The FBI’s Internet Crime Complaint Center just released its 2025 Annual IC3 Report and as the Wall Street Journal noted, the numbers are impossible to ignore. Over 1 million complaints were filed. More than $20 billion in losses. A 26% increase from the prior year. Most alarmingly – almost $900m of those cyber loses is AI related!
For wealth management and asset management firms, this is not background noise. This is a direct look at the threat environment your firm and your clients are operating in right now.
BW Cyber has been receiving a growing number of client requests to ensure AI environments are properly implemented and secure. In response, BW Cyber partnered with Compliance Risk Concepts (CRC) to host this webinar on navigating AI risk and compliance in today’s rapidly evolving technology landscape.
Topics covered include the evolving AI risk landscape, practical compliance frameworks, and what technology innovation means for your security posture.
At BW Cyber, part of what we do is monitor threats in real time across our clients’ environments. Recently, our MDR (Managed Detection and Response) team flagged a live alert tied to a malware campaign called EvilAI, a threat that disguises itself as a legitimate AI productivity or connector tool and silently steals sensitive data from infected devices.
The rise of AI productivity and connector tools has created a new and highly effective attack surface. Criminals are not trying to break through your firewall anymore. They are walking through the front door dressed as productivity software.
BW Cyber founder and president Michael Brice joins the Advisor Turntable Podcast to break down the spiraling potential for cyber criminals to successfully conduct multi-million dollar wire frauds against asset and wealth management advisors.
Based on his actual experience leading multi-million dollar wire fraud forensic investigations in conjunction with the FBI, Michael describes how compromised employee email accounts, Caller ID Spoofing, AI voice cloning, and even deepfake video calls are being successfully employed by overseas cyber criminals at an alarming rate.
We hope you found this month’s BW Cyber newsletter helpful. If you’d like to discuss any of these topics or explore ways to strengthen your firm’s cybersecurity, contact us at info@bwcyberservices.com.
