ChatGPT, a very advanced natural language generation model, represents a momentous paradigm shift inside the realm of the internet. ChatGPT, which was made available to the public by OpenAI on November 30, 2022, is an enhanced version of OpenAIs GPT-3.5 model. It has been further developed through the implementation of fine-tuning methods that combine both supervised and reinforcement learning approaches. Furthermore, it provides a client interface that is easy to use, allowing users to actively participate in interactive question-and-answer exchanges with the model. Nevertheless, the utilization of these chatbots likewise presents noteworthy cybersecurity concerns that necessitate attention. The primary objective of this research study is to examine the cyber dangers that are inherent in the utilization of ChatGPT and other comparable AI-driven chatbots. This investigation will encompass an analysis of potential vulnerabilities that may be susceptible to exploitation by individuals with malevolent intent. Additionally, the paper proposes strategies for mitigating the aforementioned cyber risks and vulnerabilities.