Cybercrime has grown exponentially, becoming one of the fastest-growing entrepreneurial ventures globally. If cybercrime were a nation, it would have the third-largest economy, surpassed only by the United States and China. The cost of data breaches has risen to an average of $4.24 million, with ransomware being a significant factor in these breaches.
Criminals are quick to adopt new technologies, making cybercrime an ever-present threat. The use of generative artificial intelligence (gen AI) by cybercriminals has further compounded the problem. They employ AI to create malware, deepfakes, disinformation campaigns, phishing emails, interfere in elections, and identify new vulnerabilities to exploit.
To combat these threats, cybersecurity companies are actively developing AI solutions. AI holds promise in cleaning up old codebases, detecting and preventing scams, managing continuous exposure, and enhancing prevention efforts. Notably, there is an alignment between industry leaders in the United States and Europe, as they have shifted away from negative views of regulation and now advocate for its implementation.
Thought leaders, politicians, regulators, and executives worldwide are engaged in the potential of AI and cybersecurity. Both the United States and Europe are witnessing the development of initiatives such as risk management frameworks, policy development, and proposed laws. This change in perception is crucial, given that AI and cybersecurity risks remain a significant concern for society.
There is also a need for a cultural shift in perception and approach to cybersecurity. Traditionally seen as the sole responsibility of the IT department, cybersecurity is now recognized as a collective effort involving all stakeholders. Education and improvements in security culture are pivotal in fostering mutual trust and effectively combating cybercrime.
The urgency to take action is evident, and the Biden administration is prioritizing cybersecurity improvements. AI will play a crucial role in empowering organizations to strengthen their cyber defenses. By seizing this opportunity and embracing the responsibility for cybersecurity, significant strides can be made in countering the hold of cybercriminals on society.