Generative AI’s surge will ease cybercriminals’ tasks, Visa warns

Visa’s top cybersecurity executive has issued a cautionary statement about the potential misuse of generative artificial intelligence (AI) by cybercriminals. Subra Kumaraswamy, Senior Vice President and Chief Information Security Officer at the US payments company, predicts a significant impact of generative AI across all industries within the next two years.

He emphasizes the unique challenges posed by the low-cost accessibility of this technology, making it easier for cybercriminals to exploit vulnerabilities in information technology systems.

Kumaraswamy highlights the broad applicability of generative AI to every function and industry, ranging from healthcare and finance to education and entertainment. Unlike previous industrial revolutions, the widespread adoption of this technology transcends specific sectors.

The low barrier to entry, coupled with varying costs of generative AI platforms, raises concerns about the potential misuse by threat actors.

The financial sector is particularly vulnerable, with cybercriminals leveraging generative AI to target lucrative opportunities. Visa acknowledges the need for top companies to understand how generative AI can be weaponized against them and calls for a reevaluation of cybersecurity strategies in the face of evolving technology.

Kumaraswamy stresses the role of cybersecurity as a crucial guardrail and safety net for businesses and consumers. As AI continues to evolve, there will be increased opportunities for leveraging technology to strengthen cybersecurity measures, helping both companies and individuals protect against the growing threat of cybercrime.

The global cost of cybercrime is projected to reach $13.82 trillion by 2028, making it the third-largest economy if considered as a separate entity. Kumaraswamy concludes by emphasizing the crucial role of cybersecurity in facilitating economic growth and the ongoing need for innovative technologies to counteract evolving cyber threats.