How AI is exacerbating cybercrime
With the push to experiment and release these new technologies at pace, security vulnerabilities have emerged
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THE recent news of a multinational firm being deceived by a generative artificial intelligence (AI) “deepfake” into paying US$25 million to a threat actor has signalled the need for businesses to increase vigilance against a new wave of AI-powered cybercrime.
Unfortunately, even before generative AI technology started being widely leveraged as a tool to drive more crime, cyberattacks in 2024 were already trending upwards. According to Aon’s analysis of risk-based security data, ransomware attacks were up 214 per cent on a year-on-year basis in the fourth quarter of 2023, and had surged by over 1,280 per cent when indexed against ransomware frequency before the pandemic (Q1 2019).
Compounding a worsening risk landscape, recent advances in AI, particularly generative AI, are enabling more novel and scalable cybercrimes to proliferate.
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