Keeping cybersecurity front and center for businesses is now a non-negotiable task. That’s why Pindrop launched quarterly insider sessions to check in and ensure teams were up to date and supported with the latest innovations. The event was called our CFX Spring Summit 2024 Product Showcase on March 20, covering Deepfake, Protect, and Authentication.
Several themes emerged during the event, with the new emergence and ease of creating deepfakes. Protection and authentication methods are now a priority for many businesses. According to a McKinsey report40% of companies surveyed are expected to invest more in AI and cybersecurity, and 28% have already made it a hot topic on their business agendas heading into the new year.
About half of event attendees want to deploy a deepfake solution within the next six months, and 74% within the next 12 months. Pindrop also allowed customers to see the showcase of products of the year who were excited about these insider sessions.
Here are the main themes that emerged.
- Ensure training is integrated with innovative cybersecurity software
In 2023, small businesses spent the most time on training per employee, approximately 59 hours. In the United States, large companies increased their investments in staff training between 2017 and 2020; however, these investments in training time have declined since then. Innovative tech teams are now looking for technology that can help mitigate this increase in training by implementing more creative solutions. At the recent event, 40% said they would be willing to use Pindrop’s new Gen AI to help with case review, and an additional 40% would require their organization to train the model. Teams are now looking for solutions that do not overburden them with implementation. - Find an anti-fraud solution for cats
It was surprising that 50% of participants did not have chat capabilities in their call centers and 31% did not have an anti-fraud solution for chat. There appears to be a gap and a strategic advantage for companies looking to solve this problem. According to a report from the Federal Trade Commission (FTC), U.S. consumers lost $330 million to fraudulent text messages last year, up from $131 million in 2021 and $86 million in 2021. 2020. The Cat Two-way communication also exists in most call centers. When 81% of participants would not support chat for moderate or high risk transactions, this is alarming and needs to be addressed in the market for future support. - Legal compliance allows for easy implementation
Forty-seven percent of participants were ready to use a gen AI solution, and 53% needed an internally developed solution or anticipated headwinds from their legal team. Having an in-house legal department makes communication easier. They also help protect your business from costly lawsuits, fraud and scams. With more than half anticipating legal teams’ interest in intelligent solutions, it makes sense to implement and adopt software that makes this process easier for legal teams. - Audio spoof detection is a competitive advantage
Sixty-five percent of participants would be willing to provide access to audio from Pindrop calls to improve identity theft detection. About half would support higher-risk transactions over chat if they had an accurate way to detect fraudulent interactions. Predictions from thought leaders at CrowdStrike, Intel 471, LastPass and Zscaler predict how the technology will be used, abused and exploited in surprising ways. in the coming year. Computer scientists at the University of Waterloo have discovered an attack method that can bypass voice authentication security systems with a success rate of up to 99% after just six attempts. In the past this was much easier to detect. However, in a recent article in Speech Technology Magazine, Wakefield-Carl states: “AI is being used to circumvent traditional voice biometrics. »
Next Steps: Tips from Pindrop on how to stay ahead of the latest cybersecurity trends and protect your business
The right technology and fraud solution can make or break your company’s brand and prevent employee burnout. PIndrop’s cybersecurity solutions help avoid overburdening teams with training or creating legal confusion. We were excited to host our recent event and ensure we raise and address these key issues and trends businesses are facing today around fraud and cases where AI is being used to harm businesses.
Now that almost anyone can manipulate AI and voice biometrics in minutes with generative AI, smarter software can help mitigate risk for teams and detect fraud before it happens . A deeper analysis of how products like Impulse Working as a co-pilot of your business and preventing chat fraud can make a huge difference.
Allow time for a consultation to learn more about the innovations highlighted at the CFX Spring Forum.
