Cybersecurity Woes Have Companies at a Yellow Light On AI

CFOs say artificial intelligence deployments are in “caution” mode as fraud fears mount.

While some companies see artificial intelligence as an endless series of green lights, C-suite officers (especially chief financial officers and chief information officers) encourage their firms to pump the breaks on AI implementations until cyber safety issues have been resolved.

That’s the takeaway from a new study from the business and technology news platform Tech.co titled “The Impact of Technology On the Workforce: 2024”.

In it, Tech.com said 67% of 1,000 business executives surveyed stated AI deployments are either “limited or non-existent.”

Meanwhile, only 4% of organizations say AI is “fully integrated” at their companies.

The hold-up stems from the C-Suite’s risk reluctance on AI until cybersecurity threats are ironed out.
Tech.com reports that 40% of executives said cybersecurity threats will significantly impact their performance in 2024, and nearly a fifth (19%) said their company is using AI-powered tools in their cybersecurity efforts.

Cybersecurity is Already a Big AI “Use Case”

“While the percentage of companies using VPNs and password managers to secure their networks was somewhat lower than expected, 19.5% of the businesses we surveyed said they’re already harnessing the power of AI for cybersecurity purposes,” Tech.com reported.

In fact, more businesses reported using AI for cybersecurity than other tasks and roles often associated more closely with the “AI revolution.”

“For instance, more businesses reported that they’re using AI for cybersecurity than financial analysis (15.5%), legal research (5.8%), design tasks (18.8%), and language translation (14.2%),” the report stated.

The study also noted data attacks continue at even large and seemingly well-protected companies, mostly (and surprisingly) as businesses aren’t using readily available security technology.

“A significant minority of senior leaders seem not to have enough visibility over their company’s security and IT workflows to even know whether their company has suffered a data breach,” Tech.co stated.

That’s why over 25% of companies surveyed “aren’t confident” they can defend or respond to attacks on their networks.

“Cyberattacks are unlikely to relent in 2024, so better tools, more visibility over business security processes, and in-depth training should be at the top of the priority list,” the study noted.

Until those issues are hammered out, expect the C-suite to proceed cautiously with its AI rollouts in 2024.

Brian O'Connell

Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.

Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.