Deepfake scams force defense-in-depth strategy for Insurtech

Deepfake Scams: A New Business Risk for Insurtech

According to Ankit Gupta, CTO of PolicyBazaar for Business, artificial intelligence is reshaping the threat landscape in a significant way. With the rise of deepfake scams and synthetic identities, what was once considered a cybersecurity issue has escalated into a critical business risk. This change poses serious implications for customer trust, brand reputation, and operational continuity.

The Shift in Threat Landscape

Gupta emphasizes that businesses, especially within the insurtech sector, need to rethink their cybersecurity strategies. Deepfakes and synthetic identities are not just technical challenges; they have the potential to undermine customer confidence and hinder a company’s public image. These technologies can be used to create convincing fraudulent scenarios, putting organizations at risk for financial loss and reputational damage.

Importance of Defense-in-Depth Strategies

In light of these developments, adopting a defense-in-depth strategy is essential for insurtech companies. This approach involves layering multiple security measures to fortify defenses against potential deepfake attacks and identity theft. By leveraging advanced technologies and integrated solutions, businesses can better protect their assets and maintain customer trust.

Who is Affected?

This shift in risk perception affects not only insurtech firms but also their customers. Consumers may find it harder to trust digital communications from companies if deepfake technologies are involved. As all industries increasingly rely on technology, it becomes crucial to address these vulnerabilities proactively.

In summary, the evolving landscape of artificial intelligence poses both challenges and opportunities for insurtech companies. By understanding the risks associated with deepfake scams, businesses can adopt better strategies to safeguard their reputation and customer relationships.

Original Source: https://www.scworld.com/brief/deepfake-scams-force-defense-in-depth-strategy-for-insurtech