Category: Technology

Cybersecurity is important. I think we can all agree about that. And, it’s forever evolving, because just as we figure out a response to a cyber threat, hackers go and find a new way of attacking.

The latest in cyber threat evolution was using AI to create malware. But, that’s not all there is to it. That’s why maintaining cybersecurity is not a one-time exercise. One needs to work hard to keep up.

And, as with anything that is ongoing, one can expect to see patterns and trends.

So, what are the cybersecurity trends we can expect to see in 2023?

AI and ML For Cybersecurity

As AI and machine learning (ML) become more sophisticated, threat actors are using these technologies to avoid detection.

The preferred method of hackers is not high-tech hacking exercises, as shown in movies. What they do almost 71% of the time is steal valid credentials and then use those to force their way into accounts.

For example, they steal an email address used to register an account on an online platform. Then, they try to brute-force their way into that account using commonly used passwords. 

If they succeed in cracking the password, they’d use that email/password combination on other websites. 

(That’s why you shouldn’t use the same password for different accounts.)

Now, unless they buy a stolen list of email addresses, most hackers use social engineering attacks to get people’s credentials.

With the help of AI, they are creating not just more refined malware but also phishing emails that are more personalised.

So, whilst businesses are using AI to detect cyber attacks, they end up being reactionary rather than proactive. By the time they “teach” AI how to identify a new threat, hackers have moved on to another method.

Fortunately, just as AI can be used to craft better (for lack of a better word) attacks, it can also be used to prevent them.

One of the things AI does better than you or I is speedy analysis. Where we might take us hours or days to go through data and get anything meaningful out of it, AI can do it in minutes.

As a result, its predictive analytics capabilities could be used to infer and predict threats. Once the threats have been identified, it’s easier to mitigate them with fewer resources.

Patching Open Source Code Vulnerabilities

Open source code can be very handy. But, it is also very likely to have vulnerabilities. Synopsys researchers have reported that almost 84% of open source code bases had at least one vulnerability in their Open Source Security and Risk Analysis (OSSRA) report.

The problem with weaknesses in the code is that they can be exploited by threat actors. The way to deal with them is by using penetration testing to find exploitable flaws and patching them.

(You can also make use of cloud penetration testing services from reliable service providers like DigitalXRAID. The company has also launched a first-of-its-kind cybersecurity platform.)

Simple, right?

Unfortunately, the report also found that 91% of the patches weren’t implemented. Maybe the devsecops team didn’t have enough time or resources. 

Maybe they didn’t think the benefits weren’t worth risking the unintended consequences.

Or, maybe they just weren’t aware that there was an updated version of the code available.

Either way, these vulnerabilities exist and can be exploited.

To avoid that, and to potentially keep the open code they’ve used updated, businesses might need to keep a software bill of materials (SBOM). According to the report, this will include any open source code they’ve used, its licenses, versions, and patch statuses.

This practice would be very handy in making sure any open source code used by your business is not putting you at risk.

Training Employees on the Dangers of Phishing Attacks

Sometimes, when something works, there is no real need to change it up. That seems to be the case with phishing.

Phishing is a form of social engineering attack where a legit-looking email is designed to get the victim to click on a link. That, then, redirects them to a page where their info is stolen.

Apparently, hackers most often like to use (or abuse, rather) Microsoft, Amazon, DocuSign, Google, DHL, and Adobe. However, don’t be surprised to see emails from banks in your inbox as well.

Again, the best way to combat this challenge is the old-fashioned “train your employees” method. Human error is inevitable, but training people to identify emails that might be dodgy can help a lot.

As can limiting their access.

So, there you have it. Here are some ways you can keep your business safe from cyber-attacks in 2023.

Healthcare automation service Olive AI is reportedly planning for the sell-off of its utilisation management service line. 

Utilisation Management is the company’s prior customer-facing authorisation system with solutions that accelerate the manual operations in GreenLight laser treatment.

The divestiture is part of this Columbus-based tech unicorn’s effort to centre its focus on administrative automation for healthcare, according to THE BUSINESS JOURNALS.

“Earlier this month, [CEO Sean Lane] announced that Olive would no longer be offering UM solutions to allow the company to strengthen its core area of focus, building automation and intelligence technology for health systems that make their revenue cycle operate more effectively and efficiently,” according to a spokesperson from Olive AI.

Why Divest Now??

Sean Lane, co-founder and CEO of Olive AI, blamed tough economic headwinds for the divestiture. The CEO also mentioned that the Columbus health IT business made mistakes when it was in high-growth mode.

In an all-staff memo published on February 09, 2023, the CEO shed light on the substantial and unexpected shortfall in the capital plan now facing the company, two years after it brought in around USD 400M to turbocharge the growth of ‘humanised’ AI for healthcare.

“In our current position, we cannot make the necessary investments to be successful in transforming both Autonomous Revenue Cycle and Utilisation Management journeys for our customers,” Lane said in the memo. “We must prioritise and direct our critical resources toward Olive’s established strengths.”

“This means a return to our core area of focus: building automation and intelligence technology for health systems that make their revenue cycle operate more effectively and efficiently.”

Consequences of the Carve-out Transaction on Employees

According to the memo, Olive AI Inc. is set to lay off 215 employees as it seeks to eke out growth by cutting costs and shifting the focus to its core product lines. The recent reduction in staff comprises around 35% of its workforce, leaving approximately 630 staffers.

This declaration of workforce reduction came on Thursday, February 2, 2022. In July 2022, the company cut around 450 staff who accounted for 31% of the total workforce. 

However, the Columbus company refused to provide any further details on the specifics of the equity carve-out—such as the approximate time and size of the division, prospective buyers, etc.

According to the notice filed with the Ohio Department of Job and Family Services, in order to notify receivers of the upcoming cut in workforce, the layoff would involve a total of 209 positions, including an EVP (executive vice president) and some senior staff.

“I know this is not easy news to hear,” Lane stated. “I regret that we are in this position, and I apologise for the impact it will have on the lives of our team members. I’d like to express my gratitude for everything you’ve done to make an impact in healthcare.”

The company is committed to keeping the customers and the remaining staffer updated on the details of the transaction as it takes shape. 

In October 2022, Olive divested its population health and $340B product lines to sister company Rotera, as two of its customers had ceased doing business with Olive. 

Overcoming Divestiture Challenges

Irrespective of the size of the division, carving out the equity of a company is a complex task that requires an effort in coordination to be successful. 

For companies looking to ensure a seamless divestiture with minimum business disruption, investing in a high-end carve-out service like Fission Consulting is a sensible decision. 

A class-leading service helps clients evade uncertainty while also accelerating the timeline.

Wrapping Up

The CEO of Olive AI hopes the divestiture would help the company defy the current economic downturn by enabling the employees to focus more on strengthening Olive’s core services and product lines.