Cybercrime on the rise thanks to artificial intelligence

Cybercrime is evolving rapidly thanks to artificial intelligence.

Today, cybercriminals are targeting citizens and businesses around the world with sophisticated techniques and hard-to-detect scams that can fool even experienced executives.

Globally, it is estimated that the cost of cyber attacks in 2025 will exceed $10 trillion (€9.3 trillion).

Christos Xenakis, professor of cyber security, explains how artificial intelligence is helping criminals to develop complex and imaginative scenarios to deceive their victims.

Personalised attacks involve cybercriminals using video and audio publicly available online to mimic a person’s face and voice. These fake products are then used to make online video calls and request money from family or business partners.

Individuals lose $318 billion (€295 billion) every year to cybercrime.

The average cost of a data breach for SMEs can range from $120,000 to $1.24 million (€110,000 to €1.15 million).

Often, email addresses are easily forged, so organisations, for example banks, have to send special instructions to their customers to warn them that they are not using such techniques”, Nikolaos Kurogenis, Professor of Banking and Financial Management, University of Piraeus.

The global cost of cyber attacks against businesses and ordinary citizens is increasing by 15% every year.