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In 2023, the cybersecurity landscape was profoundly impacted by the emergence of stringent cyber regulations, the convergence of generative AI, social engineering, and ransomware, and the release of generative AI-powered applications. ThreatLabz research revealed a 37% surge in ransomware attacks, accompanied by an average enterprise ransom demand of $5.3 million and an average payment exceeding $100,000. AI and machine learning (ML) are being used to reshape how organizations operate, but attackers are also leveraging AI tools to elevate and automate phishing campaigns, craft extremely evasive malware, and reduce the development time of threats.