The growing use of generative AI tools is paving the way for cybercriminals to accelerate malicious activities against businesses and individuals according to a recent report from the World Economic Forum (WEF).
Produced in collaboration with Accenture, Global Security Outlook 2026, reports 73 per cent of CEOs and people in their professional or home network were victims were victims of cyber-enabled fraud in 2025, with 62 per cent reporting phishing, vishing (voice phishing) or smishing (SMS phishing) attacks, 37 per cent reporting invoice or payment fraud and 32 per cent reporting identity theft.
The reports also finds AI vulnerabilities and cyber-enabled fraud have become the top online security concerns of CEOs, shifting the focus from ransomware which had occupied the top spot in previous years.
Konstantin Levinzon, co-founder of virtual private network service provider Planet VPN, tells FM Magazine AI-related risks and fraud are becoming a major threat to consumers as well.
Citing a 25 per cent increase in online fraud in figures from the US Federal Trade Commission, he says: "As businesses face challenges in protecting their networks, individual consumers are also seeing an increase in personal cybersecurity risks. Recent developments in generative AI are lowering the barriers to executing all kinds of attacks, while at the same time increasing their sophistication and making them appear more credible.
On the use of generative AI in identity fraud, Levinzon adds: "Criminal networks that previously focused on a limited range of languages can now target populations all over the world with local languages. This expansion also speeds up the spread of AI-driven disinformation and makes it harder for platforms and regulators to protect users from coordinated manipulation."
One of the biggest issues for businesses remains cybersecurity shortages, with the WEF report confirming 33 per cent of businesses it surveyed in Europe and Central Asia, and 35 per cent in North America, said they needed better experts and advanced skills.
Levinzon advises: "The most effective remedy for both direct customers and businesses is education. Well-informed employees and users are less likely to fall for scams, more likely to use unique passwords, and enable multi-factor authentication."
