Rising Apprehension Over Counterfeit Technology Pertains to Commercial Entities in Australia
In a recent survey conducted by ISMS.online, it has been revealed that partner data is the most compromised in the past 12 months. This concerning trend is compounded by the fact that 25% of Australian businesses have already been impacted by deepfake attacks, a figure expressed by Michelle McCarthy, the Asia Pacific Head of ISMS.online.
The surveyed businesses are taking proactive steps to address these issues. They plan to increase their spending on securing supply chain and third-party vendor connections by 66% in the coming 12 months. This investment is not limited to local businesses, as companies globally are making significant investments in digitalizing processes, integrating suppliers, and enhancing supply chain management due to regulatory, market, and technological pressures.
The survey also found that 84% of businesses believe that AI-powered deepfake technology is improving information security. This optimistic outlook is reflected in the businesses' plans, with 69% planning to increase their spending on AI and ML security applications.
Training and awareness are critical focus points for businesses. In the last 12 months, 46% of businesses have put greater emphasis on employee education and awareness. However, 36% of employees in surveyed businesses use personal devices without proper security measures, increasing vulnerability to targeted cyber attacks like deepfakes.
The surveyed businesses are not only planning financial investment into their information security but also into supplier management. 75% of organisations state they've been impacted by an incident caused by a supply chain partner.
The increasing sophistication of cyber-attacks necessitates businesses to remain vigilant. The Australian Government is seeking to position the country as a global leader in cybersecurity with the Australian Cybersecurity Action Strategy. One potential solution could be the adoption of ISO 42001, a standard encompassing AI use, which could help organisations demonstrate their ethical, compliant approach to AI to customers, regulatory bodies, and partners.
The survey, which polled 506 information security leaders across ten sectors in Australia, underscores the need for businesses to prioritise cybersecurity in the face of rising threats. As deepfake technology is now used by threat actors to facilitate business email compromise style attacks, it is clear that the battle against cybercrime is far from over. Businesses must continue to invest in their defences and educate their employees to stay ahead in this digital age.
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