Palo Alto Networks CEO Urges Companies to Modernize Cybersecurity Systems as Threats Escalate
In a recent interview with CNBC’s Mad Money program, Palo Alto Networks CEO Nikesh Arora stressed the pressing need for companies to modernize their cybersecurity systems to keep pace with rapidly evolving threats. Arora highlighted the alarming pace at which bad actors are breaching company defenses and cautioned that outdated security measures may leave businesses vulnerable to cyber attacks.
Arora, an advocate for the adoption of artificial intelligence (AI) in cybersecurity, urged companies to incorporate AI support into their security systems for real-time threat monitoring. Put your company’s security system into a kind of artificial intelligence stack so that you can do it more real-time. Because bad actors are moving faster, Arora advised. Emphasizing the increasing urgency, Arora warned that compromises can occur within hours rather than days.
This call for modernization comes at a time when cybercriminals have been particularly active, exploiting vulnerabilities in decentralized finance protocols. According to De.Fi Rekt’s database, multimillion-dollar losses were incurred in the second quarter of this year alone, attributed to smart contract code vulnerabilities and flash loan exploits.
Adding to the complexity, the Securities and Exchange Commission (SEC) recently introduced new rules requiring companies, including those in the cryptocurrency space, to disclose material cybersecurity breaches within four days. While the aim is to protect investors, companies have expressed concerns about the short notice period, fearing it could make them more susceptible to exploitation by cybercriminals. Arora emphasized the importance of promptly addressing any vulnerabilities, urging businesses not to wait until after a breach to remediate the issues.
In June, OpenAI, the creator of ChatGPT, announced a cybersecurity grant program aimed at enhancing and evaluating the impact of AI-focused cybersecurity technologies. This initiative reflects the growing recognition across the industry that leveraging AI can significantly bolster cybersecurity defenses.
As companies face the relentless and ever-advancing nature of cyber threats, Arora’s warning serves as a reminder to prioritize the modernization of outdated cybersecurity systems. Incorporating artificial intelligence into security frameworks can provide the real-time capabilities necessary to effectively combat emerging threats. By adopting these proactive measures, companies can strengthen their defenses and protect themselves against the escalating risks posed by cybercriminals.
