The Rising Deepfake Risk for Businesses: A Step-By-Step Defense Strategy Built Around the Basics of Security

Deepfakes are the exciting new thing in cyber security, but at their core they are not a new threat – social engineering has been around since the beginning. Advancements in artificial intelligence (AI) are taking social engineering attacks on organizations to a whole new level though, showing up in new ways. As AI models become faster and more sophisticated, deepfakes become more automated and convincing. This enables threat actors to be much more efficient and effective, ramping up the risk to organization’s critical data and infrastructure.

It’s clear to see that deepfakes are an increasing threat to organizations, with 1 in 4 companies experiencing deepfake fraud in the last 12 months, according to Deloitte. These attacks are generated using AI and machine-learning (ML) algorithms, arming threat actors with the tools to create highly convincing, yet completely fake digital content.

While this is nothing new, the ease of execution has made deepfakes an even bigger threat – modern AI advancements mean threat actors can now swiftly bypass verification processes or trick employees into sharing sensitive information. In turn, this allows threat actors to cast their nets wider. While larger, highly profitable organizations were once the top target for deepfake attacks, threat actors are now setting their sights on smaller businesses.

The Leadership Disconnect

In recent years, the barrier to entry for cybercriminals has been lowered. Why? Because GenAI tools used in deepfakes have become more widely accessible and available. Threat actors can now not only create more believable deepfakes but launch attacks on a much wider scale than before.

Here’s where leadership fails most organizations: around one quarter of company leaders are barely or not at all familiar with deepfake technology, according to business.com. Meanwhile, more than half admit their employees haven’t received any training on identifying these attacks.

This knowledge gap is inexcusable. As a CEO who’s spent decades in cybersecurity, I’ve watched too many organizations chase the latest detection tools while ignoring the fundamentals of good security leadership. This is creating a dangerous disconnect where sophisticated threats meet unaddressed security gaps.

Building a Secure Foundation

Let’s be clear: deepfakes are not a one-size-fits-all threat. They can take many forms – from live and recorded videos to static images and personalized phishing attacks. When assessing the impact of these different types of attacks, a good place to start is understanding your specific areas of vulnerability.

Every organization has different vulnerabilities, and some organizations will be targeted by specific types of deepfakes more than others. This often comes down to factors including the nature of your organization, what types of data you have, and the ways this data can be accessed.

For organizations that don’t know where to start, understanding your weaknesses begins with understanding the most common types of deepfake fraud within your industry. Once this has been established, you can then start tailoring your defenses to the risks that matter most to your organizations.

But let’s not forget the basics. Building resilience is not about throwing more tools at the problem – it’s about ensuring fundamental security practices are performed well. This is where leadership plays a vital role.

When it comes to defending against deepfakes, building a culture that prioritizes security awareness is essential. For organizations that need support with this, working with an expert cyber security consultancy can help strengthen fundamental aspects including:

1. Employee Education. One of the most effective ways to prevent deepfake fraud is to ensure your employees understand and recognize the risks. Expanding security awareness training that covers how to spot deepfakes, the risks they pose, and the procedures to follow in the event of an attack is a no-brainer. Organizations that invest in targeted, specific training programs can significantly reduce their chances of falling victim to deepfakes.
2. Risk Management Practices. Solid risk management practices not only help with managing and mitigating deepfakes but defending against all major types of cyber-attacks. When it comes to managing risk, organizations should follow a multi-step process. This includes identifying risk, assessing risk based on the potential impact, prioritizing risk and then monitoring to ensure defenses are working as intended.
3. Best Practice Processes. A workplace culture built around security-first processes is an essential part of defending against deepfakes. This is where best practice comes in: employees should always call unknown numbers back using trusted contact information and multi-factor authentication (MFA) should be deployed where possible to avoid unauthorized access.
4. Phishing Simulation. Deepfakes make business email compromise (BEC) attacks even more dangerous through realistic personalized messages. As threat tactics advance, traditional phishing simulations won’t cut it anymore. Instead, organizations need exercises that match up to real-world deepfake fraud. This includes realistic simulated attacks that may impersonate executives within their own organization.

Dedicated Defenses Against Deepfakes

There is no silver bullet to mitigate deepfakes. At the end of the day, the key to defending against this rising risk lies not in any one tool or technique, but in ensuring that your security fundamentals are rock solid.

Now is the time to take control of your security outcomes. By leveraging a trusted cybersecurity expert who provides deep expertise, organizations can proactively prepare for what’s to come, rather than reacting to attacks once it’s already too late.

About the Author

Matthew Martin is the founder and CEO of Two Candlesticks and an international leader in cybersecurity, risk, and technology. Matt is a trusted security executive, international speaker, and board advisor for venture studios, private equity, and various startups with a focus on supporting overlooked markets and regions.

With over 25 years of experience in the cybersecurity industry, Matt has led and implemented security organizations at Fortune 100 financial services companies and currently provides high-level consultancy to companies within diverse industries around the world. He has a passion for serving the underserved in cybersecurity to create positive impacts for organizations, end users, and society.

Matthew can be reached online at [email protected], https://www.linkedin.com/in/mattmartin/ and at our company website https://www.two-candlesticks.com/