Gas prices are on the rise across the nation.
The national average is now $3.01 per gallon. It’s the first time national prices have topped $3 since 2014.
But inflation isn’t the only reason for higher prices at the pump.
This week, the largest gas pipeline in the U.S. has been mostly out of commission.
Hackers attacked Colonial Pipeline’s computer systems last Thursday. They stole data, locked up the systems and demanded a ransom.
And as a precaution, Colonial shut down its line. Unfortunately, it’s the main source of gas, diesel and jet fuel from Texas all the way up to New York.
Sources: The New York Times, U.S. Energy Information Administration
Now, Colonial has already started restoring service to some parts of its system. But the main lines are still down.
And across the East Coast, people are panic buying gas, which is driving up prices. On Wednesday, prices jumped $0.11 a gallon in Maryland and $0.13 in Virginia. Some states even plan to impose fuel limits soon.
Since we don’t know how long shortages will last yet, we’ll likely see higher prices for a bit longer.
But the Colonial shutdown is just the latest of many big cyberattacks. And it’s highlighting how essential cybersecurity — and artificial intelligence (AI) technology — will be in the future.
Here’s why investors should pay attention to it today…
Cyberattacks Are on the Rise
In the last few weeks, most news outlets have been obsessing over the price of Dogecoin.
Yet in that same time, cybercriminals have attacked the Metro Police Department of Washington, D.C., Scripps Health in San Diego and computer giant Acer. In fact, the $50 million ransom on Acer’s stolen data is the highest known demand to date.
And these malicious attacks are increasing.
According to Forbes, last year “broke all records” in terms of the amount of data lost in breaches and the number of cyberattacks on companies, governments and individuals.
In 2020, malware attacks increased by 358%, and ransomware attacks increased by 435%. Hundreds of millions of attempted cyberattacks continue to occur every day.
These attacks can be costly, too. Research firm Cybersecurity Ventures estimates that cybercrime will cost the world $10.5 trillion each year in the next four years.
And it shows just how important the future of AI and computer technology will be…
The Solution to a Trillion-Dollar Problem
The cybersecurity market is expected to be worth over $400 billion by 2027. After all, cyberattacks can happen on any scale and in any industry…
Individuals get scammed through phishing emails. Companies like Colonial, Scripps and Acer are targeted with data loss, shutdowns and ransoms.
Even governments aren’t immune. A few months ago, the town of Oldsmar, Florida had its water system hacked and its supply altered with dangerous chemical levels. It was caught and cleaned out in time, but was still a scary situation for residents. Emerging areas like blockchain are seeing hacks as well.
But the good news is that AI technology is already being fine-tuned to help prevent and combat them…
Hackers themselves have been using AI to power their attacks. But cybersecurity companies are turning the tables.
AI software can track data and identify patterns to determine suspicious activity in a hack’s early stages. It’s even being used to help predict attacks before they happen.
The technology can also be used to simulate test attacks, implement immediate solutions and improve existing security features. Plus, as new attack methods come out, AI can help the cybersecurity space continue to evolve.
Now, this is just one of many applications for AI tech. Its potential for growth is massive. That’s why Alpha Investor founder and Wall Street legend Charles Mizrahi is excited for what he expects will be an AI “revolution” ahead.
In fact, he’s identified several companies at the forefront of this shift. And investors who buy into them today could still see huge gains ahead. You don’t want to miss out. Find out how you can access all the details right here.
Senior Managing Editor, American Investor Today