A survey released Friday by commercial insurer Axis Capital reveals a growing divide among executives on how they view the risks, benefits, and impacts of cutting-edge AI technology.
Artificial intelligence is rapidly improving cybersecurity defense techniques, while providing advanced tools for cybercriminals and creating new risks.
“When we think about AI, it’s not just a cyber challenge. This technology poses unique burdens, liabilities, challenges, and opportunities for both CEOs and boards,” Axis CEO Vincent Tizio told CNBC in an exclusive interview.
Axis surveyed 250 CEOs and chief information security officers in the US and UK about how AI is reshaping the cyber risk landscape. The study found that CEOs are more likely to see AI as a driver of productivity and competitive advantage, while CISOs are more likely to see the technology as a source of increased exposure to risks such as data breaches.
When asked how confident they are that AI will improve their company’s cybersecurity, 19.5% of CEOs said they were not confident, compared to 30% of CISOs.
“The rate of change that’s happening in AI is making them rethink the purchases they’re making and the tools they’re bringing into the company,” Tizio said.
The survey found that AI is generally viewed positively among executives in both the U.S. and the U.K., although respondents in the U.K. expressed a more cautious attitude than those in the U.S.
While 85% of US leaders said they felt prepared for AI threats, only 44% of UK leaders felt prepared.
With ransomware attacks nearly doubling in the past two years, cybersecurity has become a major investment priority for business owners, with 82% of respondents saying they plan to increase their cybersecurity budget over the next 12 months.
“I’ve never met a CEO or board member who doesn’t talk about the critical importance of discussing cyber issues that threaten the health of the company,” Tizio said.
