This paper examines the impact of generative AI models like ChatGPT on cybersecurity and privacy, highlighting their dual role in enhancing defense mechanisms while also being exploited for malicious attacks. It discusses the vulnerabilities within generative AI models and explores techniques such as jailbreaking, which can bypass ethical constraints, enabling cyber offenders to execute various cyber attacks. Furthermore, it outlines the challenges and future directions for securing generative AI in the cybersecurity landscape.