AI-related risks and cyber-enabled fraud have overtaken ransomware as the top cybersecurity concern for CEOs, according to a new report from the World Economic Forum, as consumers simultaneously report growing fears around identity theft.
The WEF report highlights how the rapid adoption of generative AI is accelerating malicious activity across both business and consumer environments. Cybersecurity experts warn that scams, impersonation and fraud are expected to increase significantly in 2026, driven by the increasing sophistication and accessibility of AI-powered tools.
According to the WEF survey, 73 percent of CEOs said they or someone in their professional or personal network was affected by cyber-enabled fraud in 2025. Phishing, vishing and smishing attacks were the most commonly reported incidents, affecting 62 percent of respondents, while 37 percent experienced invoice or payment fraud and 32 percent reported identity theft. The findings mark a clear shift in executive risk perception, with AI vulnerabilities and fraud now ranking above ransomware, which had been the leading concern just a year earlier.
Concerns are not limited to organisations. Konstantin Levinzon, co-founder of VPN provider Planet VPN, said AI-driven cyber risks are becoming a major threat to individual consumers as well. Data from the US Federal Trade Commission shows that consumers reported US$12.5 billion in fraud losses in 2024, a 25 percent increase year-on-year, with Levinzon warning the figure could rise further in 2026 as AI adoption expands.
He said recent advances in generative AI are lowering the barriers to cybercrime while simultaneously making attacks more credible and convincing. This includes the ability to localise scams across languages, create realistic impersonations and deploy highly convincing deepfake attacks at scale.
Consumer sentiment reflects this growing threat landscape. A recent report from Experian found that 68 percent of consumers now cite identity theft as their primary concern, followed by stolen credit card data at 61 percent. The findings underline increasing anxiety as AI-enabled cybercrime expands in both scale and sophistication.
The WEF also warns that generative AI disproportionately amplifies digital safety risks for certain groups, including children and women, who are increasingly targeted through impersonation, harassment and synthetic image abuse. The ability for criminal networks to rapidly translate and localise social engineering campaigns has enabled them to target populations globally, while also accelerating the spread of AI-driven disinformation.
Another major challenge identified in the report is the global shortage of cybersecurity skills. Around one-third of organisations in Europe, Central Asia and North America report insufficient access to skilled cybersecurity professionals, while shortages reach as high as 70 percent in parts of Latin America and Africa.
Levinzon noted that AI tools could help address workforce gaps by automating some security functions, but warned that poorly implemented AI systems can introduce new risks, including misconfiguration, biased decision-making, over-reliance on automation and vulnerability to adversarial manipulation.
He said education remains the most effective defence for both businesses and consumers, stressing the importance of awareness, strong password practices, multi-factor authentication and basic security hygiene in reducing exposure to AI-enabled scams.
Image: Cybersecurity (Source: PlanetVPN)
