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Majority of organisations are tracking AI risks , using AI to enhance their digital risk posture , finds AuditBoard
AuditBoard , the cloud-based platform transforming audit , risk , compliance and ESG management , has announced the results of its third-annual 2024 Digital Risk Report : Opportunities and Challenges of the AI Frontier . The report found that 78 % of organisations are tracking AI as an emerging risk while simultaneously adopting the technology themselves .
More than half of enterprises surveyed reported using AI to improve efficiency and enhance their digital risk posture . The report ’ s findings are being announced in conjunction with IT Risk Now 2024 , AuditBoard ’ s virtual event that brings together cybersecurity and IT risk management leaders to discuss how to handle today ’ s most urgent challenges , from navigating the risks and opportunities of AI to conveying the importance of security initiatives .
The annual report , based on a survey of over 400 security professionals in the US involved in their organisation ’ s approach to cybersecurity and digital risk , reveals organisations are making significant strides in digital risk management compared to previous years . The data shows organisations in 2024 are 2.5 times more likely to be in the later stages of digital risk maturity than last year , showcasing a solid trend toward proactive risk management .
“ The findings from this survey underscore the importance of evolving digital risk management practices ,” said Richard Marcus , Chief Information Security Officer at AuditBoard . “ As organisations mature in their approaches , integrating advanced technologies and fostering strong collaboration will be key to staying ahead of emerging threats and protecting digital assets .
AI risk and opportunity
Overall , a majority of organisations are tracking AI risks , 78 %, with more than half using AI in multiple ways to enhance their digital risk posture , indicating a crucial shift towards leveraging advanced technologies .
Two-thirds of organisations prioritise AI risk assessment using existing internal processes , 65 % and , or guidance and best practices from professional organisations , 63 %. Another 55 % say they use current and pending laws , regulations to prioritise risk .
Over half of organisations surveyed use AI to improve team productivity , 57 % and enhance threat detection , 56 %. Nearly half say they use it in reporting , 48 % and automating action and response plans , 42 %.
Nearly half of respondents describe their risk tolerance towards AI as very high , 17 %
Richard Marcus , Chief Information Security Officer , AuditBoard or high , 29 %, while only 12 % report a low , 9 % or very low , 3 % AI risk tolerance . This indicates the growing acceptance of AI as an emerging technology that presents both benefits and risks .
Digital risk management
The report findings also highlight the rapid evolution of digital risk management practices and the importance of solid organisational collaboration to enhance risk management strategies .
87 % of companies use reportable metrics to manage digital risk . Of this group , nearly all , 97 % consider their metrics to be effective , with 59 % saying the metrics they use are very effective , underscoring the importance of data-driven decision-making .
Strong collaboration across teams managing digital risk matters . Those with solid collaboration are more than two times more likely than all others to describe their reportable metrics as very effective , 87 % vs . 41 %.
Organisations continue to move away from manual approaches like spreadsheets and shared drives , with four out of five saying they use cloud-based risk management software to manage digital risk . p
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