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Showing posts with label AI-driven cyberattacks. Show all posts
Technology
AI-driven cyberattacks Artificial Intelligence Bank CyberCrime Cyberhackers DBS Technology

AI-Driven Changes Lead to Workforce Reduction at Major Asian Bank

 


Over the next three years, DBS, Singapore's largest bank, has announced plans to reduce the number of employees by approximately 4,000 by way of a significant shift toward automation. A key reason for this decision was the growing adoption of artificial intelligence (AI), which will gradually replace human employees in performing functions previously performed by humans. 

Essentially, these job reductions will occur through natural attrition as projects conclude, affecting primarily temporary and contract workers. However, the bank has confirmed that this will not have any adverse effects on permanent employees. A spokesperson for DBS stated that artificial intelligence-driven advances could reduce the need for temporary and contract positions to be renewed, thereby resulting in a gradual decrease in the number of employees as project-based roles are completed. 

According to the bank's website, the bank employs approximately 8,000-9,000 temporary and contract workers and has a total workforce of around 41,000 workers. Former CEO Piyush Gupta has highlighted the bank's longstanding investment in artificial intelligence, noting that DBS has been leveraging artificial intelligence technology for over a decade. According to him, DBS has employed over 800 artificial intelligence models in 350 applications in the bank, with the expected economic impact surpassing S$1 billion by 2025 (US$745 million; £592 million). 

DBS is also changing leadership as Gupta, the current CEO of the bank, is about to step down at the end of March, and his successor, Tan Su Shan, will take over from him. Artificial intelligence is becoming increasingly widely used, which has brought about a lot of discussion about its advantages and shortcomings. According to the International Monetary Fund (IMF), artificial intelligence will influence approximately 40% of global employment by 2050, with Managing Director Kristalina Georgieva cautioning that, in most scenarios, AI could worsen economic inequality. 

According to the International Monetary Fund (IMF), AI could lead to a reduction in nearly 40% of global employment in the future. Several CEOs, including Kristalina Georgieva, have warned that, in many scenarios, artificial intelligence has the potential to significantly increase economic inequality. For this reason, concerns are being raised about its long-term social implications. The Governor of the Bank of England, Andrew Bailey, told the BBC in an interview that artificial intelligence shouldn't be viewed as a 'mass destruction' of jobs, but that human workers will adapt to evolving technologies as they become more advanced. 

Bailey acknowledged the risks associated with artificial intelligence but also noted its vast potential for innovation in a wide range of industries by highlighting its potential. It is becoming increasingly apparent that Artificial Intelligence will play a significant role in the future of employment, productivity, and economic stability. Financial institutions are evaluating the long-term effects on these factors as it grows. In addition to transforming workforce dynamics, the increasing reliance on artificial intelligence (AI) is also delivering significant financial advantages to the banking sector as a whole.

Investing in artificial intelligence could potentially increase the profits of banks by 17%, which could increase to $180 billion in combined earnings, according to Bloomberg. According to Digit News, this will increase their collective earnings by $170 billion. Aside from the substantial financial incentives, banks and corporations are actively seeking professionals with AI and data analytics skills to integrate AI into their operations.

According to the World Economic Forum's Future of Work report, technological skills, particularly those related to artificial intelligence (AI) and big data, are expected to become among the most in-demand skills within the next five years, especially as AI adoption accelerates. As an evolving labor market continues to evolve, employees are increasingly being encouraged to learn new skills to ensure job security. 

The WEF has recommended that companies invest in retraining programs that will help employees adjust to the new workplace environment; however, some organizations are reducing existing positions and recruiting AI experts to fill the gaps left by the existing positions. They are taking a more immediate approach than the WEF has recommended. AI has become increasingly prevalent across various industries, changing employment strategies as well as financial priorities as a result. 

With artificial intelligence continuing to change industries in several ways, its growing presence in the banking sector makes it clear just how transformative it has the potential to be and the challenges that come with it. It is clear that AI is advancing efficiency and financial performance of companies; however, this integration is also forcing organizations to reevaluate their workforce strategies, skill development, and ethical considerations related to job displacement and economic inequality. 

There must be a balance struck between leveraging technological advancements and ensuring a sustainable transition for employees who will be affected by automation. To prepare the workforce for the future of artificial intelligence, governments, businesses, and educational institutions must all play a critical role. A significant amount of effort must be put into reskilling initiatives, policies that support equitable workforce transitions, and an ethical AI governance framework to mitigate the risks associated with job displacement. In addition, the advancement of artificial intelligence, industry leaders, and policymakers can help promote a more inclusive and flexible labor market. 

