Identity-related cyber threats mount in Singaporean businesses amid AI integration: report

Only half are confident they could detect a deepfake of their CEO.

The vast majority or 85% of Singapore businesses expect more identity-based cyber threats to hit in the next 12 months, as cybercriminals are likely tapping into AI, according to a report by Ping Identity.

Its latest survey showed 99% of organisations struggle with identity verification and close to half or 47% of the respondents admit to facing challenges in balancing security needs and ensuring their users don’t encounter any friction.

55% said they grow weary of the strong possibility that AI will exacerbate identity fraud, with only 56% confident they could detect a deepfake of their CEO.

“As cyber attackers are increasingly using sophisticated AI methods to conduct fraudulent activities, business leaders in Singapore need to recognise the urgency of enhancing their security measures to reduce financial and reputational loss,” Jasie Fon, regional vice president of Asia at Ping Identity, said.

Newly emerging AI threats (97%), phishing (95%), social engineering (93%) and credential compromise (91%) were the top cyber threats businesses in the city-state were concerned about.

Businesses cite decentralised identity (DCI), which allows users to control their personal information, as untapped potential for identity protection, with 99% stating that adopting DCI was valuable for their customers. Despite this, only 41% implemented DCI strategies as a deterrent against fraud.

The report surveyed 100 IT decision-makers from Singapore. These respondents came from organisations with at least 500 employees and US$100m in global revenue across a wide range of sectors.