Artificial intelligence has a profound impact on cybersecurity. It is changing it faster than most companies are able to adjust their defenses. The technology helps organisations to spot threats sooner, automate their responses and fix vulnerabilities faster.
Cybercriminals also use the same tools to increase attacks, improve phishing and take advantage of weaknesses quickly.
Axis Capital, a corporate insurer, has released a new study that highlights the fact that this change is causing rifts within leadership teams.
Although they both focus on the same risk, CEOs and Chief Information Security Officers (CISOs), are approaching AI differently.
Axis Capital survey results
Axis Capital surveyed 250 CEOs, CISOs and CISOs in the US and UK to understand how AI has changed cyber risk.
According to the study, CEOs see AI primarily as a way to increase productivity and gain a competitive edge. CISOs on the other hand are likely to be more concerned with assessing risks associated with deploying new powerful systems.
Rapid adoption creates a wider range of attacks opportunities, including increased exposure to leakages of data, the misuse of internal tools and an increase in attack possibilities. The technology that speeds up companies can make breaches more harmful.
Why does confidence among CISOs seem to be lower?
Confidence is one of the biggest gaps. Axis discovered that 19,5% of CEOs were not sure AI could improve their cybersecurity. CISOs saw a 30% increase in this figure.
It is no surprise that the difference between these two groups exists when considering who lives in close proximity to the daily threat environment.
CISOs often are the first ones to notice how AI can introduce unknowns such as sensitive information entering external models or weaker control over employee usage.
The preparedness of the US and UK is different
A sharp contrast was also revealed by the survey. Only 44% of UK politicians said that they were prepared to deal with AI threats.
Axis discovered that AI was generally seen positively both on the US and UK sides of Atlantic. However, UK respondents were cautious.
This may be due to differences in the way businesses evaluate cyber risks, their speed of adoption of AI tools or internal preparedness for securing them.
Cyber budgets are increasing for companies now
Cyber spending continues to grow despite mixed levels of confidence.
Ransomware attacks nearly doubled in the last two years according to the survey, which keeps cyber risks at the forefront of boardroom agendas.
Axis discovered that 82% executives intend to increase their budgets for cybersecurity over the next year.
The businesses are embracing AI to help solve problems, not as a replacement for investments.
Although tools may change rapidly, companies need to have updated security policies, improved controls and stronger governance.
The post CEOs and CISOs split over AI-driven Cyber Risk may change as new information is revealed
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