Rise in Cyberattacks Compounded by AI Sophistication
Cyberattacks are growing more frequent and sophisticated, with artificial intelligence (AI) playing a major role in elevating their complexity. Cybersecurity experts are feeling the strain as AI’s advancements make it harder to detect and counter these attacks, according to a new report by the Information Systems Audit and Control Association (ISACA).
Increased Attacks and Privacy Breaches
ISACA’s report, which surveyed nearly 6,000 global organizations, found that 39% are experiencing more cyberattacks than before, with 15% reporting a rise in privacy breaches. This highlights a growing concern among cybersecurity professionals, especially those in Europe, who struggle to combat these evolving threats.
Understaffed and Underfunded Teams in Europe
More than 60% of European cybersecurity teams are understaffed, while over half believe their budgets are inadequate. These shortages leave organizations vulnerable to increasingly sophisticated attacks, particularly ransomware, which locks up data until a ransom is paid. Experts warn that AI is making such attacks more difficult to identify.
AI Tools Sharpen Attackers’ Strategies
Chris Dimitriadis, ISACA’s chief global strategy officer, explained how generative AI (GenAI) enables cybercriminals to craft highly realistic, human-like content. Unlike older phishing scams filled with errors, AI-generated emails now mimic authentic communication, making it easier to deceive victims and more challenging for cybersecurity teams to intervene.
AI-Assisted Financial Crimes on the Rise
A study by Norwegian AI start-up Strise revealed that ChatGPT could easily offer advice on how to commit financial crimes. While the chatbot refuses to directly answer illegal queries, creative prompts can bypass its safeguards, offering detailed advice on laundering money and exploiting weaknesses in banks’ anti-money laundering practices.
Chatbots Misused by State-Sponsored Actors
Major tech companies like Microsoft and OpenAI have acknowledged that hackers from countries like Russia, North Korea, and Iran are using large language models (LLMs) to refine their cyberattacks. While these companies work to limit misuse, they admit that preventing all instances of malicious activity is impossible.
Lack of Staff Training in Cybersecurity
The ISACA report found that 71% of companies provide no staff training on digital trust, a critical component of cybersecurity. With more than half of cybersecurity teams feeling underfunded, the gap between the sophistication of attacks and the resources available to defend against them continues to widen.
Cybersecurity Needs Greater Recognition and Investment
Dimitriadis emphasizes that underfunding is largely due to organizations not recognizing the critical role cybersecurity plays in business success. Without proper funding and awareness from decision-makers, cybersecurity efforts remain inadequate, leaving companies increasingly vulnerable to AI-powered attacks.
SOURCE: Ref Image from Sunday Guardian
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