78 Percent of Organizations Say AI Is an Emerging Technology Risk
27 June 2024 - 5:00PM
Business Wire
At the same time, over half of all respondents
report actively using AI to enhance digital risk posture, according
to survey of top security professionals
AuditBoard, the leading cloud-based platform transforming audit,
risk, compliance, and ESG management, today announced the results
of its third-annual 2024 Digital Risk Report: Opportunities and
Challenges of the AI Frontier, which found that 78 percent of
organizations are tracking AI as an emerging risk while
simultaneously adopting the technology themselves. More than half
of enterprises surveyed reported using AI to improve efficiency and
enhance their digital risk posture. The report’s findings are being
announced in conjunction with IT Risk Now 2024, AuditBoard’s
virtual event that brings together cybersecurity and IT risk
management leaders to discuss how to handle today’s most urgent
challenges, from navigating the risks and opportunities of AI to
conveying the importance of security initiatives.
The annual report, based on a survey of over 400 security
professionals in the U.S. involved in their organization’s approach
to cybersecurity and digital risk, reveals organizations are making
significant strides in digital risk management compared to previous
years. The data shows organizations in 2024 are 2.5 times more
likely to be in the later stages of digital risk maturity than last
year, showcasing a solid trend toward proactive risk
management.
The AI Frontier: Digital Risk and Opportunity
Overall, a majority of organizations are tracking AI risks
(78%), with more than half using AI in multiple ways to enhance
their digital risk posture, indicating a crucial shift towards
leveraging advanced technologies.
- Two-thirds of organizations prioritize AI risk assessment using
existing internal processes (65%) and/or guidance and best
practices from professional organizations (63%). Another 55% say
they use current and pending laws/regulations to prioritize
risk.
- Over half of organizations surveyed use AI to improve team
productivity (57%) and enhance threat detection (56%). Nearly half
say they use it in reporting (48%) and automating action and
response plans (42%).
- Nearly half of respondents describe their risk tolerance
towards AI as very high (17%) or high (29%), while only 12 percent
report a low (9%) or very low (3%) AI risk tolerance. This
indicates the growing acceptance of AI as an emerging technology
that presents both benefits and risks.
Digital Risk Management: More Mature, Integrated, and
Technology-Driven
The report findings also highlight the rapid evolution of
digital risk management practices and the importance of solid
organizational collaboration to enhance risk management
strategies.
- 87 percent of companies use reportable metrics to manage
digital risk. Of this group, nearly all (97%) consider their
metrics to be effective, with 59% saying the metrics they use are
very effective — underscoring the importance of data-driven
decision-making.
- Strong collaboration across teams managing digital risk
matters. Those with solid collaboration are more than two times
more likely than all others to describe their reportable metrics as
very effective (87% vs. 41%).
- Organizations continue to move away from manual approaches like
spreadsheets and shared drives, with four out of five saying they
use cloud-based risk management software to manage digital
risk.
“The findings from this survey underscore the importance of
evolving digital risk management practices,” said Richard Marcus,
Chief Information Security Officer at AuditBoard. “As organizations
mature in their approaches, integrating advanced technologies and
fostering strong collaboration will be key to staying ahead of
emerging threats and protecting digital assets.”
Report Methodology
To produce the 2024 Digital Risk Report: Opportunities and
Challenges of the AI Frontier, AuditBoard collected data from 404
respondents to an online survey conducted in May 2024 by Ascend2
Research. Respondents were security professionals in organizations
based primarily in North America, representing a diverse group of
industries and company sizes.
To see the full report, please visit AuditBoard.com.
About AuditBoard
AuditBoard is the leading cloud-based platform transforming
audit, risk, compliance, and ESG compliance management. Nearly 50%
of the Fortune 500 leverage AuditBoard to move their businesses
forward with greater clarity and agility. AuditBoard is top-rated
by customers on G2, Capterra, and Gartner Peer Insights, and was
recently ranked for the fifth year in a row as one of the
fastest-growing technology companies in North America by Deloitte.
To learn more, visit: AuditBoard.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240627278076/en/
Scott Garner press@auditboard.com