A survey released Friday by corporate insurer Axis Capital shows there is a growing divide among senior management over how executives view the risks, rewards and impact of cutting-edge AI technology.
On the one hand, artificial intelligence is rapidly improving cybersecurity defense technologies, but it is also equipping cybercriminals with sophisticated tools and creating new risks.
“When you think about AI, it’s not just a cyber challenge. This technology presents unique burdens, responsibilities, challenges and opportunities for CEOs and boards,” Axis CEO Vincent Tizzio told CNBC in an exclusive interview.
Axis surveyed 250 CEOs and information security leaders in the US and UK about how AI is reshaping the cyber risk landscape. The survey found that while CEOs tend to view AI as a driver of productivity and competitive advantage, CISOs tend to view the technology as a source of increased exposure to risks such as data breaches.
When asked how confident they were that AI would strengthen their company’s cybersecurity, 19.5% of CEOs said they were not confident, compared to 30% of CISOs saying they lacked confidence.
“The speed of change underway in AI is causing people to reconsider the purchases they make and embrace the tools they bring to the business,” Tizzio said.
The study also found that AI is generally viewed positively by U.S. and British executives, although British respondents were more cautious than those in the United States.
While 85% of US executives say they feel prepared for AI threats, only 44% in the UK say they feel prepared.
Cybersecurity is a top investment priority for executives as ransomware attacks have nearly doubled over the past two years, with 82% of respondents saying they plan to increase their cybersecurity budgets over the next 12 months.
“I haven’t met a fellow CEO or board member who doesn’t talk about the critical importance of discussing cybersecurity as an exposure to the well-being of the company,” Tizzio said.