Australia's Corporate Sector Faces Growing Apprehension due to Proliferation of Deepfake Technology
In a recent survey conducted by ISMS.online, 506 information security leaders across ten sectors in Australia revealed their plans and concerns regarding the future of cybersecurity. The findings suggest a significant shift in the priorities of businesses, with a focus on AI and ML security applications, supply chain security, and compliance with global regulations.
AI and ML Security Spending on the Rise
A striking 69% of businesses plan to increase their spending on AI and ML security applications, reflecting the growing recognition of the importance of these technologies in bolstering information security. This increase is further substantiated by the 84% of businesses believing that AI-powered deepfake technology is improving information security.
Deepfake Threats Loom Large
The survey also highlighted the rising threat of deepfake technology, with approximately 25% of Australian businesses reporting experiencing a deepfake information security incident within the last 12 months. Sophisticated deepfakes are now being used by threat actors to facilitate business email compromise style attacks, posing a significant risk to businesses.
Vulnerabilities in the Supply Chain
The survey found that 75% of the organizations surveyed have been impacted by an incident caused by a supply chain partner. This underscores the importance of ensuring a strong information security posture, especially considering the vulnerabilities associated with third-party suppliers. In response, 66% of the surveyed businesses plan to increase their spending on securing supply chain and third-party vendor connections in the coming 12 months.
Regulatory Pressures and Compliance
The evolving nature of AI and deepfake technologies necessitates alignment with global regulations such as ISO 42001. This standard encompasses AI use and can help organizations demonstrate their ethical, compliant approach to AI to customers, regulatory bodies, and partners.
The Australian Government is seeking to position the country as a global leader in cybersecurity with the Australian Cybersecurity Action Strategy. In light of regulatory pressures like upcoming EU supply chain laws and sustainability regulations, companies worldwide, including in Australia, are expected to proactively enhance supplier risk management, transparency, and compliance measures to secure their supply chains.
Employee Training and Awareness
As cyber-attacks become more sophisticated, training and awareness are critical focus points for businesses. 46% of businesses have put greater emphasis on employee education and awareness in the last 12 months.
Michelle McCarthy, ISMS.online Asia Pacific Head, expressed concern about the high number of businesses (25%) already impacted by deepfake attacks. She emphasized the need for continued vigilance and investment in employee training to combat these threats.
The survey's findings underscore the need for businesses to stay abreast of the latest cybersecurity threats and to invest in measures that protect their data, supply chains, and employees. As the use of AI and deepfake technologies continues to grow, businesses must adapt to ensure their information security remains robust and secure.
