Deepfakes and Phishing Attacks

Are the Top AI-Powered Threats

According to a poll conducted among chief information security officers, cybersecurity budgets increased in response to an increase in attack risks.

The biggest AI-powered risks to businesses, according to a recent poll of chief information security officers (CISOs) from leading companies, are phishing attempts and deepfake-enhanced fraud.

Phishing assaults were cited as the top concern by 75% of respondents, while deepfake-enhanced speech or video fraud was cited by 56%. In response to these escalating dangers, 70% of the CISOs surveyed stated that their budgets increased in 2024 compared to 2023.

A Gartner analysis that projects that global spending on risk management and security would reach $215 billion in 2024 a 14.3% rise from 2023 supports this.

The respondents also mentioned that enterprises’ biggest issues when securing AI systems are a lack of expertise (58%) and striking a balance between security and usability.

Full results are available in Team8’s 2024 CISO Village poll Report, which is based on a poll given out to over 100 cybersecurity executives from organizations including Oracle and Barclays during the company’s annual CISO Summit.
Team8 is a global venture-creation and venture capital fund that develops and finances businesses in the fields of digital health, fintech, data & AI, and cybersecurity.

The business claimed that its research provided insight into the rapidly changing cybersecurity environment, which is being progressively shaped by AI. It also sheds insight on the current operating climate for CISOs, who are dealing with never-before-seen challenges from the government and business community.

Of those surveyed, 54% claimed that worries about liability had negatively affected their well-being, and 32% actively sought to reduce their own legal risk by hiring an attorney, acquiring more insurance, or modifying their contract.
According to Ross Young, CISO in Residence at Team8, “the most recent SEC rulings and increasing liability pressures have thrust CISOs into new and complex territory, intensifying both the legal and emotional challenges they must navigate.”

“This significant change has far-reaching implications for the security and resilience of organizations worldwide, as well as for the well-being of CISOs.”
But CISOs are reacting to the new tech developments that are quickly changing the threat environment, according to Amir Zilberstein, managing partner at Team8 and Claroty co-founder.
“In the upcoming years, striking a balance between these new threats and enduring problems like identity and third-party risk management will be crucial.”

Survey respondents also said there are several critical data security concerns that currently lack adequate solutions – these include insider threats and next-gen DLP (65%), third-party risk management (46%), AI application security (43%), human identity management (40%) and security executive dashboards (40%).

Forty-one percent expect to explore purchasing solutions for managing the AI development lifecycle within the next one to two years. Additionally, many CISOs are prioritizing solutions for third-party AI application data privacy (36%) and tools to discover and map Shadow AI usage (33%).