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AI Rears Its Head as a Cyber Threat

May 3, 2024 | 1 minutes reading time | By David Weldon

Accompanying the widespread deployment of powerful new business applications is a growing realization that the technology also gives fraudsters and hackers a way to raise their nefarious game.

Having sensitized the business and financial worlds and government overseers to risks including bias and data manipulation, privacy and intellectual property violations, hallucinations and model explainability, artificial intelligence is hardly the only disruptive technology with a downside. Quantum computing, for example, is as anticipated for its potentially revolutionary computing power as it is feared for its ability to break security codes, if and when it gets into the wrong hands.

But there are reasons for concern that AI is already being weaponized, and the threats could get worse than what has been experienced to date with deepfakes, voice spoofing, alleged election interference, phishing and ransomware exploits.

“Generative AI has been around since the 1960s . . . but now it is much more accessible, has far more capabilities and is easier to use,” said Jason Harrell, managing director of operational and technology risk, Depository Trust & Clearing Corp. (DTCC). “Any time you have a large population that can use a powerful new tool, security professionals must think about how people may use it for malicious purposes.”

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