Cybersecurity, AI and Information Systems Expert, Dr. Martin Nana Annan says Artificial Intelligence (AI) has become the only effective way to counter the growing sophistication of cybercrime, as criminals increasingly deploy AI-powered tools that conventional cybersecurity systems cannot detect.

Speaking at the Ecobank–JoyNews Business Financial Dialogue held at the Ecobank Auditorium on Tuesday, July 28, Dr. Annan said AI is fundamentally transforming digital finance by shifting cybersecurity from reactive defence to predictive, real-time automation capable of identifying and responding to threats before they cause significant damage.

"Artificial intelligence fundamentally alters digital finance by shifting from reactive defence to predictive real-time automation," he said.

According to him, while information technology has evolved rapidly and transformed lives and businesses, the rise of cybercrime has slowed confidence in digitalisation, particularly in the financial sector.

"One of the technologies in human life which has really moved so fast is the information technology. However, when we got to the digitalisation space, when cybercrime was prevalent, it has slowed down the advancement of this technology in enhancing the lives of the people because of cybercrime," he said.

Dr. Annan argued that as cybercriminals increasingly harness AI to launch sophisticated attacks, organisations must also adopt AI-powered security tools to defend their systems.

"Therefore, AI now becomes the only way to leverage and counter cybercrime because these criminals are using sophisticated algorithms that are difficult for humans to comprehend and also counter. But with the use of AI, we also leverage machine learning and other sophisticated algorithms to also counter the attackers," he said.

He explained that one of the clearest examples of AI's impact on cybercrime is the emergence of polymorphic malware, which continuously changes its characteristics as it moves through a computer system, making it difficult for traditional antivirus software to detect.

"The malware that we send traditionally will go through the process as it started. But now with AI, the malware will begin to mutate. As it's going through the system, it is changing its behavior in the system. So, it renders antiviruses useless, which means that you also require an AI tool that will be able to detect the mutating nature of the malware, which now the antivirus, your normal antivirus cannot handle."

According to Dr. Annan, AI-powered systems, including machine learning and large language models, are now essential to detecting and responding to these evolving threats.

"That is where now AI comes in, using large language models to also model something higher than for the attackers. So, we have defensive AI and attacker AI. The two are working together. They are all from the same lab, if I put it that way, because it is something we are dealing with," he said.

He noted that cybersecurity has become a constant contest between those developing digital systems and those seeking to exploit their weaknesses.

"So, if I develop a system, another person also look at the loopholes in my system and then take advantage of it. What is now making things easy for these criminals is the use of AI. We should also leverage the same AI to counter them," he added.

Dr. Annan further warned that AI-powered voice cloning and video cloning technologies are creating new avenues for fraud, making it increasingly important for organisations and regulators to strengthen cybersecurity frameworks.

"Importantly, now with voice cloning and video cloning, it is important that we also ensure that we have strong architecture. The regulatory framework ensures that we have a level playing field. Then we also remove ambiguity when something goes wrong," he said.