Firms have mere hours to deflect cyber attacks, warns cybersecurity CEO

cointelegraph.com:

Palo Alto Networks CEO Nikesh Arora has urged companies to modernize their cybersecurity systems, cautioning that bad actors have become much faster at breaching company defenses than ever before. 

Speaking to Jim Cramer on CNBC’s “Mad Money” on Aug. 21, the cybersecurity firm CEO said that companies with outdated security systems need to take particular heed, as cybercriminals are only getting faster.

“It’s important for us to make sure we’re ready to deflect the stuff in hours, not in days,” Arora explained.

He stressed that outdated cybersecurity solutions need modernizing, and even suggested that artificial intelligence could be put to the task.

In June, ChatGPT creator OpenAI announced a $1 million cybersecurity grant program to enhance and measure the impact of AI-driven cybersecurity technologies.

Palo Alto Networks CEO Nikesh Arora told @jimcramer that companies need updated cybersecurity systems to protect against hackers who are getting faster and more skilled.https://t.co/Vajy9LnJiP

This year has been a bumper one for crypto hackers, particularly when it comes to decentralized finance protocols.

More than $300 million in crypto was lost to hacks and exploits in the second quarter of 2023, as reported by Cointelegraph.

Meanwhile, August has already seen its fair share of crypto exploited with seven-figure losses for Exactly Protocol, Zunami Protocol, Steadefi Protocol, and Cypher Protocol, according to the De.Fi Rekt database. However, not all of them were traditional cybersecurity breaches as many consisted of smart contract code bugs and flash loan exploits.

Related: Two-thirds of AI Chrome extensions could endanger user security

In late July the Security and Exchange Commission (SEC) voted to adopt new rules