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Deepfake Technology is an Emerging Threat to Businesses

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Deepfake technology, which uses artificial intelligence to create realistic audio and visual fakes, poses a growing threat to organizations. However, it hasn’t yet led to significant increases in commercial insurance claims or losses.

The main reason deepfakes aren’t more widespread in cybercrime is the high level of expertise and computing power required to create them. While there have been notable incidents, such as a recent scam targeting a multinational company resulting in a $25 million loss, these are still relatively rare.

Despite the limited impact so far, businesses should update their security awareness training to include information about deepfakes. The complexity of the technology currently limits its use, but as AI advances, creating deepfakes will become easier and require less computing power.

In the meantime, criminals continue to find success with traditional methods like email phishing and simpler audio deepfakes. These techniques are becoming more sophisticated thanks to AI, making it crucial for businesses to make their employees aware of deepfake scams.

Although deepfakes haven’t caused a surge in claims, organizations should be proactive in their defenses. Improving cyber defense training now can help prevent future losses. By educating employees about the risks and signs of deepfakes, businesses can better protect themselves against this emerging threat.

The same AI technology that enables deepfakes can also be used to enhance cyber defenses, offering new ways to detect and prevent fraud. Organizations must stay ahead by continually updating their security measures and training programs to address evolving threats.

If you have questions about your business’ cyber security, give our commercial risk advisors a call!

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