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For Your Business October 28, 2024

White paper tackles Cybercrime ‘deepfakes’ costing companies millions and controls available

The financial industry group FS-ISAC has released a white paper to help financial and other institutions understand the risks posed by deepfake technology: “Deepfakes in the Financial Sector: Understanding the Threats, Managing the Risks.”

A “deepfake” (a combination of "deep learning" from computers/artificial intelligence (AI) and "fake") is media produced by GenAI (generative AI) to mimic a person’s likeness in images/video, used to commit fraud or crimes. The report provides guidance to aid cybersecurity teams in enacting preventative measures and control mitigations to protect customers, reputations, and public trust.

The report covers:

  • How services institutions are likely to be attacked by deepfakes
  • The assets threatened by deepfakes
  • The primary recipients of deepfakes
  • A summary of controls available to organizations

According to the FBI’s Internet Crime Complaint Center, Americans and organizations lost $12.5 billion online to fraud last year, with an estimated 39% of victims due to “deepfake” or doctored videos that use AI technology. The losses are believed to me much higher as an estimated less than 50% of victims report the crimes.

To read the paper click here.

 

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