About Faithful Chiagoziem Onwuegbuche

Faithful Chiagoziem ONWUEGBUCHE is a PhD researcher at the Research Ireland Centre for Research Training in Machine Learning (ML-Labs), University College Dublin. He is also affiliated with the Research Ireland Centre for Software (Lero). His research focuses on leveraging artificial intelligence to address challenges in cybersecurity and finance. His goal is to develop adaptive AI systems that detect financial fraud, secure critical infrastructure, and promote financial inclusion in developing countries.

With extensive professional experience as a data scientist, machine learning researcher, and lecturer, Faithful has contributed to impactful projects, including his tenure at Mastercard Ireland’s AI R&D team, where he developed AI models to detect fraudulent Bitcoin transactions. As an SFI-NSF research grant recipient, he collaborated with the AWARE-AI Lab at the Rochester Institute of Technology, USA, co-authoring work on using AI to analyse affective states exploited in phishing attacks.

Faithful’s journey reflects his dedication to excellence. As a Commonwealth and African Union Scholar, he earned master’s degrees in Financial Technology and Financial Mathematics, respectively, and graduated with a first-class undergraduate degree in Mathematics and Statistics. Outside work, he mentors young scientists, advocates for STEM education, and enjoys singing, poetry, and exploring the wonders of nature.

The Evolution of Ransomware Attacks in the Age of Artificial Intelligence

Imagine waking up to find your organisation paralysed—critical systems offline, customer data held hostage, and attackers demanding payment in cryptocurrency. This scenario is no longer just a dystopian possibility; it’s a harsh reality for countless organisations worldwide. Ransomware, which accounted for 20% of all cybercrimes in 2022, continues to evolve, becoming more sophisticated and destructive. Notable incidents, such as the Colonial Pipeline attack, have demonstrated how ransomware can disrupt industries, threaten national security, and erode public trust.

This presentation explores the evolution of ransomware, tracing its journey from locker ransomware to crypto-ransomware, to ransomware as a service (RaaS), and to the highly sophisticated modern ransomware we face today. In 2021 alone, over 623 million ransomware attacks were recorded globally, with phishing and unpatched vulnerabilities serving as primary entry points. While organisations have made strides in mitigating risks, attackers are now leveraging advanced technologies like artificial intelligence (AI) to enhance their tactics. The future could see ransomware infiltrating the metaverse or autonomous AI agents launching attacks with unprecedented precision and speed.

To address these challenges, I will showcase a novel AI model I developed that effectively detects and mitigates recent sophisticated ransomware strains. By leveraging AI’s ability to adapt and learn from evolving threats, this model offers a forward-looking solution for cybersecurity professionals. The presentation will also discuss speculative scenarios, such as the role of ransomware in immersive digital spaces, and discuss the steps organisations must take today to prepare for tomorrow’s threats.

Key takeaways for attendees include: