In a recent survey conducted by AuditBoard, it was found that 78% of organizations are closely monitoring AI as an emerging risk while simultaneously incorporating the technology into their operations. This dual approach highlights the complexity of managing AI-related risks while also leveraging its benefits in various business functions.
The survey, which gathered insights from over 400 security professionals in the US who are actively involved in their organization’s cybersecurity and digital risk management strategies, indicated a significant advancement in digital risk management compared to previous years. The data revealed that organizations in 2024 are 2.5 times more likely to be in the later stages of digital risk maturity, signaling a shift towards proactive risk management practices.
One of the key priorities identified in the report is the emphasis on AI risk assessment. Two-thirds of organizations rely on existing internal processes and guidance from professional organizations to prioritize AI-related risks. Additionally, many organizations leverage current laws and regulations to guide their risk assessment strategies, showcasing a comprehensive approach to managing AI risks.
The adoption of AI within organizations is primarily driven by its potential to improve team productivity, enhance threat detection, streamline reporting processes, and automate action plans. Despite the perceived benefits, nearly half of respondents reported a high tolerance for AI-related risks, indicating a growing acceptance of AI as a transformative technology that comes with risks that need to be managed effectively.
Moreover, the report emphasized the importance of ethical and responsible AI use in supporting digital risk management objectives. By implementing frameworks for responsible AI practices, organizations can ensure that AI technologies align with their risk management goals while maintaining trust and integrity in their AI initiatives.
Another significant finding from the survey is the importance of collaboration across teams tasked with managing digital risks. While a majority of companies use reportable metrics to track digital risks, only 58% of professionals reported strong collaboration with other functions working on digital risk management. Effective collaboration was identified as a crucial factor in enhancing risk management strategies and improving the overall effectiveness of digital risk metrics.
Furthermore, the survey highlighted the shift away from manual approaches like spreadsheets towards cloud-based risk management software. This transition signifies a growing reliance on technology to streamline digital risk management processes and enhance overall efficiency.
In conclusion, the survey findings underscore the evolving landscape of digital risk management practices and the importance of integrating advanced technologies and fostering strong collaboration across organizations. By staying ahead of emerging threats and prioritizing digital asset protection, organizations can effectively navigate the complex landscape of AI-related risks while leveraging its transformative potential for business growth.