AI: Catalyst For Growth And Source Of Risk
A recent survey by corporate insurer Axis Capital reveals a pronounced divide among top executives regarding the risks, rewards, and implications of emerging artificial intelligence technologies. As advancements in AI drive improvements in cybersecurity defense, they simultaneously arm cybercriminals with increasingly sophisticated tools, intensifying the threat landscape.
Contrasting Perspectives: CEOs And CISOs
In a detailed study involving 250 CEOs and chief information security officers (CISOs) from the U.S. and U.K., executives articulated divergent views on AI’s impact. While CEOs overwhelmingly perceive AI as a driver of productivity and competitive advantage, CISOs express concern over increased vulnerabilities, particularly in the context of potential data leaks. Only 19.5% of CEOs admitted to a lack of confidence in AI fortifying their cybersecurity measures, compared to 30% of CISOs, highlighting a critical gap in perception among board-level decision makers.
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Adapting To Rapid Change
According to Axis Capital CEO Vincent Tizzio, AI introduces challenges that extend beyond conventional cybersecurity issues. In an interview with CNBC, he said the rapid evolution of AI requires constant reassessment of the tools and investments that underpin corporate security strategies. His comments underscore the importance of agile decision making at the highest levels of corporate governance.
Geographical Variations In Preparedness
The survey also found regional differences. About 85% of U.S. executives said they feel adequately prepared for AI-related threats, while 44% of U.K. executives reported the same. The gap suggests that while AI is viewed as a competitive asset in both markets, implementation and risk management practices vary significantly.
Heightened Investment In Cybersecurity
With ransomware attacks nearly doubling over the past two years, cybersecurity has become a top strategic priority. A total of 82% of respondents said they plan to increase cybersecurity budgets in the coming year, reflecting heightened concern over evolving AI-enabled threats.
In an environment where cybersecurity is central to executive decision making, the findings from Axis Capital’s survey highlight a clear challenge: organizations must balance the benefits of AI with its risks to protect critical systems while sustaining growth.
