In a report by the National Cyber Security Centre (NCSC), a warning has been issued about the growing threat of ransomware amplified by AI advancements.
The report, titled “The Near-Term Impact of AI on the Cyber Threat,” projects a significant increase in the volume and impact of cyber attacks, including ransomware, in the next two years.
AI’s role in cybercrime is evolving, enabling even novice cyber criminals to conduct more effective access and information-gathering operations. This development not only enhances the abilities of hackers-for-hire and hacktivists but also points towards an increased targeting precision in ransomware attacks. The UK is already facing ransomware as its most pressing cyber threat, with criminals continually refining their strategies for greater profitability.
In response, the UK Government has allocated a substantial £2.6bn under its Cyber Security Strategy to bolster national resilience. The NCSC is at the forefront, utilising AI for improved threat detection and advocating for security-by-design. This approach aligns with the objectives set during the UK-hosted AI Safety Summit at Bletchley Park, encapsulated in the Bletchley Declaration.
NCSC CEO Lindy Cameron emphasised the dual need to exploit AI’s potential while managing its risks. She noted that AI’s role in cybercrime is more evolutionary, enhancing existing threats without drastically altering the risk landscape.
The report also highlights the emergence of criminal Generative AI (GenAI) and ‘GenAI-as-a-service’, mirroring the ransomware-as-a-service business model. However, the effectiveness of these AI models depends on the data they are trained on. Concurrently, the National Crime Agency (NCA) acknowledges the enduring dominance of ransomware in cybercrime, driven by financial incentives and a well-established business model.
James Babbage, Director General for Threats at the NCA, echoed these concerns, noting the impending increase in AI-facilitated cybercrime. He stressed the importance of the NCA’s continued efforts in combating these threats.
The NCSC underscores the critical role of effective preparation and adherence to its cyber security guidelines to combat ransomware threats. Emphasising basic cyber hygiene as a defense against the majority of ransomware incidents, the NCSC provides tailored advice for organisations and individuals through resources like the 10 Steps to Cyber Security and online security tips.
Looking forward, the NCSC’s report outlines various ways AI will impact cyber operations and threats, including social engineering and malware. These findings and strategies to tackle them will be further discussed at CYBERUK 2024, focusing on “Future Tech, Future Threat, Future Ready”.
To read the latest breaking RegTech stories as they happen visit https://member.regtechanalyst.com/
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
