In the first half of 2024, the Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) handled countless cybersecurity incidents, whereas phishing cases account for around 62% of the total cases. Compared to the second half of 2023, the number of phishing cases has increased by nearly 70%.
As cybercriminals become more sophisticated, they are employing advanced techniques in their phishing attacks, increasingly targeting specific individuals rather than casting a wide net. Alarmingly, there have been multiple reports of deepfake audio and video being used to impersonate senior-level personnel, leading to substantial financial losses for organisations.
Deepfake technology leverages artificial intelligence and deep learning algorithms to create hyper-realistic videos, images, and audio that convincingly depict fictional scenarios. While innovative, this technology poses significant risks as it becomes more accessible and easier to manipulate, expanding the threat landscape for individuals and businesses. As the line between reality and fabrication blurs, it is essential to understand the implications of deepfakes in cybersecurity and develop effective strategies to mitigate these evolving threats.