Over 100 industry professionals recently gathered at the George Town Yacht Club to gain insights into the evolving cybersecurity landscape. KPMG’s presentation, focused on the rising threats of deepfakes and artificial intelligence (AI), provided invaluable perspectives on risk management, detection technologies, and mitigation strategies.
Vivek Jassal, a cybersecurity expert from KPMG, led the discussion, shedding light on how technology serves as both a hero and a villain in today’s digital world. He emphasized that while deepfake technology continues to grow more sophisticated, advancements in AI-driven detection solutions are making strides in countering these threats.
“Detection technology is part of the solution, though we need to enhance and build capability and rigor around people and processes to manage the risk effectively,” Jassal stated. He urged businesses to take immediate action in bolstering their cybersecurity programs by enhancing employee awareness, implementing strong authentication protocols, and fostering a security-conscious culture.
The event covered real-life case situations, illustrating how cybercriminals exploit AI-generated deepfakes to manipulate victims and execute financial fraud. One such case involved a woman who was deceived into transferring €830,000 due to a deepfake scam. The example underscored the need for proactive security measures and robust verification processes.
Attendees also explored the tools available to detect and mitigate AI-driven cyber threats. The discussion highlighted the importance of leveraging AI responsibly, ensuring that organizations do not merely react to threats but anticipate and prevent them.
As AI continues to evolve, organizations must strike a balance between leveraging its benefits and managing its risks. The discussion emphasized that AI is here to stay, and the best approach is to integrate it thoughtfully and securely into business operations.
KPMG’s presentation provided attendees with actionable insights and strategies to navigate the complex cybersecurity landscape. As financial institutions and businesses worldwide face increasing AI-driven threats, events like this play a crucial role in fostering awareness and preparedness.
For more updates on future events, visit https://cibankers.org/.
KPMG Contact Details:
Vivek Jassal – vjassal@kpmg.ca
Gretchen Hammes – gretchenhammes@kpmg.ky
