By James Barr, Vice President
In recent years, the rapid advancement of artificial intelligence (AI) has transformed numerous industries, offering a range of benefits and efficiencies.
However, the same technology that drives progress and innovation is also being weaponized by cybercriminals, leading to a significant increase in the number and sophistication of cyberattacks. Thought not (as of yet) considered to be the result of a cyberattack, the recent international “Crowdstrike” data outage crippled banks, airlines, television networks and health systems around the world, underscoring how vulnerable the systems we rely on to operate our businesses and daily lives truly are.
This alarming trend, which we first wrote about in 2022, has left businesses and individuals more vulnerable than ever before.
How Cybercriminals Are Using AI
AI has become a powerful tool for cybercriminals, enabling them to execute attacks with greater precision and effectiveness. Here are some ways AI is being utilized in cybercrime:
Automated Phishing Attacks: AI-driven systems can analyze vast amounts of data to craft personalized phishing emails that are highly convincing and difficult to detect. These emails often bypass traditional security measures, leading to a higher success rate in tricking recipients into divulging sensitive information.
Malware Development: AI algorithms can be used to develop sophisticated malware that can adapt and evolve to avoid detection as it learns. This malware can autonomously seek out vulnerabilities in systems, making it harder for cybersecurity defenses to keep up.
Credential Stuffing: AI can automate the process of credential stuffing, where large sets of stolen usernames and passwords are tested across multiple websites to gain unauthorized access. This method is particularly effective given the common practice of password reuse.
Deepfake Technology: AI-generated “deepfakes”—hyper-realistic fake videos and audio—are being used for a range of malicious activities, from impersonating executives in order to manipulate financial transactions to conducting corporate espionage on a grand scale.
By the Numbers: A Dramatic Increase in Cybercrime Due to AI
The impact of AI on cybercrime is evident in the rising and alarming statistics.
According to a report by Cybersecurity Ventures, global cybercrime costs are predicted to reach $10.5 trillion annually by 2025, up from $3 trillion in 2015. This dramatic increase is largely attributed to the enhanced capabilities that AI provides to cybercriminals.
Furthermore, the FBI’s Internet Crime Complaint Center (IC3) reported a 69% increase in reported cybercrimes in a single year, with financial losses that exceeded $4.2 billion in just that one year. These figures highlight the escalating threat landscape and the urgent need for enhanced cybersecurity measures.
Tips to Protect Against AI-Enabled Cybercrime
As cybercriminals continue to leverage AI, it is crucial for businesses and individuals alike to adopt proactive measures to safeguard their assets and data. Here are some essential tips to protect both your personal and professional assets from such activity:
- Implement Strong Password Policies: Use complex, unique passwords for different accounts and encourage the use of password managers. Enable multi-factor authentication (MFA) wherever possible.
- Educate and Train Employees: Regularly conduct cybersecurity training to educate employees about the latest phishing tactics and social engineering schemes. Awareness is the first line of defense.
- Update and Patch Systems: Ensure that all software, applications and systems are regularly updated and patched to fix vulnerabilities that could be exploited by AI-driven attacks.
- Invest in Advanced Security Solutions: Utilize AI-empowered cybersecurity tools that can detect and respond to threats in real-time. These solutions can analyze patterns and behaviors to identify anomalies that indicate a potential attack.
- Conduct Regular Security Audits: Periodically review and assess your security posture to identify weaknesses and areas for improvement. For business owners, be sure to engage with cybersecurity experts to conduct thorough audits of all policies and procedures related to data and systems vulnerabilities.
- Secure Backups: Regularly back up critical data and ensure backups are stored securely. In the event of a ransomware attack, having reliable backups can prevent data loss and minimize disruption and downtime.
- Cybercrime Insurance: Consider investing in cybercrime insurance policies. These policies can provide financial protection and support in the event of a cyberattack, covering costs such as data recovery, legal fees and business interruption losses.
Don’t Become the Next Victim of AI-Assisted Cybercrime
The integration of AI into cybercriminal activities has significantly escalated the threat landscape for businesses and individuals alike. By understanding how AI is being used by cybercriminals and adopting robust cybersecurity practices, you can mitigate the risk of falling victim to these advanced attacks.
Additionally, investing in cybercrime insurance offers an added layer of protection, ensuring that you are prepared to handle the financial repercussions of a potential breach.