AI-POWERED THREATS PROPEL $12TN CYBERSECURITY CRISIS, REPORT WARNS

According to the latest report from the Computer Crime Research Center (CCRC), the global cost of cybercrime is set to skyrocket to a staggering $12 trillion in the upcoming year. This forecast, supported by data from CheckPoint and Orange Cyderdefense, signals a concerning surge in cyberattacks and ransomware incidents. Notably, the rise is fuelled by an uptick in AI-powered attacks and a remarkable 910 per cent increase in domain registrations linked to ChatGPT, a platform often targeted for mimicry.

CCRC underscores the pivotal role of AI in the evolution of cyber threats, citing the use of advanced linguistic techniques and the emergence of deepfake technologies. The report warns of the imminent adoption of AI by threat actors to swiftly develop new strains of malware and ransomware, further exacerbating the cybersecurity landscape.

In parallel, cyber extortion is poised to witness a significant surge, with projected increases of 30 to 50 per cent, particularly impacting corporations, SMBs, and governmental bodies. Economies experiencing rapid growth, such as South Asia, Oceania, and Africa, are expected to bear the brunt of these attacks. Vulnerable sectors, including manufacturing, retail, professional services, finance, and utilities, face heightened risks due to inherent vulnerabilities within their legacy network infrastructures.

Additionally, the report anticipates a resurgence in hacktivism targeting corporations and politically affiliated entities. Distributed denial-of-service (DDoS) attacks, a preferred tactic among hacktivists, pose substantial threats to business continuity and government operations. As cyber threats continue to evolve in sophistication and scope, organisations must remain vigilant and adopt proactive measures to safeguard their digital assets and mitigate potential risks.