Increased time expenditure in AI risk management due to expanding governance disparities
In a recent survey by OneTrust, involving 1,250 governance executives from North America and Europe, it has been revealed that organizations are facing an increasing threat from AI-related risks and cyberattacks.
The study shows that 59% of the surveyed organizations experienced at least one successful cyberattack during the past year, a concerning statistic that highlights the urgent need for improved cybersecurity measures. Among those targeted, 58% suspect attackers used AI, while 36% say over a quarter of their incidents were caused by insider threats.
To combat these threats, organizations are dedicating more time and resources to managing AI-related risks. On average, organizations report that they are spending 37% more time on AI risk management compared to 12 months ago. This increase is partly due to the fact that 82% of leaders say AI risks have accelerated timelines for modernizing governance processes.
The survey also found that 96% of organizations report using AI to automate routine cybersecurity tasks. However, manual compliance reviews and approval bottlenecks rank among top challenges in AI risk management.
Another area of concern is the presence of Per- and Polyfluoroalkyl Substances (PFAS) in supply chains. More than 80% of Assent's clients have detected PFAS in their supply chains. Among businesses with PFAS already present, 82% have received declarations containing multiple PFAS chemicals. PTFE (Polytetrafluoroethylene) appears in over 50% of positive PFAS declarations.
The primary reasons cited for not reporting cybersecurity incidents were concerns about punitive leadership reactions (40%) and potential financial or reputational damage if incidents became public (44%). This reluctance to report incidents is a significant barrier to effective AI oversight, as nearly half of respondents (44%) cite governance reviews happening too late in the process as the primary barrier.
The survey also revealed that nearly 80% of cybersecurity leaders are concerned their organizations could be targeted by nation-state cyberattacks in the next 12 months. In response, 98% of the surveyed organizations plan to increase governance budgets next year, with an average increase of 24%.
Despite these challenges, there are signs of progress. 60% of organizations report advanced or mature AI usage across operations. However, advanced AI adopters spend twice as much time managing AI risk as organizations still experimenting with the technology.
In conclusion, the study underscores the need for organizations to prioritize AI risk management and cybersecurity measures. It also highlights the importance of timely governance reviews and the need for transparency in reporting cybersecurity incidents. As the use of AI continues to grow, so too will the need for effective governance and compliance strategies.
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