In addition, businesses should proactively employ advanced monitoring and detection technologies like AI-based tools and algorithms to identify anomalies in audio, video, or image files that may indicate the presence of deepfakes. In fact, according to the recent KPMG survey, 50% of cybersecurity leaders are already using AI and advanced analytics to predict potential threats. Other proactive measures can include collaborating and sharing information with regulatory agencies to leverage their expertise and resources critical for the development of effective policies that can ultimately help safeguard critical systems against emerging threats. Development of an incident response plan specifically outlining the steps to be taken if a deepfake attack occurs, including communication protocols, legal considerations, and technical countermeasures, should also be a priority for leaders. Finally, regular organization-wide system updates and patching are crucial to maintaining a strong defense against deepfakes as well. Keeping all software, applications, and systems up to date with the latest security patches helps protect against known vulnerabilities that could be exploited by cyber criminals. Overall, the rise of new technology such as deepfakes presents a significant threat to businesses and financial entities. The scale at which deepfake attacks can cause financial harm, reputational damage, and data breaches should not be underestimated. As AI technology continues to advance, so, too, will the capabilities of deepfakes. Hackers will undoubtedly find new and innovative ways to exploit this technology for their malicious purposes. Businesses and financial entities need to be vigilant by collaborating with cybersecurity experts, researchers, and law enforcement agencies to stay updated on the latest deepfake techniques and countermeasures. In this ever-evolving landscape of AI and cybersecurity, it is essential to remain proactive and adaptive. By staying informed, implementing best practices, and leveraging the power of AI for defense, businesses and financial entities can mitigate the risks posed by deepfake attacks and safeguard their operations, reputation, and stakeholders’ trust. Matthew P. “Matt” Miller is a principal in the New York office of KPMG LLP’s Advisory Services practice and is the U.S. Cyber Security Services banking industry lead. With 20-plus years of experience, Miller’s focus areas include insider threat and internal fraud, third-party risk, quantitative and qualitative risk assessment, and incident management. He holds a Bachelor of Science in Computer Science and Business from the University of Puget Sound. Reprinted with permission of The Georgia Society of CPAs. CONTINUED FROM PAGE 27 28 Nebraska CPA
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