With the help of AI, attacks can be orchestrated and carried out across digital networks. The author of this article explains what can be done and how to identify the problems.
The following article by Gilad Zinger, Yemin Family Office, also appears in this publication, Family Wealth Report Family Office Cybersecurity and AI Summit. This is the fourth in a series.
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introduction
In my recent presentation, I addressed the critical issue of using artificial intelligence (AI) to orchestrate social engineering attacks. Social engineering exploits human vulnerabilities, and the incorporation of AI into these attacks presents new and sophisticated threats. The goal was to highlight how AI can be used to develop more persuasive and effective social engineering systems, and to demonstrate the urgency of improved security measures in the family office sector.
The human factor: the weakest link
The presentation began with an overview of social engineering, emphasizing that it is more about manipulating human behavior than exploiting technical vulnerabilities. I discussed common social engineering techniques such as phishing, baiting, and pretexting. These methods are designed to trick people into revealing sensitive information or taking actions that compromise security.
I have pointed out that despite advances in cybersecurity technology, the human factor remains the weakest link. This vulnerability is particularly relevant in the family office industry, where personal relationships and trust play an important role. The potential of AI to exploit these human weaknesses underscores the need for increased awareness and improved defensive strategies.
Live demonstration: AI in action
To illustrate the potential dangers, I ran a live demonstration using ChatGPT, an advanced language model developed by OpenAI. The demo showed how AI can be used to automate and enhance social engineering attacks, making them more believable and harder to detect.
I used ChatGPT to create a script that creates a fake web page that looks like a legitimate “Wealth Report” site. The purpose of this site was to trick victims into entering their login credentials. The demonstration included the following steps:
ChatGPT was asked to generate HTML and JavaScript code for a fake web page. The AI created a professional-looking login page with convincing layout and text that mimicked a typical wealth management portal.
The script included a feature that could capture the credentials entered by the victim and save them to a Google Sheet. This integration was crucial to demonstrate how easily the stolen information could be collected and retrieved by the attacker in real time.
I deployed the fake web page and demonstrated how an unsuspecting victim could interact with it. After entering the login credentials, the information was immediately transferred to a Google Sheet, highlighting the efficiency and stealth of the attack.
Results and impacts
The live demo was extremely effective, demonstrating the seamless and powerful capabilities of AI in conducting social engineering attacks. The audience experienced first-hand how AI-generated content can fool even the most vigilant individuals. The demonstration underscored the urgent need for robust security measures and increased vigilance from family office personnel.
Conclusion: Strengthen the human factor
The key takeaway from the presentation was the importance of considering the human factor in cybersecurity. While technology continues to evolve, human behavior and decision-making remain vulnerable to manipulation. The integration of AI into social engineering tactics amplifies this threat and creates the need for extensive training and education for individuals at all levels within the family office industry.
To mitigate these risks, I recommend the following strategies:
1. Continuous training and further education: Regular training on cybersecurity and the latest social engineering techniques can help employees identify and respond to potential threats.
2. Improved security protocols: Implementing multi-factor authentication (MFA), regular audits and strict access controls can significantly reduce the risk of successful social engineering attacks.
3. AI-based defense measures: Using AI to develop and deploy defense tools that can detect and stop social engineering attempts can provide an additional layer of security.
4. Promoting a safety culture: Fostering a culture where safety is prioritized and openly discussed can help build a more resilient and informed workforce.
In summary, while AI brings new challenges in the area of social engineering, it also presents opportunities to improve our defense capabilities. By focusing on the human factor and integrating advanced security practices, the family office industry can better protect itself against the evolving cyber threat landscape.
About the author
Gilad Zinger, Investment Director at Yemin Family Office, specializes in supporting startups in cybersecurity, fintech, agriculture and food. Previously, he worked at PwC as a senior manager and OT security specialist, helping governments and organizations protect critical infrastructure. In his 17+ years with the Israel Security Service, he has gained unparalleled experience in defensive and offensive cyber operations. As Team Leader of the Cyber Division, Gilad led elite cybersecurity teams and spearheaded cyber event identification and analysis for the Cyberwar Risk Management Department of Israel’s National Information Security Agency (NISA).
