May 20, 2024 at 04:11PM
Deepfakes are now the second most common cybersecurity incident for US businesses, with over a third experiencing such incidents in the last year. Managing third-party vendor risk is a major challenge, and financial allocations for securing supply chain connections are set to increase. While AI and ML are seen as improving cybersecurity, adoption is still in early stages.
Meeting Notes Summary:
– Deepfakes are identified as the second most common cybersecurity incident faced by US businesses in the past year, with 35% reporting incidents.
– Managing third-party vendor risk is a significant challenge for 37% of businesses, with 43% stating partner data as the most compromised.
– 39% of businesses plan to increase financial allocations for securing supply chain and third-party vendor connections by up to 25% in the coming year.
– While 73% believe AI and ML are improving cybersecurity, only 26% have adopted initiatives using these technologies in the past 12 months.
– Deepfakes are most likely used in business email compromise (BEC)-style attempts, with possible use cases for information/credential theft and reputational damage.
– Luke Dash, CEO of ISMS.online, emphasized the need for organizations to build robust cybersecurity foundations to address rising and sophisticated threats posed by deepfakes and third-party vendor risks.
– Despite positive attitudes toward AI and ML, 25% of respondents list managing and securing emerging tech as a top challenge, and only about a third intend to increase cybersecurity spend by up to 25% in the next 12 months.
– Dash highlighted the need for more regulation and mentioned ISO 42001 as a standard to provide assurances to partners, customers, and regulators.
About ISMS.online:
ISMS.online offers a cutting-edge SaaS platform for comprehensive governance, risk, and compliance, addressing data privacy and information security compliance for organizations worldwide.
Research Methodology:
ISMS.online commissioned leading independent market research firm Censuswide to conduct the research, surveying 1,526 respondents across the UK, USA, and Australia between 3.22.2024 and 4.2.2024.