Deepfakes are sophisticated forgeries of an image, video or audio recording using artificial intelligence (AI). As technology has evolved, deepfakes are now able to alter media so well that it’s often difficult to detect that any manipulation has occurred. Alarmingly, the proportion of deepfakes in all types of fraud increased by 4,500% in Canada from 2022 to the first quarter of 2023, according to software company Sumsub. These numbers demonstrate the rapid growth of this type of cyberattack.
There are several types of deepfake attacks organizations should be aware of, including:
- Scams and hoaxes—Cybercriminals may leverage deepfake technology to create scams or hoaxes to undermine organizations. For instance, a criminal could create a false video of a CEO admitting to criminal activity, destabilizing the organization’s reputation.
- Social engineering—Social engineering consists of cybercriminals convincing victims to make a mistake or compromise sensitive data. When coupled with deepfake technology, fraudsters can easily fool victims into believing that trusted individuals have asked them to do something.
- Identity theft—Deepfake technology can be used to give credibility to synthetic identities or clone existing ones. Criminals can then use these identities for nefarious purposes.
To protect organizations from deepfake schemes, employers can consider the following strategies:
- Train employees—Educate employees on deepfakes, including what they are and how they might be used against the business.
- Utilize detection software—The earlier deepfakes are detected, the quicker action can be taken to reduce harm. Leverage technology solutions to detect potential deepfake attacks.
- Establish a response strategy—Develop a response strategy that details escalation practices and individual responsibilities should a deepfake attack occur.
Using deepfakes, criminals have the power to fool even the most careful and perceptive organizations. Contact us today to make sure your organization is protected.
Did you know that 60% of small and medium businesses don’t survive after a cyber attack? Protect your business with Cyber Insurance, call us at 780.424.2727 or click here to get a quote.