It is only a matter of time until we see deepfakes of executives making statements that negatively affect a company's stock price and deepfakes being used to infiltrate a company's network to steal money or intellectual property. (Credit: Shutterstock.com)
Though deepfakes are not new, their realism is improving exponentially. With improved realism comes the inability of viewers to distinguish fact from fiction.
As the line between reality and fiction grows blurrier by the day, it is only a matter of time before viewers act on the information provided through a deepfake to their detriment. And, where corporations are involved — even if they were the subject of the misinformation — viewers may look to the corporation to make them whole for any financial injuries. Thus, for corporations seeking to reduce cyber risk and protect their bottom line, the question of whether insurance will respond to such fact patterns is not something that should be deferred to the future. The artificial synthesis of video has the potential to wreak great havoc on individuals, businesses and society. Businesses need to be prepared for this disruption and consider whether insurance assets will respond.
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