New research from Trustpair revealed that 83% of companies were targeted by cyberattacks in the past 12 months, resulting in losses exceeding $1 million for 36% of those successfully targeted.
Despite 67% of companies having full knowledge of this growing trend, a significant number still lack robust defenses to thwart such cyber threats.
As highly sophisticated cyberattacks such as deep fakes, texts generated by ChatGPT, and sophisticated phishing tactics, 2024 is ushering in a new era: Cyber Era.
Both businesses and consumers will need to adapt to this evolving landscape. Companies must invest in sophisticated cybersecurity infrastructure, adopt monitoring practices, test for any vulnerabilities, and provide comprehensive employee training. Meanwhile, on the consumer front, awareness campaigns by companies will play a crucial role in educating customers about the nature of deep fakes, in addition to how to identify and avoid them.
The Ripple Effect of Cyberattacks
Cyber fraud’s impact can be felt on many levels, and it’s something that keeps businesses up at night. In the Trustpair report, companies polled noted the top impact that fraud has on their organization:
- Damaged reputation with customers (51%)
- Damaged reputation with investors (50%)
- Tarnished relationship with suppliers (45%)
Fraud is also impacting potential business partnerships. Two-thirds (66%) of respondents said they would sever a business relationship with another organization if they were impacted by payment fraud. This underscores the need for having safety measures in place, and carefully assessing the risk of fraud before entering into a business relationship with a potential partner.
A Rise in Deepfakes
Deepfakes are beginning to impact many sectors, including the banking industry. In the UK, specifically, there’s been an increasing share of deepfake incidents. Research from Sumsub indicated a 300% increase in deepfake incidents occurring between 2022 and 2023. The UK has become a prime target due to its widespread adoption of digital banking.
Deepfakes are gaining traction in other parts of Europe, including Spain and Germany. When looking at these specific markets—in addition to the UK—they represent more than 10% of total cases in Europe.
