good morning. The risk of cyberattacks has long been a top concern for CFOs, but the threat could become an even bigger concern in the coming months as deepfakes and other new AI-powered tricks become more sophisticated. There is sex.
In July, more than 100 top cybersecurity leaders gathered in Silicon Valley to discuss how to combat the latest AI threats. Fortune Magazine’s Sharon Goldman writes about the meeting in a new article: “Cyber chiefs at SoftBank, Mastercard and Anthropic are sounding the alarm about AI phishing and deepfakes, but they’re not keeping them up at night. That’s not all,” he wrote.
The group, which includes chief information security officers from Fortune 500 companies, was investigated by the venture capital firm Team8, which is organizing the event. Three-quarters say it is difficult to combat AI phishing campaigns such as email, text, or messaging scams. And more than half said AI-generated video and audio spoofing, or deepfakes, is becoming an increasingly common threat.
Goldman spoke exclusively with several retreat participants and discovered that AI phishing attacks and deepfakes may be just the tip of the iceberg.
Gary Haislip, chief security officer at investment holding company SoftBank, said one of his biggest concerns is how to protect private sector data from supply chain attacks in the age of AI. she writes. “That is, addressing risks from third-party vendors who are adding generative AI capabilities to their tools but have not implemented the necessary governance around their use of SoftBank’s data.” Goldman’s full report is here You can read it at
Meanwhile, a recent report by financial software provider Medius found that 53% of financial professionals in the US and UK have experienced an attempted deepfake fraud attack, and 43% admitted to falling victim to an attack. It turned out that. Additionally, 85% say deepfake technology poses an existential threat to their company’s financial security. The findings are based on a survey of 1,533 financial professionals.
Generative AI is a tool that improves productivity in the workplace. But in the wrong hands, they can offer “unlimited possibilities” to expand the nature and scope of fraud against financial institutions, according to a study by Deloitte’s Center for Financial Services. For example, generative AI-enabled deepfakes have “self-learning” systems that constantly check and update their ability to fool computer-based detection systems.
Deloitte predicts that this technology will increase fraud losses in the U.S. from $12.3 billion in 2023 to $40 billion by 2027, a compound annual growth rate of 32%.
Deloitte says, “There is no one silver bullet solution, so anti-fraud teams must continually accelerate self-learning to keep pace with fraudsters.”
Cheryl Estrada
sheryl.estrada@fortune.com
The following sections of CFO Daily were curated by Greg McKenna.
leader board
Tracy Kennedy has been named permanent CFO of Air T (Nasdaq: AIRT), an air cargo and logistics company. She replaces Brian Ochocki, who left the company in September for other opportunities. Mr. Kennedy, the company’s chief accounting officer, has assumed the role of CFO on an interim basis. She has been with the company for over six years, serving as the Accounting Manager and Corporate Administrator.
Mr. Lau Mei Xuen has been appointed effective immediately as CFO of Primega Group Holdings (NASDAQ: PGHL), a Hong Kong-based construction and transportation company. He replaces Man Win Pong, who resigned for personal reasons, the company said. Lau became CFO of China Hongbao Holdings in July 2023 and left the company last month.
big deal
The U.S. economy is showing signs of entering a “Goldilocks” phase of steady growth, falling inflation and stable prices, according to a new report from S&P Global Market Intelligence. Overall sentiment among S&P 500 companies remains very positive, hovering near a 15-year high, according to the report. Finance, information technology and real estate are the sectors driving this optimism.
Discussions about inflation are no longer a staple of earnings calls. As of last quarter, the number of mentions of this theme was down 80% from its peak in the first quarter of 2022, returning to pre-pandemic levels.
Meanwhile, conversations about artificial intelligence at earnings conferences shed light on adoption trends. “AI fatigue” was evident last quarter, with the total number of mentions down 29% from its peak in the second quarter of last year. Nevertheless, the conversation around AI has spread across sectors, with a 15% year-over-year increase across companies in non-tech industries.
even deeper
“How Europe’s tech-shy Fortune 500 companies are embracing AI” is a new feature from Fortune’s Ryan Hogg. The largest companies on the second annual Fortune 500 Europe list are primarily in “older” industries such as energy, automotive, and finance, rather than in the technology industry. But early evidence suggests the continent’s biggest hitters don’t want to be left behind in the latest technological revolution.
overheard
“Returning Boeing to its former traditions will take time, but with the right focus and culture, we can once again be an iconic company and a leader in aerospace.”
Boeing CEO Kelly Ortberg said this in a statement shortly before the company reported a $6 billion loss in the third quarter, Fortune reported.
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