CEOs, security executives are divided on cyber risks of AI, survey finds

A recent survey from corporate insurer Axis Capital underscores a growing rift among executives regarding the implications of advanced artificial intelligence technology on cybersecurity. Released on Friday, the survey highlights that while AI is enhancing cybersecurity measures, it simultaneously empowers cybercriminals with advanced tools, leading to new vulnerabilities. Axis CEO Vincent Tizzio shared insights with CNBC, emphasizing that AI transcends traditional cyber challenges. He noted that this technology introduces distinct liabilities, challenges, and opportunities for both CEOs and board members. The survey, which polled 250 CEOs and chief information security officers (CISOs) in the U.S. and U.K., revealed contrasting views on how AI is transforming the landscape of cyber risk. CEOs generally perceive AI as a catalyst for productivity and a competitive edge. In contrast, CISOs are more inclined to view it as a source of heightened risk exposure, particularly concerning data breaches. When questioned about their confidence in AI enhancing their companies' cybersecurity, 19.5% of CEOs expressed skepticism, while a larger 30% of CISOs shared similar doubts. Tizzio remarked on the urgency for executives to reassess their cybersecurity investments in light of the rapid evolution of AI technology. The study also indicated a generally positive outlook on AI among executives in both countries, though U.K. respondents exhibited a more cautious stance. An impressive 85% of U.S. leaders felt ready to tackle AI-related threats, contrasting sharply with only 44% of their U.K. counterparts who felt equipped. Moreover, cybersecurity is becoming a primary investment focus for executives, driven by a significant rise in ransomware incidents over the past two years. The survey found that 82% of participants intend to boost their cybersecurity budgets in the coming year. Tizzio concluded by stating that the importance of discussing cyber risks is universally recognized among CEOs and board members, emphasizing its critical role in safeguarding their organizations.