As a trusted UK technology provider, Neuways is dedicated to protecting businesses from the increasing threat of cyber attacks. A new sophisticated sort of cyber threat is a deepfake, and it highlights the distrust and concerns of many over AI implementation and regulation. A deepfake is where images or recordings are digitally manipulated to deceive, and these types of cyber threats are on the rise, putting companies at significant risk, especially those reliant on technology for critical operations.
According to the latest data from Deloitte, nearly half of executives have been targeted multiple times by deepfake attacks. For many of them, the primary objective of these attacks is financial and accounting data, which makes Chief Financial Officers (CFOs) especially vulnerable.
Financial Data Under Attack
Deloitte’s research, presented in a webcast titled “Generative AI and the Fight for Trust,” found that 26% of executives impacted by deep fake fraud in the past year reported their company’s financial and accounting data as the target. Given the critical importance of this data for decision-making, the threat posed by deep fakes is severe and growing. It is a cyber threat that simply must be managed, and employees and senior management have to be vigilant and alert.
At Neuways, we understand the importance of safeguarding financial data. Yet, despite the rising threat, fewer than half (46%) of the respondents expressed confidence in their ability to protect this sensitive information from deepfake attacks. Alarmingly, 33% were uncertain or lacked clarity on how to defend against such data breaches.
Experience Breeds Confidence
Interestingly, Deloitte’s findings show that executives who have already experienced a deep fake attack are more likely to feel prepared to defend against future attempts. Experience with deep fakes enhances their ability to mitigate risks, a testament to the importance of learning from previous incidents. This underscores Neuways’ emphasis on proactive cyber security measures and the value of continuous learning and preparedness in combating modern cyber threats.
Tackling the Deepfake Challenge
With data breaches potentially costing businesses millions, more than relying on cyber security technology is needed. Neuways stresses the need for a multi-layered approach, combining advanced technology with proper employee training, scepticism, and robust risk management.
Organisations that prepare their staff for the reality of deep fake fraud will be better equipped to protect their most valuable asset—data.
Deloitte’s report also highlights how companies are preparing for these threats. Over 22% of respondents said they focus on educating employees about new risks, while 19% use training methods like role-playing scenarios to simulate attacks. However, only 7% are turning to new technologies to detect deep fakes, suggesting a gap in adopting innovative tools that Neuways believes are essential for comprehensive security.
The Future of AI-Driven Threats
Deepfake attacks are just one of many risks associated with artificial intelligence (AI). When asked about the potential threats AI could pose in the next 12 months, business leaders cited loss of trust between stakeholders (25%), compromise of company data (22%), financial loss (18%), and reputational damage (14%).
The most challenging risk to address—loss of trust among business stakeholders—remains an area where businesses are least prepared. Neuways recognises this as a critical issue and works with companies to strengthen their cyber security posture and build resilience against the evolving threats posed by AI technologies.
Preparing for Tomorrow’s Risks – Deepfake Cyber Threats
As deepfakes and other AI-driven risks evolve, Neuways is committed to helping businesses protect their data and maintain trust with their stakeholders. By staying ahead of these threats with cutting-edge technology, strategic employee training, and expert guidance, Neuways ensures that companies across the UK can navigate the digital landscape with confidence.
At Neuways, our mission is to safeguard your business in an increasingly complex cyber environment. Protecting your future starts with securing your data today.
