Cybersecurity has become more complex over the last decade due to remote work and the proliferation of new technology tools. Finance leaders and IT teams face evolving vulnerabilities. Hackers have escalated attacks using deepfakes and AI-generated content, enabling sophisticated social engineering and large financial thefts. In early 2024, a deepfake of a CFO prompted an employee to transfer over $25 million to external accounts. Attackers increasingly monetize breaches to extract funds. The Preventing Deep Fake Scams Act was introduced to create a task force on AI in financial services, though legislation lags behind technology. Finance chiefs should engage in cybersecurity governance and ensure senior finance representation on cyber committees.
Hackers, whether working on their own or as part of wider criminal rings, have stepped up their attacks in an era of "deepfakes" and artificial intelligence-generated content. In just one example, in early 2024, an employee at a Hong Kong-based multinational was tricked by a deepfake video of the company's CFO into transferring over $25 million to multiple external bank accounts.
Daniel Tobok, CEO of Miami-based cybersecurity firm Cypfer, noted that cyberattacks have been around for the better part of the last two decades. What's changed, he said, is that hackers are finding ways to monetize their efforts and extract funds. "You can be in different places around the world, and as long as you have a strong connection and a laptop, you can get online and cause damage," Tobok said in a Tuesday interview.
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