This paper provides a comprehensive overview of the evolving Artificial Intelligence (AI) threat to cybersecurity, emphasizing the urgent need for finance leaders and cybersecurity professionals to adapt their strategies and controls to effectively combat AI-powered scams and cyber-attacks. The study delves into the specific ways in which AI is being used maliciously in cybercrime, such as enhanced phishing and Business Email Compromise (BEC) attacks, the creation of synthetic media including deepfakes, targeted attacks, automated attack strategies, and the availability of black-market AI tools on the dark web. Furthermore, it highlights the critical need for enhanced cybersecurity strategies and international cooperation to combat cyber threats effectively. The findings of this study provide valuable insights for finance leaders, cybersecurity professionals, policymakers, and researchers in understanding and addressing the challenges posed by generative AI in the cyber threat landscape.
