Anxieties over AI threats lead to business survival concerns

Research by Veritas has found that 13% of executives think their business won’t survive the next 12 months
A Veritas survey uncovers that business leaders are anxious their organisation will not survive in 2024, prompting discussions over AI use in cybersecurity

New research from Veritas reveals that one in 10 business executives fear their business will not survive the next 12 months.

In a climate of ever-increasing cybersecurity threats and anxieties over emerging technologies such as AI, half of executives and IT teams say data security is one of the biggest threats facing their business.

With the number of cyberattacks like ransomware hitting record levels, Veritas highlights the extent to which there is fear that cybersecurity presents a very real threat to business survival, and how many businesses are fearful of their survival over the next 12 months as a result.

Uncertainty amidst the rise of AI in the cybersecurity sector 

Further research by Veritas has found that 13% of executives think their business won’t survive the next 12 months, with 37% citing that emerging technologies such as AI are one of the largest threats to their business. 

Other anxieties facing executives include economic uncertainty and increased data security threats compared to the last 12 months, with 50% surveyed by Veritas revealing that these fears include ransomware and data theft.

In addition, one in ten fear their organisation is hanging by a thread, with 13% of those surveyed doubting their company will survive the next 12 months. Two in five have highlighted economic uncertainty as one of the greatest threats to their business, given current high operating expenses for businesses causing less profit.

In Q3 2023, Veritas states that there were more than 6,208 company insolvencies registered in the UK alone, which is 10% higher than during the same quarter in 2022. As a result, the country is on track to record the highest number of companies going bust since 2009.

However, Veritas also found that it is not just economic uncertainty that is making UK-based businesses anxious. Executives and IT teams alike are fearful of the heightened dangers of data security threats, such as ransomware and data loss and theft, with half (50%) saying these are some of the major risks they face. This was followed by threats associated with emerging technologies, such as AI (37%). 

Whilst AI has huge potential to continue transforming key industries and help businesses achieve maximum digital transformation, if used for negative purposes it could become dangerous. If AI systems are integrated successfully into security tools moving forward, in addition to businesses becoming more cyber-aware, the technology could hold great enterprise value moving forward. 

Barry Cashman, Regional Vice President of UK&I at Veritas, says: “2023 has been characterised by a unique set of circumstances: almost unprecedented levels of economic uncertainty, the rise of AI, and cyberattacks such as ransomware hitting record levels.

“Businesses across the board report that they are experiencing rising levels of risk in all areas. Most (70%) say they are facing increased data security threats compared to the last 12 months. To tackle these threats head-on, it’s imperative to have a full understanding of the possible risks being faced and build out a robust business resiliency plan to protect your business.”

He continues: “Those that proactively prepare for external challenges will have the means to not only survive, but thrive in face of adversity.”


For more insights into the world of Cyber - check out the latest edition of Cyber Magazine and be sure to follow us on LinkedIn & Twitter.

Other magazines that may be of interest - Technology Magazine | AI Magazine.

Please also check out our upcoming event - Sustainability LIVE Net Zero on 6 and 7 March 2024.  


BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability leaders, Procurement & Supply Chain leaders, Technology & AI leaders, Cyber leaders, FinTech & InsurTech leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food.

BizClik – based in London, Dubai, and New York – offers services such as content creation, advertising & sponsorship solutions, webinars & events.


Featured Articles

UK Takes Steps to Strengthen Country's Cyber Security

The new government have made cybersecurity one of their top priorities as they lay out their plans for what they intend to do in power

BlueVoyant Launch Platform to Tackle Supplier Attack Surface

BlueVoyant has unveiled a new Cyber Defense Platform which aims to tackle the growing attack surface introduced by the ecosphere of third-party vendors

Irdeto’s Andrew Bunten Talks Securing Online Content Streams

With online streaming services being bigger than ever, Irdeto’s Andrew Bunten explains how they manage to keep streams safe despite the huge attack surface

Fortinet Cyber Survey Shows Global Scope of Skills Gap

Operational Security

What ChatGPT Passing an Ethical Hacking Exam Means for Cyber

Technology & AI

Learn How CTEM can Upskill Your Cyber Strategy

Network Security