By Abhishek Agarwal
Imagine a world where your CEO’s voice delivers a fraudulent financial report, where a competitor’s fabricated endorsement steals your market share, and where sensitive business information crumbles under the weight of a manipulated video. This is the unsettling reality of deepfakes in the corporate world, and India’s businesses are on the precipice of a technological tipping point.
While playful celebrity deepfakes might dominate headlines, the true threat lies in their insidious infiltration into the corporate sphere. A 2023 report by McAfee paints a worrying picture: 47% of Indian adults have experienced or know someone who has experienced an AI voice scam. This is just the tip of the iceberg.
Remember the 2022 Mumbai energy company scandal? A deepfake audio of the CEO announcing a massive price hike caused panic and chaos among investors, temporarily tanking the company’s stock. While swiftly debunked, it exposed the devastating potential of deepfakes to manipulate markets and erode trust.
The threat goes beyond mere PR disasters. Imagine a deepfake video of a board member authorizing unauthorized transactions or a fabricated interview revealing confidential trade secrets. The potential for financial fraud, cybercrime, and damage to brand reputation is staggering.
A recent study by the Carnegie Endowment for International Peace found that India ranked third globally in the number of deepfake videos detected between 2019 and 2021. These include instances of manipulated interviews, fake endorsements, and even revenge porn, highlighting the potential for malicious use.
However, amidst the looming dangers, hope persists. Embracing responsible development and deploying safeguards can turn deepfakes from a corporate nightmare into a powerful tool:
- Internal awareness and training: Educating employees about deepfakes, their detection methods, and reporting protocols can create a proactive defense against internal fraud and manipulation.
- Advanced authentication and verification: Implementing multi-factor authentication, voice biometrics, and video verification tools can add layers of security to critical communications and transactions.
- Partnerships with cybersecurity experts: Collaborating with specialists in deepfake detection and mitigation can provide vital expertise and cutting-edge solutions.
The future of deepfakes in India’s corporate landscape isn’t preordained. By acknowledging the risks, investing in safeguards, and fostering a culture of digital vigilance, Indian businesses can harness the potential of this transformative technology while keeping the lines between reality and fabrication firmly in sight.
The author is president, Judge India and global delivery, The Judge Group