In the cybersecurity world, some trends come and go, but others—like deepfakes and Business Email Compromise (BEC) scams—just refuse to leave. If you’ve ever wished for a duller year in cybercrime, sorry to burst that bubble, but 2024 isn’t the year for it. According to Critical Start’s mid-year Cyber Threat Intelligence Report, we’re seeing a wild surge in both deepfake fraud attempts and BEC attacks, and this combination is like handing a cybercriminal a winning lottery ticket. Let’s dive into the gritty (and occasionally terrifying) details.
The Deepfake Nightmare: Not Just for Celebrity Gossip Anymore
Remember when deepfakes were just a way to mess around with celebrity videos? Good times. Now, the stakes are much higher, and your company’s security might be on the line. Critical Start’s latest report shows a staggering 3,000% increase in deepfake fraud attempts in just the first half of 2024. Yeah, you read that right: 3,000%. That’s not a typo, but an exponential rise that screams, “Hey, maybe we should pay attention!” Deepfakes are no longer a fringe issue—they’ve hit the big leagues.
But how exactly are these deepfakes being weaponized in cybercrime? While the technology started as a harmless way to swap faces in videos, it has evolved into a more sinister tool. Criminals are using AI to mimic the voices and likenesses of high-level executives to defraud companies, gaining access to sensitive data or even initiating fraudulent financial transactions. Imagine getting a video call from what appears to be your CEO, asking you to wire a few million dollars ASAP. Not suspicious at all, right?
It’s a chilling reminder that today, even our eyes—and now ears—can deceive us.
Business Email Compromise (BEC): The Scammer’s Golden Goose
Next on the cybercriminal hit parade is the ever-evolving BEC attack. While BEC is not exactly a newcomer to the threat landscape, it’s definitely getting a nasty makeover. Traditionally, these scams targeted large corporations, but—brace yourselves—they’ve now set their sights on smaller, less tech-savvy businesses. According to Critical Start, these attacks are no longer just the domain of corporate giants. With smaller organizations less prepared to fend off such targeted strikes, BEC is becoming a cybercrime gold rush.
The FBI has noted BEC scams as one of the costliest forms of cyberattacks, raking in over $43 billion globally since 2016. Yes, billion. And it’s not like these scammers are putting in their two weeks’ notice any time soon.
The genius of BEC lies in its simplicity. It usually starts with a spoofed email or compromised account posing as a trusted business associate or higher-up in the company. Once trust is established, a request for funds transfer, gift cards, or sensitive data follows. Sounds low-tech, right? But that’s the brilliance—why hack into a sophisticated system when you can just ask for the keys?
Why the Perfect Storm?
Let’s talk about the bigger picture for a second. Why are these two threats—deepfakes and BEC—skyrocketing simultaneously? In a nutshell, they complement each other perfectly. Deepfakes add a layer of trust and believability to social engineering attacks, making BEC scams even more effective. If you’ve got a deepfake video of your boss asking for an urgent wire transfer, it’s much harder to detect the scam than if it’s just an email full of typos.
Critical Start’s report reveals that cybercriminals are adopting these technologies to bypass traditional defenses, like two-factor authentication (2FA) or email filters. The fusion of deepfake tech and BEC scams could make even the most security-savvy employee slip up.
So, while companies invest heavily in email security filters, endpoint protection, and employee training, the bad actors are keeping things simple: they’re hitting where it hurts the most—human trust.
The Impacts Across Industries
The Critical Start report isn’t just a collection of scary headlines—it breaks down how these attacks are hammering specific industries. Manufacturing, healthcare, and professional services are taking the brunt of these cyberattacks, according to the report. Manufacturing, for instance, saw 377 confirmed ransomware and database leak incidents in the first half of 2024 alone. But it’s not just factories and plants being targeted. Professional services saw a 15% increase in cyberattacks, and the healthcare sector had a staggering 180% rise, thanks in no small part to BEC and deepfake-enabled fraud.
Healthcare’s growing vulnerability is particularly concerning. With the amount of sensitive data they handle, a successful BEC scam or deepfake fraud could lead to far-reaching consequences, from financial loss to compromised patient records. You’d think life-saving institutions would be spared from these attacks, but apparently, cybercriminals have no shame.
What Can Be Done?
So, what’s the game plan? While there’s no silver bullet, Critical Start recommends a combination of tried-and-true cybersecurity strategies alongside newer, AI-driven solutions. Managed Detection and Response (MDR) platforms, for instance, are being hailed as essential in mitigating these threats. MDR allows for proactive monitoring and quick responses to suspicious activity, using tools like Endpoint Detection and Response (EDR) and advanced threat hunting.
Also, educating employees about these evolving scams is crucial. Businesses need to instill a culture of skepticism—because no, your CEO probably isn’t going to ask for an urgent wire transfer while on vacation. Even with sophisticated AI tools, human vigilance remains one of the best lines of defense.
FAQs
What is a deepfake attack?
A deepfake attack uses AI-generated media—such as videos or audio clips—that mimic a real person’s likeness or voice to deceive the victim. In cybercrime, this tech is often used for fraud, impersonating high-level executives to steal sensitive data or money.
How do Business Email Compromise (BEC) attacks work?
BEC attacks usually involve hackers compromising an email account or using a spoofed email to impersonate a trusted business associate or executive. The scammer then sends a request for sensitive information or financial transactions.
Why are deepfakes and BEC attacks rising together?
Deepfakes add believability to BEC scams, making it harder for employees to spot fraud. When a convincing deepfake video accompanies a fraudulent email request, it becomes more challenging to differentiate between real and fake.
Can small businesses be targets of BEC?
Absolutely. In fact, small businesses are increasingly being targeted because they often lack the robust security defenses of larger corporations, making them an easier mark.
What industries are most affected by these attacks?
Manufacturing, healthcare, and professional services are among the industries most affected. These sectors are attractive targets due to the sensitive data they handle and the critical operations they perform.
Wrapping Up: Time to Get Paranoid (In a Good Way)
Cybersecurity is no longer about just installing the latest antivirus software and calling it a day. The rise of deepfakes and BEC scams means that businesses, both big and small, need to rethink their strategies. It’s time to get a little paranoid—because trust in the wrong place could cost your company dearly.
And hey, if your CEO calls asking for millions to be transferred ASAP, maybe double-check that voice before hitting send.
