At the same time, a survey of top security professionals found that more than half of respondents reported actively using AI to strengthen their digital risk posture.
Los Angeles, June 27, 2024–(BUSINESS WIRE)–AuditBoard, the leading cloud-based platform transforming audit, risk, compliance and ESG management, today announced the results of its third annual survey. 2024 Digital Risk Report: Opportunities and Challenges on the AI ​​FrontierThe latest report from the AuditBoard Global Security Report finds that 78% of organizations are tracking AI as an emerging risk while simultaneously adopting it themselves. More than half of the companies surveyed report that they are using AI to improve efficiency and better address digital risks. The report’s findings will be released in conjunction with AuditBoard’s virtual event, IT Risk Now 2024, which will bring together cybersecurity and IT risk management leaders to discuss how to address today’s most pressing challenges, from navigating the risks and opportunities of AI to communicating the importance of security initiatives.
The annual report, based on a survey of more than 400 U.S. security professionals involved in their organizations’ efforts against cybersecurity and digital risk, reveals that organizations are making significant progress in managing digital risk compared to past years. According to the data, organizations in 2024 are 2.5 times more likely to be in a later stage of digital risk maturity than last year, indicating a strong trend toward proactive risk management.
AI Frontier: Digital Risks and Opportunities
Overall, the majority of organizations are tracking AI risks (78%) and more than half are using AI in various ways to enhance their digital risk posture, showing a significant shift towards leveraging advanced technology.
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Two-thirds of organizations prioritize AI risk assessments using existing internal processes (65%) or guidance and best practices from expert organizations (63%), and an additional 55% say they use current and pending laws/regulations to prioritize risks.
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More than half of the organizations surveyed are using AI to improve team productivity (57%) and enhance threat detection (56%). Nearly half say they are using AI to generate reports (48%) and automate actions and response plans (42%).
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Nearly half of respondents said they have a very high (17%) or high (29%) risk tolerance for AI, while only 12% said they have a low (9%) or very low (3%) risk tolerance for AI, indicating that AI is becoming accepted as an emerging technology that brings both benefits and risks.
Digital Risk Management: More Mature, Integrated and Technology-Driven
The report’s findings also highlight the rapid evolution of digital risk management practices and the importance of strong organizational collaboration to enhance risk management strategies.
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87 percent of companies use reportable metrics to manage digital risk. Of this group, nearly all (97 percent) consider their metrics to be effective, and 59 percent say their metrics are very effective, highlighting the importance of data-driven decision-making.
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Strong collaboration between teams managing digital risk issues. Teams with strong collaboration are more than twice as likely to rate their reportable metrics as very effective than all other teams (87% vs. 41%).
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Organizations continue to move away from manual approaches like spreadsheets and shared drives, with four in five companies saying they are using cloud-based risk management software to manage digital risk.
“The survey results underscore the importance of evolving digital risk management practices,” said Richard Marcus, chief information security officer at AuditBoard. “As organizations’ approaches mature, integrating advanced technologies and fostering strong collaboration will be key to staying ahead of emerging threats and protecting their digital assets.”
Report Methodology
To produce 2024 Digital Risk Report: Opportunities and Challenges on the AI ​​FrontierAuditBoard collected data from 404 respondents to an online survey conducted by Ascend2 Research in May 2024. Respondents were security professionals from organizations primarily based in North America, representing a range of industries and company sizes.
To view the full report, please visit AuditBoard.com.
About AuditBoard
AuditBoard is the leading cloud-based platform transforming audit, risk, compliance, and ESG compliance management. Nearly 50% of Fortune 500 companies leverage AuditBoard to move their business forward with greater clarity and agility. AuditBoard has received top ratings from customers on G2, Capterra, and Gartner Peer Insights, and was recently ranked by Deloitte as one of the fastest growing technology companies in North America for the fifth consecutive year. To learn more, visit AuditBoard.com.
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