Surge in Ransomware Threats Predicted as AI Technologies are Exploited

A recent analysis by insurance company QBE forecasts a significant rise in ransomware incidents, projecting a 40% increase in publicly disclosed attacks by 2026. This forecast anticipates over 7,000 victims, a sharp contrast from the 5,010 attacks reported in 2024, and a five-fold increase from 1,412 incidents in 2020. Cybercriminals are now exploiting cloud technology and artificial intelligence to penetrate systems and extract sensitive data, with 49 cyber incidents affecting UK businesses from August 2023 to August 2025, accounting for 10% of the global 447 attacks during that time.

Key sectors like government and IT are prime targets, while manufacturing, logistics, and transport sectors collectively face significant threats. David Warr from QBE highlights the challenge for UK firms adapting to growing risks as they enhance their technological infrastructures with cloud and AI tools. The tech evolution inevitably transforms risk landscapes, not only prepping companies for future threats but also demanding a responsive approach to current challenges.

The astonishing rise from 572 ransomware cases in early 2024 to 1,537 in the same period of 2025, alongside a 54% increase in extortion cases, underscores the pressing need for better security measures. Financial impacts vary, but deepfake tech alone contributed to losses between $250,000 and $20 million per incident in 2024.

Cybercriminals Utilize AI Technologies for Attack Automation

The surge in ransomware has brought a new wave of AI-driven crime. Cybercriminals are leveraging language models, like ChatGPT, to enhance phishing and identity theft tactics. With AI, even the less tech-savvy can launch sophisticated attacks, increasing the overall threat landscape. Language models automate phishing attempts and fraud schemes, allowing for more efficient cybercrime activities.

Business email compromise (BEC) attacks have increasingly targeted cloud platforms like Microsoft 365, exploiting vulnerabilities. It’s alarming that nearly half of corporate data in the cloud is sensitive, presenting ripe opportunities for ransomware efforts. High-profile incidents, like Okta’s 2023 breach, starkly illustrate third-party vulnerabilities, impacting 134 business clients and causing significant financial and reputational damage.

To navigate these challenges, QBE advises companies to reassess risk profiles, identify acceptable risk levels, and establish robust contingency plans. Regular stress tests of crisis management strategies can ensure organizations remain agile and prepared. As AI integration grows, embedding security across technology lifecycles becomes vital to mitigating risks and protecting business operations.

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