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Deepfakes: Does Your Cyber Insurance Protect You From Digital Chameleons?

Zopper Team Basics of Insurance March 20th, 2024

KPMG reports that the availability of deepfake videos online is growing at a rate of 900% annually - let that statement sink in.

Deepfake videos have turned into a social menace. This synthetic media form is designed specifically to manipulate your opinion and may seem quite authentic to your eyes and ears - eerily so. In December last year, two industry giants came forward to debunk the videos of them circulating on social media falsely utilising their identities to spread misinformation. India's awareness of deepfakes heightened when a scandalous video of a Bollywood actress began circulating on social platforms, prompting significant concern. The incident garnered attention to the extent that even the Prime Minister of the country issued a statement, strongly condemning the matter. Subsequently, deepfake videos transitioned beyond social media platforms and infiltrated other domains, including boardrooms.

Implications For Cyber Insurance

With the rapid advancement of AI and machine learning technologies, cybercriminals are leveraging deepfakes as a potent tool to deceive and manipulate victims for financial gain or reputational damage. As the threat landscape evolves, businesses are turning to cyber insurance as a critical component of their risk management strategy. Cyber insurance policies typically cover a range of risks, including data breaches, ransomware attacks, and business interruption due to cyber incidents. However, the question remains: does your cyber insurance policy adequately protect you from the risks posed by deepfakes?

Evaluating Coverage

While traditional cyber insurance policies may offer some level of coverage for certain cyber threats, the nuanced nature of deepfake attacks presents unique challenges for insurers and policyholders alike. Assessing the extent of coverage for deepfake-related risks requires careful examination of policy terms, exclusions, and limitations. Insurers may need to update their policies to explicitly address deepfake-related risks and provide adequate coverage for potential losses.

Need For Enhanced Protection

Given the evolving nature of deepfake technology and its potential impact on businesses, there is a growing need for enhanced protection against deepfake-related risks. In August 2019, a significant event unfolded when deepfake audio technology was employed to replicate the voice of a CEO, resulting in the fraudulent transfer of funds. Such misuse marked the emergence of a potentially perilous trend. Insurers may consider offering specialised coverage options tailored to address the specific vulnerabilities and exposures associated with deepfake attacks. This could include coverage for reputational harm, legal expenses, and crisis management services in the event of a deepfake incident. For instance, a cyber policy can mitigate the impact by covering revenue losses or facilitating the expenses incurred in hiring public relations consultants following a reputational attack.

Besides a robust cyber insurance plan, here are a few additional proactive measures companies can take to secure themselves.


While cyber insurance can provide valuable protection against a range of cyber threats, including data breaches and ransomware attacks, the evolving threat landscape necessitates a reevaluation of coverage options to address the unique risks posed by deepfakes. By working closely with insurers and staying informed about emerging cyber risks, businesses can better protect themselves from the digital chameleons of the modern world.

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