The article emphasizes the need for businesses to protect themselves from deepfake scams, which can be so convincing that employees believe they are interacting with real executives. It suggests that businesses ensure their commercial crime or cyber insurance policy covers funds transfer fraud, invoice manipulation, and social engineering scams. The article also recommends working with an experienced broker who can provide risk mitigation resources and crisis response coverage.
Key takeaways:
- Deepfake scams, which use artificial intelligence to create convincing fake audio and video, are a growing threat to businesses and individuals.
- In 2023, Canadians lost $567 million to cybercriminals and other fraudsters, with digital fraud up 40%.
- Businesses are advised to ensure their commercial crime or cyber insurance policy covers them for funds transfer fraud, invoice manipulation or social engineering scams.
- Deepfake scams can pose a threat not only to a company's finances but also to its brand reputation and the safety of its leaders and employees.