new Examining trust pairs It was revealed that 83% of businesses were targeted by a cyberattack in the past 12 months, and of those that were successfully attacked, 36% suffered losses of more than $1 million.
Even though 67% of businesses are well aware of this growing trend, many still lack robust defenses to thwart such cyber threats.
2024 will usher in a new era, the Cyber Age, due to advanced cyberattacks such as deepfakes, ChatGPT-generated texts, and advanced phishing techniques.
Businesses and consumers alike need to adapt to this evolving landscape. Companies must invest in advanced cybersecurity infrastructure, employ monitoring techniques, test for vulnerabilities, and provide comprehensive employee training. Meanwhile, on the consumer side, awareness campaigns by companies will play a key role in educating customers about the nature of deepfakes, as well as how to identify and avoid them.
Ripple effects of cyber attacks
The impact of cyber fraud can reach many levels and is keeping businesses up at night. In Trustpair’s report, companies surveyed cited the biggest impact of fraud on their organizations as:
- Poor customer reputation (51%)
- Poor reputation with investors (50%)
- Deteriorating relationships with suppliers (45%)
Fraud is also impacting potential business partnerships. Two in three respondents (66%) said they would sever business relationships with other organizations if they were affected by payment fraud. This highlights the need to take safety measures and carefully assess the risk of fraud before entering into a business relationship with a potential partner.
The rise of deepfakes
Deepfakes are starting to impact many sectors, including the banking industry. The rate of deepfake incidents is increasing, especially in the UK. According to a study by Sumsub, the number of deepfake incidents occurring between 2022 and 2023 will increase by 300%. The UK is a prime target due to the uptake of digital banking.
Deepfakes are also gaining momentum in other parts of Europe, including Spain and Germany. If you look at these specific markets in addition to the UK, they account for more than 10% of the total number of infections in Europe.