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Fraud has long been a concern of many Canadian organizations, and it’s only getting worse. Digital fraud in particular increased by 40% last year. Canadian lost a total of 567 million dollars cybercriminals and other fraudsters in 2023.

Unfortunately, it is likely to continue. Cybercriminals are now using artificial intelligence (AI) technology to achieve their goals with “deepfakes” – audio and video that can mimic real people, such as CEOs or other business leaders. These videos are so realistic that employees think they are interacting with the real person.

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Deepfake scams are powerful. An Ontario man was convinced to invest more than $10,000 after seeing a video of Justin Trudeau and Elon Musk pitching an investment platform. More senior citizens in Newfoundland sent thousands of dollars fraudsters after receiving a single phone call, allegedly from a nephew, asking for help. In both cases, the audio and video were nothing more than AI creations.

Protect your organization

In a business context, deepfakes are dangerous – and will become more convincing over time. Organizations must protect themselves or risk losing everything.

Unfortunately, no one is completely immune to fraud. You’ll need the right coverage to protect you should the worst happen. Make sure your cyber or commercial crime insurance policy covers you for fund transfer fraud, invoice manipulation or social engineering scams. It’s a good idea to work with an experienced broker who can support you with risk mitigation resources and crisis response coverage to minimize financial and reputational damage from these scams.

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Remember: these pranks are a threat not only to your organization’s bottom line, but also to your brand and reputation. In some cases, it may even pose a threat to the safety of your leaders and other employees. But taking steps to reduce risk can be a complete game changer.

About the author: Jonathan Weekes, Cyber ​​Leader at Hub International, has over 13 years of experience in commercial insurance, focusing on professional liability and cyber.

This section is powered by Dynamix Revenue. Revenue Dynamix provides innovative marketing solutions designed to help IT professionals and businesses thrive in the Canadian market, providing insights and strategies that drive growth and success across the entire enterprise IT spectrum.

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