Artificial Intelligence (AI) has been a game-changer in many industries, providing unprecedented capabilities and efficiencies. However, the same technology that powers advancements in various fields is also being exploited by cybercriminals. One such technology is Generative AI, which is now being used by hackers to launch sophisticated attacks on businesses.
The Threat of Generative AI
Generative AI refers to AI models that can generate new content, such as text, images, or music. In the hands of cybercriminals, this technology can be used to create convincing phishing messages. These messages are designed to trick recipients into revealing sensitive information or clicking on malicious links.
In 2020, nearly 75,000 financial phishing attempts targeted Indian firms, with 25% of them happening due to human error. These attacks spanned across various platforms, including email, websites, messaging apps, and social media. The sophistication of these attacks is a testament to the potential of Generative AI in the realm of cybercrime.
According to Kaspersky, a global cybersecurity firm, the data shows that phishing attacks conducted via email, web pages, messaging applications, and social media have become sophisticated enough to deceive users into clicking on suspicious links.
Financial Phishing
Financial phishing is a common type of scam where hackers send convincing messages to people, prompting them to click malicious links and gain control of their systems. The messages often take the form of fake notifications from banks, providers, e-pay systems, and other organizations. The notification will try to encourage a recipient, for one reason or another, to urgently enter or update their data.
Scammers also pretend to be a person or organization the users trust, which makes it easy for them to fool people, infect the victim with malware, and steal their information. The scammers usually use the fear technique to convince the users to share their confidential financial and personal data by providing a seemingly important reason.
The Role of Human Error
While technology plays a significant role in these attacks, human error is also a major factor. A study suggests that one in four (24%) cyber incidents against businesses in India were due to employees intentionally violating security protocol. While tools can address human error, they are not a complete solution. Effective defense requires a multi-faceted approach: employee education, skills development, and improved systems for detecting and responding to cyberattacks.
The rise of Generative AI presents a new challenge in the field of cybersecurity. As this technology becomes more sophisticated, so too do the threats posed by hackers. Businesses must stay vigilant and invest in robust security measures, including employee education, to protect against these evolving threats.