Ensuring cybersecurity is front and center for companies is now a non-negotiable task. That’s why Pindrop released quarterly insider sessions to check in and ensure teams were up to date and supported with the latest innovations. The event was called our Product Showcase CFX Spring Summit 2024 on March 20th, covering Deepfake, Protect, and Authentication.
Several themes popped up at the event, with the new emergence and ease of creating deepfakes. Protection and authentication methods are now at the top of many businesses’ minds. According to a report by McKinsey, 40% of business respondents are expected to make further investments into AI and cybersecurity, and 28% have already made it a hot topic for their business agendas going into the new year.
Approximately half of those who participated in the event want to deploy a deepfake solution in the next six months, and 74% in the next 12 months. Pindrop also allowed clients to view the year’s product showcase who were excited about these insider sessions.
Here are the top themes that popped up.
- Ensure training is incorporated into innovative cybersecurity software
In 2023, small companies spent the most time on training per employee, totaling roughly 59 hours. Larger companies in the United States increased their investment in staff training between 2017 and 2020; however, these training time investments have decreased since then.Innovative tech teams are now looking for technology that can help alleviate this training lift by implementing more creative solutions. At the recent event, 40% said they would be open to using Pindrop’s new Gen AI to help with case reviews, and another 40% would require their organizations to train the model. Teams are now looking for solutions that don’t overburden them in implementation. - Finding an anti-fraud solution for chat
It was surprising that 50% of the attendees didn’t have chat capabilities in their call centers, and 31% didn’t 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 Federal Trade Commission (FTC) report, U.S. consumers lost $330 million to fraudulent texts last year, up from $131 million in 2021 and $86 million in 2020. Two-way chat also exists in most call centers. When 81% of the attendees would not support chat for moderate or high-risk transactions, this is alarming and needs to be addressed in the market for future support. - Compliance legally allows for easy implementation
Forty-seven percent of attendees were ready to use a gen AI solution, and 53% either 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 expensive lawsuits, frauds, and scams. When over half anticipated interest from legal teams in intelligent solutions, it makes sense to implement and adopt software that makes that process for legal teams easier. - Audio spoof detection is a competitive advantage
Sixty-five percent of the attendees would be open to giving Pindrop call audio access to improve spoof detection. Approximately 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 forecast how the technology will be used, abused, and leveraged in surprising ways in the year ahead. Computer scientists at the University of Waterloo have discovered a method of attack that can successfully bypass voice authentication security systems with up to a 99% success rate after only six tries.In the past, this was much easier to catch. However, in a recent Speech Technology Magazine article, Wakefield-Carl states, “AI is being used to circumvent traditional voice biometrics.”
Next steps: Pindrop’s Advice on How to Get in Front of the Latest Cybersecurity Trends and Protect Your Company
The right technology and fraud solution can make or break your company’s brand and prevent employee burnout. PIndrop’s cybersecurity solutions help to avoid overburdening teams with training or creating legal confusion. We were delighted to host our recent event and ensure we are elevating and solving these top issues and trends facing companies today regarding fraud and where AI is used to harm businesses.
Now that almost anyone can manipulate AI and voice biometrics in minutes with generative AI, more intelligent software can help alleviate teams from the risks and detect fraud before it happens. A deeper dive into how products like Pulse work as a co-pilot to your business and prevent fraud within chats can make a huge difference.
Schedule time for a consultation to learn about any innovations highlighted at the CFX Spring Forum.
