businesses. The issues facing businesses become even more challenging due to the fraud multiplier effect, where the losses experienced by organisations continue to increase and far exceed the lost face value in any transaction. Preventing fraud requires a multi-layered approach throughout the customer journey,” says Thanh Tai Vo, Asia Pacific director for fraud and identity at LexisNexis Risk Solutions.

See also: Majority of marketers in Singapore struggle to unify customer data

Cybersecurity leaders say generative AI can help address the skills gap

With cybersecurity hiring proven to be a considerable challenge in recent years, cybersecurity leaders believe generative AI can help close the skills gap.

Respondents of Splunk’s survey say generative AI will enable them to hire more entry-level talent (86%) and on-board those talents faster (58%). They also believe entry-level talent can lean on generative AI to develop their skills in the security operations centre (90%) while seasoned cybersecurity professionals can use the technology to improve productivity (65%).

See also: Apac tech spending to grow 7% annually: Forrester

Despite the benefits of generative AI, cybersecurity leaders are split over who has the advantage when it comes to generative AI. While 45% of respondents believe generative AI will be a net win for threat actors, 43% say generative AI will give cybersecurity defenders the edge.

“The introduction of generative AI creates new opportunities for organisations to streamline processes, increase productivity, and limit staff burnout. Unfortunately, generative AI also presents unprecedented advantages for threat actors. To combat this new threat landscape, defenders must outpace threat actors in the race to harness and securely deploy the power of generative AI,” says Patrick Coughlin, Splunk’s SVP of Global Technical Sales.

The study also reveals that the majority of cybersecurity professionals are facing growing compliance pressures. Nearly two-thirds (62%) report having already been impacted by changing compliance mandates requiring disclosure of material breaches. Meanwhile, 86% of security professionals say they will shift budgets to prioritise meeting compliance regulations over security best practices.

DIGITAL LIFE

Google is making it easier to access Gemini, its suite of large language models, to empower you with an AI assistant that is conversational, multimodal and helpful.

With Gemini on your phone, you can type, talk or add an image to get help. For instance, you can take a picture of your flat tyre and ask for instructions on how to change the flat or get help writing a thank you note.

To stay ahead of the latest tech trends, click here for DigitalEdge Section

Gemini on mobile for both Android phones and iPhones. Photo: Google

Gemini will also be available in Chrome on your desktop. Simply type @gemini followed by your prompt in the Chrome address bar, and gemini.google.com launches with a response to your prompt ready to go.

Gemini on Chrome desktop. Photo: Google

Additionally, Google is expanding Extensions to all languages and countries Gemini currently supports. With Extensions, Gemini can save time by retrieving relevant information from Google apps and services. For example, if you and your friends are planning a trip, you can ask Gemini to find dates from Gmail that work for everyone. You can then look up flight and hotel information based on those dates and desired locations. Next, you can find YouTube videos about what to pack and summarise the packing list mentioned in that video — all within one conversation.

Gemini on extensions. Photo: Google

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