GlobalData: Businesses List Cyber Alongside AI as Priority
In an era where AI is taking over the imagination of enterprise strategy, a new GlobalData study surprisingly showed that companies are taking as keen an interest in their cybersecurity posture.
The Company Filings Analytics Trends & Signals – Q2 2024 findings were unveiled after revealing Q2 2024 company filings, underscoring cybersecurity’s growing importance in corporate strategies.
This comes amid an atmosphere of cautious optimism in the ability for companies to drive digital transformations whilst securing the expanding footprint that comes along with it.
A snapshot of business sentiment
Reflecting sentiment in technology, travel & tourism and insurance improved with initiatives involving innovation in the digital landscape, companies in these sectors were seen embracing AI for enhanced customer experiences and risk modelling.
The study notes a marginal improvement of 0.2% year-over-year in global business sentiment during Q2 2024.
Yet, this modest uptick belies significant shifts occurring beneath the surface, particularly in the realms of AI and cybersecurity.
“The evolving emphasis on AI and cybersecurity underscores a growing recognition that future competitiveness hinges on technological adoption,” says Misa Singh, Business Fundamentals Analyst at GlobalData.
In the technology sector, discussions centred around digital technology trends, including hybrid cloud transformation, cybersecurity enhancements, and the adoption of Gen AI.
The rising tide of cyber threats
With the introduction of AI comes increased cybersecurity risks. The GlobalData report notes a growing emphasis on cybersecurity measures, with companies discussing the need to implement robust technologies to mitigate risks related to data breaches and sensitive information exposure.
While AI is core to these sectors embracing personalised customer experience, it also introduces new vulnerabilities that malicious actors can exploit.
Should hackers for instance breach the threshold where training data is being kept, AI model manipulation and data poisoning can occur.
Yet beyond AI itself, the digital infrastructure required to implement it into an organisation's operations represent a growing attack surface that demands greater attention.
“This trajectory suggests a broader digital transformation is imperative to sustain growth,” Misa explains.
The study highlighted a number of discussions around potential risks related to data breaches exposing sensitive information and compliance. Emphasis was on the need for implementing cybersecurity technologies and mitigating these risks.
Ecosphere of attacks
This focus on cybersecurity is not unfounded. Recent reports from cybersecurity firms Imperva, NETSCOUT, and F5 Labs paint a concerning picture of the current threat landscape.
These reports collectively highlight a dramatic surge in Distributed Denial of Service (DDoS) attacks, with F5 Labs documenting a 112% rise in such attacks from 2022 to 2023.
Equally, ransomware has surged. One of the biggest-ever cyber attacks on a US healthcare provider occurred this year, with claims that six terabytes of data was taken from Change Healthcare. A large number of which was later leaked online.
AI and cyber bedfellows for digital transformation
As we move further into 2024 and beyond, it shows that AI and cybersecurity will be the twin pillars upon which successful business strategies are built.
The report highlights that companies are increasingly understanding that harnessing AI as part of digital transformation is not complete without the means to secure it.
With a study from law firm Mayer Brown showing nearly eight in 10 leaders of financial services firms believed they were unable to plan for the future due to concerns about their organisation's ability to withstand cyberattacks, the necessity of cyber alongside AI is highlighted.
******
Make sure you check out the latest edition of Cyber Magazine and also sign up to our global conference series - Tech & AI LIVE 2024
******
Cyber Magazine is a BizClik brand
