The Rise of Deepfakes: A New Cybersecurity Threat
CATEGORY
Blog, Cybersecurity, Data and Analytics
Steven Mai
Chief Information Security Officer & SVP, NETFINE
DATE
Jul 10, 2024
The term ‘deepfake’ emerged in 2017, referring to videos where a person’s face is convincingly superimposed onto someone else’s body. These early deepfakes, which seamlessly blended reality with fiction, sparked both awe and concern. Fast forward seven years, and the technology has evolved significantly, posing a serious threat to the business world. Today, deepfakes are being weaponized for extortion, targeting senior executives by manipulating videos and calls to con victims into transferring money and intellectual property to cybercriminals.
The Evolution of Cyber Threats
Having witnessed the evolution of technology from floppy disks to today’s advanced systems, I’ve seen security measures adapt to new threats. However, deepfakes represent a new level of sophistication and complexity. Discussions with cybersecurity experts reveal a common concern: deepfake extortion is a unique challenge where traditional security systems remain intact, but the company’s assets are at risk due to the trust placed in these manipulated communications.
The reality is that deepfakes are so convincing that employees may be unable to tell the difference between a real and a fake interaction. This places immense importance on human factors, stringent protocols, and the separation of duties to safeguard businesses.
Deepfakes Redefining Cybersecurity
Deepfakes, powered by advanced generative AI, create hyper-realistic videos, audio, and texts capable of deceiving even the most cautious. The financial impact on businesses can be staggering, with some deepfake videos costing up to $20,000 per minute. According to Accenture’s Cyber Intelligence researchers, there has been a 223% increase in the trade of deepfake-related tools on dark web forums from Q1 2023 to Q1 2024.
For corporate leaders, the implications are severe. Deepfakes can disrupt organizations, markets, and even governments. Mitigating human vulnerabilities has always been a key aspect of cybersecurity, but with deepfakes, there’s an added layer of uncertainty. It’s increasingly difficult to verify the authenticity of communications, whether it’s a phone call from a supervisor or a text from a colleague. A prime example is the Hong Kong Bank incident, where scammers used a deepfake to impersonate the company’s chief technology officer, leading to a $25 million loss.
As these technologies become more advanced, distinguishing between genuine and falsified identities will only get harder, complicating security protocols. The ACI team predicts a rise in AI-driven cyberattacks, urging organizations to adopt advanced AI-based cybersecurity measures that can detect, respond to, and prevent threats in real-time.
Proactive Steps for Leaders
To navigate this emerging threat, leaders must invest in proactive cybersecurity measures. The costs of rebuilding an organization’s reputation and regaining customer trust after a deepfake attack far exceed the expenses of implementing robust cybersecurity protocols beforehand.
Key steps include:
- Educating and aligning the leadership team on the specific threats they face.
- Enhancing policies, procedures, and governance to secure the digital core against AI-enhanced risks.
- Conducting tabletop exercises, penetration testing, and crisis management drills for leadership and finance teams.
While these measures may seem ambitious, partnering with a trusted cybersecurity advisor can provide the necessary guidance and advanced technologies to mitigate the risks associated with deepfakes.
The Time to Act is Now
The threat of deepfakes extends beyond individual harm, posing significant risks to the integrity and stability of corporate enterprises and global markets. As leaders, it’s crucial to adopt innovative solutions and advocate for stronger protections to safeguard our businesses from this emerging form of cybercrime.
We must work together as an industry to ensure that the threat of deepfakes does not become pervasive, maintaining the upper hand in the ongoing battle between attackers and organizations. Don’t wait for the first crisis—act now to protect your business.
For more information on how we’re helping clients navigate the threat of deepfakes, reach out to us.
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