The recent data reveals a staggering 967 percent surge in credential phishing, with 68 percent of all phishing emails being text-based Business Email Compromise (BEC) attacks. There is a growing concern about the influence of generative AI on cybercriminal activity.

The utilization of tools like ChatGPT to craft sophisticated and targeted BEC and phishing messages has been observed, coinciding with an increase in these threats of over 1,000 percent since the launch of ChatGPT. The study also found that 46 percent of cybersecurity professionals have experienced BEC attacks, 77 percent have been targeted by phishing attacks, and 28 percent have received such messages via text.

Additionally, 39 percent of mobile-based attacks were SMS phishing (Smishing). Attacks initiated via fake social media accounts and MMS are also on the rise, aided by AI’s ability to create convincing profiles and text, as well as to code malware.

The introduction of AI has rapidly altered the threat landscape. The aim of this research is not to overstate the threats posed by generative AI, but to raise awareness among customers and the cybersecurity community about the evolving dangers and the need for appropriate responses.