Financial institutions continue to embrace the technology for its efficiency and economic benefits, but they must also remain conscious of its impact on society at large. For technological progress to become a significant factor in long-term economic and social stability, it will be essential to plan for the workforce early, ethically deploy ethical AI, and upskill employees.
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identity-based attacks
AI-driven cyberattacks Credential Theft Cyber Attacks Cybercrime economy Cybersecurity Threats identity-based attacks

Data Reveals Identity-Based Attacks Now Dominate Cybercrime

 

Cyberattacks are undergoing a significant transformation, shifting away from malware-driven methods toward identity exploitation. According to the CrowdStrike 2024 Global Threat Report, three out of four cyberattacks now leverage valid credentials instead of malicious software.

This change is fueled by the expanding cybercrime economy, where stolen identities are becoming as valuable as exploitable system vulnerabilities. A booming underground market for credentials, combined with AI-powered deception and automated phishing, is rendering traditional security measures ineffective.

“You may have really locked down environments for untrusted external threats, but as soon as you look like a legitimate user, you’ve got the keys to the kingdom,” said Elia Zaitsev, CTO at CrowdStrike. This shift presents a pressing challenge for enterprises: if attackers no longer need malware to infiltrate networks, how can they be stopped?

The CrowdStrike report also highlights the speed at which attackers escalate privileges once inside a network. The fastest recorded eCrime breakout time—the duration between initial access and lateral movement—was just 2 minutes and 7 seconds.

Traditional security models that focus on malware detection or manual threat investigation are struggling to keep up. In identity-driven attacks, there are no suspicious payloads to analyze—just adversaries impersonating authorized users. This has led to a rise in living-off-the-land techniques, where attackers use built-in system tools to evade detection. Instead of deploying custom malware, they exploit legitimate credentials and remote monitoring tools to blend seamlessly into network activity.

A key challenge outlined in the 2024 Global Threat Report is the expansion of identity attacks beyond a single environment. Cybercriminals now utilize stolen credentials to move laterally across on-premises, cloud, and SaaS environments, making detection even more difficult.

Jim Guinn, a cybersecurity leader at EY, explained this evolving strategy: “You have to get in, and you have to be able to laterally move throughout the network, which means you have some level of access. And access requires identity.”

Guinn also emphasized the growing role of nation-state actors, who infiltrate networks months or even years in advance, waiting for the right moment to launch an attack.

For companies that still treat endpoint security, cloud security, and identity protection as separate entities, this shift presents a major challenge. Attackers increasingly pivot between these environments, making detection and prevention even more complex.

“The moment that man created AI, he also created a way for bad actors to use AI against you,” Guinn noted. “They're creating a quicker way to get to a set of targets that cybercriminals can use, and they're creating code bases and ways to manipulate users' credentials faster than the human can think about it.”

With identity-based attacks outpacing traditional security defenses, organizations are rethinking their cybersecurity strategies.

One crucial change is the adoption of continuous identity verification. Historically, authentication has been a one-time process, where users log in and remain trusted indefinitely. However, as attackers increasingly impersonate legitimate users, companies are implementing real-time behavioral monitoring to detect anomalies.

Another key adaptation is just-in-time privileges, where employees are granted administrative access only when required—and revoked immediately afterward—to minimize risk.

“We're bringing all that to bear,” Zaitsev explained. “We are taking that cross-domain, multi-domain visibility approach, unifying it all, and then, of course, also focusing heavily on continuous detection, prevention, and response.”

Guinn shared a compelling example of an organization recognizing the importance of identity security. “One of their senior executives said, ‘I think the only reason we haven’t really had a breach—like a significant breach—is because we have multi-factor authentication for our user credentials.’”

The CrowdStrike 2024 Global Threat Report underscores a fundamental shift in cybersecurity: identity, not malware, is the new battleground. Attackers no longer rely on complex exploits or hidden backdoors when they can buy access credentials, phish an employee, or manipulate AI-driven authentication systems.

Simply put, without access to valid credentials, cybercriminals are powerless. This makes identity security the core of modern cybersecurity strategies.

As organizations adapt to this evolving threat landscape, one thing is clear: failing to prioritize identity security leaves businesses vulnerable to adversaries who no longer need to break in—they already have the keys.
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