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The rise of artificial intelligence has led to concerns regarding cybersecurity and privacy. Like any tool, it can also be used by irresponsible individuals or organisations to commit fraud, scams, and other cybercrimes.

AI-powered systems can collect, store, and process massive amounts of data at unprecedented rates. These include sensitive personal data such as medical records, sexual orientation, and religious beliefs. These data can be used to track and monitor individuals or to discriminate against them based on their personal information. 

To protect UK citizens, the Information Commissioner’s Office (ICO) has issued the General Data Protection Regulation (GDPR), the primary set of rules that apply to personal data. The GDPR applies the law to all AI systems that process personal data, requiring AI platforms to observe transparency, fairness, and data protection.

Despite these regulations in place, many people are still vulnerable to cybersecurity and digital privacy concerns. High-net-worth individuals (HNWIs) must be especially vigilant as their personal lives, privacy, and assets are all at greater risk.

How AI can pose cybersecurity risks

The large amounts of data collected and processed by AI may serve as a gold mine for cybercriminals. If these data are not adequately protected, they could be used to launch cyberattacks, such as data breaches and spear phishing attacks.

Data collected from AI-powered facial recognition systems and social media analytics are also known to be used for impersonation scams, which may pose material and reputational risks to HNWIs.

Often, AI systems also collect these data without your knowledge or consent. They can sweep through social media platforms, search engines, and online marketplaces to create a treasure trove of data for commercial or political purposes. 

This is why sometimes you can find advertisements that are personally tailored for you. The AI algorithm targets users with an interest in specific products or content. This targeting is based on an individual’s online behaviour, browsing habits, and other personal preferences exposed in the digital space.

Securing your privacy with AI

It is crucial to be aware of the above risks and practise basic cybersecurity hygiene, such as using strong passwords and security software and being careful about what information we share online. HNWIs can also hire security companies to plan and devise extra cybersecurity measures. 

Although AI can be misused for cyber attacks, it can also be used to enhance cybersecurity. AI-powered systems can assist in threat detection and prevention. They can analyse data to detect potential threats and prevent attacks. For example, they can detect phishing emails, identify malware, and prevent data breaches. In addition, they can detect unusual behaviour, block unauthorised access and prevent attackers from gaining access to sensitive data. These systems can be applicable to endpoints, such as laptops and smartphones. 

AI can also be used for security log analysis. This can help security agencies quickly identify and respond to potential security incidents, reducing the risk of data breaches and other cybersecurity incidents. Analysing user behaviour across multiple systems and applications can also help identify potential insider threats. 

Lastly, by using AI, security agencies can keep their security plans cost-effective with fewer human errors. Since AI collects a massive amount of data, it is usually more accurate in detecting anomalies.