MSMEs SHOULD CONSIDER ARTIFICAL INTELLIGENCE TO FIGHT CYBERATTACKS

The Jamaica Business Development Corporation (JBDC) is calling on entrepreneurs in the Micro, Small & Medium-sized Enterprise (MSME) sector to adopt innovative strategies to protect their businesses from the growing threat of cyberattacks. Speaking at the JBDC’s Virtual Biz Zone webinar on November 12, 2024, Feroze Hanif, Founder and CEO of Think N’ Change, a global leader in IT solutions specialising in cybersecurity, highlighted Artificial Intelligence (AI) as a powerful tool to prevent and mitigate cyber threats.
The Latin American and Caribbean region was hit with a staggering 200 billion attempted cyberattacks in 2023, accounting for 14.5% of global cyberattacks. Jamaica alone experienced 43 million attempted cyberattacks in the same period, underscoring the critical need for enhanced cybersecurity measures.
Cybersecurity threats encompass a wide range of malicious activities, from ransomware attacks and phishing to financial fraud, data breaches, malware, and social engineering tactics. These threats aim to damage or steal data, disrupt digital operations, and compromise the security of businesses and individuals alike.
Hanif, an expert in the field, reassured businesses that Artificial Intelligence is a game-changer in the fight against cyber threats. “AI is going to help predict and remediate threats before they actually penetrate a company’s network or a personal device,” he said, stressing that AI-powered tools are crucial in identifying vulnerabilities and responding to threats in real time.
AI, which refers to computer systems capable of performing complex tasks typically requiring human cognition such as reasoning, decision-making, and problem-solving is poised to be a key ally for businesses combating cyber threats. Hanif noted that while AI may seem intimidating to some, “AI, in my opinion, is going to help benefit us from a cybersecurity perspective by proactively safeguarding our digital assets.”
The push for MSMEs to strengthen their digital infrastructure is part of Jamaica’s broader Digital Jamaica initiative, which aims to accelerate the country’s digital transformation. Through this initiative, the JBDC, under the Ministry of Industry, Investment & Commerce (MIIC) is equipping local businesses with the necessary skills, tools, and knowledge to digitise their operations, enhance their cybersecurity resilience, and navigate the complexities of the digital economy. Digital Jamaica is sponsored by the European Union (EU).