A survey released Friday by corporate insurer Axis Capital shows there’s a growing divide across the C-suite on how executives view the risks, rewards and impact of cutting-edge AI technology.
On one hand, artificial intelligence is rapidly improving cybersecurity defense technologies, but AI is also equipping cybercriminals with sophisticated tools and creating new risks.
“When you think about AI, it is not merely a cyber challenge. This technology presents unique burdens, liabilities, challenges and opportunities to CEOs and boards alike,” Axis CEO Vincent Tizzio told CNBC in an exclusive interview.
Axis surveyed 250 CEOs and chief information security officers across the U.S. and U.K. on 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 see the technology as a source of increased exposure to risks like data leaks.
Asked how confident they were that AI would strengthen their companies’ cybersecurity, 19.5% of CEOs said they weren’t confident compared to 30% of CISOs saying they lacked that confidence.
“The rapidity of change that’s going on in AI renders reconsideration of the purchases that they’re making and taking around the tools that they’re bringing to the company,” Tizzio said.
The study also found that AI is generally viewed positively among both U.S. and U.K. executives, although U.K. respondents expressed more caution than those in the U.S.
While 85% of U.S. leaders said they felt prepared for AI threats, only 44% in the U.K. said they felt prepared.
Cybersecurity is a major 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 that doesn’t talk about the critical importance of discussing cyber as an exposure to the company’s well-being,” Tizzio said.
