Good morning. The danger of cyberattacks has lengthy been prime of thoughts for CFOs, however within the coming months, the risk could pose even larger trigger for concern as deepfakes and different new AI-driven methods turn out to be extra refined.
In July, greater than 100 prime cybersecurity leaders gathered in Silicon Valley to speak about tips on how to take care of the most recent AI-driven threats. Fortune’s Sharon Goldman writes about this assembly in a brand new piece, “SoftBank, Mastercard, and Anthropic cyber chiefs sound alarms on AI phishing and deepfakes—but those aren’t the only things keeping them up at night.”
The group, together with Fortune 500 chief data safety officers, had been surveyed by Team8, the enterprise capital agency behind the occasion. Three-quarters stated that preventing AI phishing campaigns—electronic mail, textual content or messaging scams—is tough. And greater than half stated AI-generated video or audio impersonations, or deepfakes, had been changing into an more and more widespread risk.
Goldman spoke solely to a number of retreat attendees and discovered that AI phishing assaults and deepfakes could also be simply the tip of the iceberg.
“Gary Hayslip, chief security officer at investment holding company SoftBank, said one of his biggest concerns is how to protect private company data from supply chain attacks in the age of AI,” she writes. “That is, dealing with risks from third-party vendors that have added generative AI features to their tools but have not implemented the necessary governance around the use of Soft bank’s data.” You may learn Goldman’s full report right here.
In the meantime, a latest report by Medius, a finance software program supplier, discovered that 53% of finance professionals within the U.S. and U.Okay. skilled tried deepfake scamming assaults, with 43% admitting they’ve fallen sufferer to an assault. As well as, 85% stated deepfake know-how poses an existential disaster to the enterprise’ monetary safety. The findings are primarily based on a survey of 1,533 finance professionals.
Generative AI is a software that may improve office productiveness. Nonetheless, within the fallacious fingers, it might supply “endless potential” to extend the character and scope of fraud in opposition to monetary establishments, in line with analysis by Deloitte’s Middle for Monetary Providers. For instance, generative AI-enabled deepfakes incorporate a “self-learning” system that consistently checks and updates its skill to idiot computer-based detection techniques.
Deloitte predicts that the know-how may allow fraud losses to succeed in $40 billion within the U.S. by 2027, from $12.3 billion in 2023, a compound annual development price of 32%.
“There won’t be one silver-bullet solution, so anti-fraud teams should continually accelerate their self-learning to keep pace with fraudsters,” in line with Deloitte.
Sheryl Estrada
sheryl.estrada@fortune.com
The next sections of CFO Every day had been curated by Greg McKenna
Leaderboard
Tracy Kennedy was appointed everlasting CFO of Air T (Nasdaq: AIRT), an air freight and logistics firm. She succeeds Brian Ochocki, who left the corporate for an additional alternative in September. Kennedy, the corporate’s chief accounting officer, assumed the CFO position on an interim foundation. She has been on the firm for over six years, serving as a director of accounting and company controller.
Lau Mei Suen was appointed CFO of Primega Group Holdings (Nasdaq: PGHL), a Hong Kong-based development and transportation firm, efficient instantly. He succeeds Man Wing Pong, who has resigned on account of private causes, the corporate stated. Lau turned CFO of China Hongbao Holdings in July 2023 earlier than leaving the corporate final month.
Massive deal
The U.S. economic system is exhibiting indicators of getting into a “goldilocks” part of regular development, declining inflation, and value stability, in line with a brand new report from S&P World Market Intelligence. The general sentiment of S&P 500 corporations stays exceptionally optimistic, the report stated, hovering close to a 15-year excessive. Financials, data know-how, and actual property have been the sectors driving this optimism.
Discussions about inflation are now not a relentless on earnings calls. As of final quarter, the variety of mentions on the topic have declined 80% since peaking within the first quarter of 2022, returning to pre-pandemic ranges.
In the meantime, dialogue about synthetic intelligence on earnings calls sheds mild on adoption developments. “AI fatigue” was obvious final quarter, with the overall variety of mentions down 29% from the height in Q2 final 12 months. Nonetheless, AI discussions broadened throughout sectors, with a 15% year-on-year improve throughout corporations in non-tech industries.
Going deeper
“How Europe’s tech-shy Fortune 500 is embracing AI,” is a brand new characteristic from Fortune’s Ryan Hogg. The most important corporations within the second annual Fortune 500 Europe record are predominantly discovered not in tech, however “old” industries like power, automotive, and finance. Early proof suggests, nevertheless, that the continent’s greatest hitters don’t wish to be left behind within the newest technological revolution.
Overheard
“It will take time to return Boeing to its former legacy but, with the right focus and culture, we can be an iconic company and aerospace leader once again.”
— Kelly Ortberg, CEO of Boeing, stated in a press release shortly earlier than the corporate reported a $6 billion loss for the third quarter, Fortune reported.
