Deepfakes pose a cyber security risk to businesses by increasing the effectiveness of phishing and BEC attacks, making identity fraud more straightforward, and manipulating company reputations to cause an unjustified drop in share value. If left unchecked, deepfakes will become the next big weapon for cybercriminals. Deepfake technology employs artificial intelligence techniques to modify existing audio or audio-visual content or to create new audio or audio-visual content. It serves some non-malign purposes, such as satire and gaming, but it is increasingly used for malicious purposes by bad actors. Despite this, according to iProove research, 72% of people are unaware of deepfakes in 2022.