Survey finds CEOs, security execs are divided on cyber risks of AI

A survey released Friday by corporate insurer Axis Capital shows a growing divide among senior executives in how executives view the risks, rewards and impacts of cutting-edge AI technology.

While artificial intelligence rapidly improves cybersecurity defense technologies, artificial intelligence also creates new risks by equipping cybercriminals with advanced tools.

“When you think about artificial intelligence, it’s not just 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 chiefs in the US and UK on how AI is reshaping the cyber risk landscape. The survey found that CEOs tend to view AI as a driver of productivity and competitive advantage, while CISOs tend to view the technology as a source of greater exposure to risks such as data leakage.

When asked how confident they are that AI will strengthen their company’s cybersecurity, 19.5% of CEOs said they lack confidence, while 30% of CISOs said they lack confidence.

“The pace of change happening in AI is forcing them to re-evaluate the acquisitions they make and consider the tools they bring to the company,” Tizzio said.

The study also found that AI is generally viewed positively among both US and UK executives, although UK respondents expressed greater caution than those in the US.

While 85 percent of US leaders said they felt prepared for AI threats, only 44 percent in the UK said they were prepared.

Cybersecurity is a key investment priority for executives as ransomware attacks have nearly doubled in the past two years. 82% of survey respondents say they plan to increase their cybersecurity budget in the next 12 months.

“I haven’t met a CEO or board member who didn’t talk about the critical importance of cyber discussion to the well-being of the company,” Tizzio said.