Generative AI isn’t just powering chatbots and meme generators—it’s turbocharging cybercrime, warns German reinsurance giant Munich Re. In a new report, the company revealed that cyberattacks have surged globally, with ransomware and AI-driven phishing schemes leading the charge.
The numbers are staggering: Global cybercrime costs could hit $13.8 trillion annually by 2028, up from $8.15 trillion last year. Hackers are now using AI to craft hyper-personalized scams, like fake voice clones made from just 15 seconds of audio—a tactic so risky that OpenAI recently shelved its Voice Engine over misuse fears.
But it’s not all doom and gloom. Munich Re notes AI is also becoming a ‘digital shield’ for cybersecurity teams, helping detect threats faster. Meanwhile, cyber insurance is booming—expected to double to $29 billion by 2027. Yet experts warn these policies can’t cover doomsday scenarios like attacks on power grids or cyber warfare.
\"Private insurers alone can’t handle systemic risks,\" said Munich Re cyber expert Juergen Reinhart. As AI evolves, so does the arms race between hackers and defenders—with all of us caught in the middle.
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