The aim of this paper is to discuss the role and impact of generative artificial intelligence (AI) systems in higher education. The proliferation of AI models such as GPT-4, Open Assistant and DALL-E presents a paradigm shift in information acquisition and learning. This transformation poses substantial challenges for traditional teaching approaches and the role of educators. The paper explores the advantages and potential threats of using generative AI in education and necessary changes in curricula. It further discusses the need to foster digital literacy and the ethical use of AI. The paper’s findings are based on a survey conducted among university students exploring their usage and perception of these AI systems. Finally, recommendations for the use of AI in higher education are offered, which emphasize the need to harness AI's potential while mitigating its risks. This discourse aims at stimulating policy and strategy development to ensure relevant and effective education in the rapidly evolving digital landscape.