Businesses Face Challenges in Preparing for Deepfake Threats

New research indicates that the growing capabilities and accessibility of Generative AI have significantly increased the threat of deepfake attacks over the past five years. Deepfakes, which involve digitally replicating a person’s likeness, manipulating their face, voice, or body, and broadcasting in real-time, have become convincingly realistic, posing substantial risks to businesses.

The ramifications of these advanced cyber threats are particularly troubling, given that 90% of cybersecurity breaches are identity-related. In a GetApp survey, 47% of UK IT professionals expressed privacy concerns, and 42% feared potential identity theft associated with biometric authentication. Similarly, research by iProov revealed that while 70% of organizations anticipate a high impact from deepfakes, 62% worry their efforts against such attacks are insufficient.

Financial Impact and Precautions Amid Growing Concern

A notable incident in Hong Kong highlighted the severity of deepfake risks when cybercriminals used deepfake technology to impersonate a CFO during a video call, defrauding a firm of $25 million. This incident underscores the difficulty in detecting these sophisticated deceptions without advanced equipment. While 92% of organizations reported success with existing security measures, confidence has waned as technology advances, with 30% of respondents highlighting concerns about AI's potential misuse for biometric identity fraud.

David Jani, an analyst at GetApp, noted, "AI-generated attacks and deepfakes are provoking anxiety among companies but also action... Simpler vulnerabilities are often exposing UK businesses to cyber risks. It is crucial to balance attention between basic cyber protection and new, flashy threats."

Despite 81% of UK companies having invested in cybersecurity solutions in the past 18 months, financial constraints remain a concern for 91% of IT professionals tasked with identity management security. Organizations have turned to monitoring, training, awareness courses, and simulation exercises to equip employees with the skills to recognize fraudulent activities and prevent identity theft effectively.

For ensuring personal information safety, it is advisable to refer to the best identity theft protection solutions available for families.

Earlier, SSP wrote that India ordered the unusual recall of Apple antitrust probe reports.