Deepfake attacks will cost $40 billion by 2027

The article discusses the rapidly growing concern surrounding deepfakes, a form of adversarial AI, and its impact on businesses, particularly in banking and financial services. It is projected that deep fake incidents will increase by 50-60% in 2024, with global predictions of 140,000-150,000 cases this year. The increase in deepfake technology has made it more difficult for enterprises to detect and defend against such attacks.

Enterprises seem to be unprepared for deepfakes and other adversarial AI threats. A report by Ivanti indicates that 30% of enterprises do not have a strategy for identifying and defending against such attacks. The vast majority, 89%, of enterprises believe that AI-powered threats are just beginning.

Industry executives are particularly targeted by deepfakes, with one example being the attempted deepfake of the CEO of the world’s biggest ad firm. These attacks are becoming increasingly sophisticated, as indicated by the improvement in AI technology and the growing expertise of nation-states and large-scale cybercriminal organizations in generative adversarial network (GAN) technologies.

It is essential for enterprises to acknowledge the threat of deepfakes and take steps to defend against them. The U.S. Department of Homeland Security has issued a guide, Increasing Threats of Deepfake Identities, to help businesses in this regard. Enterprises need to stay up to date with the fast pace at which AI is being weaponized for deepfake attacks and other forms of adversarial AI, or they risk losing the AI war.

The article concludes by encouraging readers to attend the VentureBeat Transform 2024 event, where leaders from OpenAI, Chevron, Nvidia, Kaiser Permanente, and Capital One will discuss the opportunities and challenges of Generative AI and how to integrate AI applications into various industries.

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