CEO Deepfake Scams: The Growing Cybersecurity Threat Every SMB Leader Must Prepare For

In today’s digital business environment, cybercriminals are no longer just sending phishing emails or brute-forcing passwords. They’re using artificial intelligence to impersonate executives—and the results are costing small to medium sized businesses millions.

What Are CEO Deepfake Scams?

Deepfake scams use AI to convincingly mimic the voice, video, or likeness of an executive to trick employees into transferring funds, sharing sensitive information, or approving fraudulent deals. Unlike traditional phishing, these attacks exploit trust in leadership, making them far more effective.

According to a 2024 report by Cybersecurity Ventures, global cybercrime costs are projected to hit $10.5 trillion annually by 2025—with social engineering tactics like deepfakes among the fastest-growing attack vectors (Cybersecurity Ventures, 2024).

In one well-documented case, fraudsters used AI to clone a CEO’s voice and convinced an employee to transfer $243,000 into their account (Forbes, 2023). And it’s not just large enterprises at risk; SMBs are attractive because they often lack layered defenses and structured verification protocols.

Why SMBs and Midmarket Companies Are Prime Targets

Executives at smaller organizations may assume attackers will focus on global corporations. The opposite is true. Recent research shows that about 12 percent of small business owners have faced at least one deepfake scam in the past year, underscoring how attackers increasingly prey on organizations with fewer defenses and leaner protocols (Yahoo Finance, 2025).

For SMBs and midmarket firms, the risks are amplified by:

• Lean IT and security teams

• Rapid decision cycles without extensive verification

• Strong reliance on trust between executives and staff

This creates an ideal environment for attackers who only need a few seconds of recorded audio from a conference call or online panel to create a convincing impersonation.

How Leaders Can Defend Against Deepfake Threats

The good news: defending against deepfake scams is possible without breaking the budget. Forward-thinking leaders should prioritize these measures:

1. Verification Protocols – Require secondary verification for all financial transactions and sensitive data requests (e.g., callbacks, internal code words).

2. Employee Training – Provide staff with awareness training to identify suspicious requests, especially those framed as “urgent” or “confidential.”

3. AI-Driven Detection Tools – Emerging solutions (including ours) can detect manipulated audio and video files. While not foolproof, they add a layer of defense.

4. Zero Trust Policies – Limit privileges so that a single compromised identity cannot authorize large transfers or access critical systems.

5. Incident Response Planning – Develop clear escalation paths so employees feel empowered to question unusual requests, even when they appear to come from the top.

   
   

The Bottom Line

Deepfake scams are not science fiction; they are a clear and present danger to small and midmarket businesses. As attackers leverage AI to scale these impersonation campaigns, organizations that rely on “business as usual” will find themselves most at risk.

Ready to Protect Your Business?

If you are a leader concerned about how your organization would stand up against a deepfake scam, we can help. Our team specializes in comprehensive and approachable cybersecurity strategies tailored for SMBs and midmarket companies.

Contact us today if you would like to have a conversation around strengthening your defenses and ensuring that your people, processes, and technology remains resilient against AI-driven threats.