'Oman reported 140 cases of cybercrime in 2023'

With the fast advancements in Artificial Intelligence (AI) comes a potential threat to people online which are mostly identity theft and imminent financial implications, according to a study conducted by Trend Micro, a leading global player in cybersecurity solutions.

In its recently released Security Predictions Report for 2024 titled ‘Critical Scalability’, the study emphasises the crucial need for organisations to adopt an advanced multi layered security approach to counter the growing attack surface.

Oman reported 140 cases of cybercrime in 2023, compared to 126 in 2022 while cases related to online content increased to 2,686 in 2023 from 2,519 in 2022.

On other hand, reports suggest that AI-enhanced phishing has affected over 90 per cent of organisations and contributed to a 222 per cent surge in email attacks in 2023 as compared to the second half of 2022.

The report underscores that in 2024, approximately 69 per cent of IT leaders view the integration of machine learning as a critical operational priority as a growing number of enterprises will adopt artificial intelligence and machine learning (AI/ML) technologies in a bid to outgrow their competitors.

Although these technological advancements are anticipated to drive organisational growth, they also pose substantial risks, with bad actors exploiting these innovations to orchestrate attacks.

“With the launch of our Security Predictions Report for 2024, we aim to illuminate the path forward for enterprises in these dynamic times. We are able not only to identify emerging cyber threats but also to equip businesses and individuals with the strategies and tools to navigate this complex digital terrain,” said Dr Moataz bin Ali, Regional Vice President and Managing Director, MMEA, Trend Micro.

He added that understanding cybersecurity trends is vital for organisations navigating the rapidly shifting tech landscape and that this report is a testament to the dedication to proactive security, empowering regional organisations to stay ahead in an ever-evolving cyber landscape.

The report also predicts a major shift in the phishing landscape due to the widespread adoption and enhanced capabilities of Generative AI (GenAI) and Generative Adversarial Networks (GANs).

This shift allows for the use of highly realistic audio and video content at a lower cost, leading to an increase in sophisticated scams such as business email compromise (BEC), virtual kidnapping, and similar frauds.

The report further suggests that the 2024 landscape is expected to see heightened vulnerabilities in cloud environments, along with targeted attacks on software supply chains and blockchain technology, which could result in ransom demands or attempts to encrypt entire blockchains.