At a recent hearing of the House Financial Services subcommittee, experts warned that artificial intelligence (AI) is making it easier for cybercriminals to launch ransomware attacks, which are now happening more often and becoming more sophisticated.
Megan Stifel, who is the chief strategy officer at the Institute for Security and Technology, shared her concerns at the hearing. She highlighted that AI is helping criminals create advanced fake content that often leads to ransomware attacks. “The future of AI is alarming because it gives criminals new tools to start attacks,” Stifel said.
During the session, Stifel mentioned that as these attacks grow more complex, and it becomes easier to start a ransomware campaign, organizations are increasingly at risk of losing sensitive information about their employees and customers.
Rep. Young Kim pointed out that as AI technology continues to advance, cybercriminals are likely to use it to find and exploit vulnerabilities in their targets. Data from Chainalysis, a crypto-tracking company, supports this concern showing that ransomware thieves stole over $1 billion from U.S. companies in 2023 alone, marking a record year with a significant rise in the number of victims compared to previous years.
Rep. Roger Williams emphasized the impact on smaller businesses, stating, “Small businesses and Main Street are really suffering.”
Jacqueline Burns Koven, from Chainalysis, also noted that the severity and frequency of attacks on U.S. organizations, particularly financial institutions, reached a new high in 2023.
The committee discussed several strategies to combat this rising threat, including more resources for federal law enforcement, tax credits for cybersecurity measures, better access to cybersecurity insurance, and incentives for training more cybersecurity professionals.
Rep. Andy Barr highlighted the importance of a skilled cybersecurity workforce for the nation’s economic security. Daniel Sergile, from the cybersecurity firm Unit 42, echoed this sentiment in his statement, explaining that AI and machine learning are crucial for developing effective cyber defenses. He optimistically noted, “With AI on our side, we can match and counter the pace of cybercriminals.”
In conclusion, while AI is a tool for criminals, it is also a key asset in the fight against ransomware, helping law enforcement and cybersecurity experts stay one step ahead.
