AI in cybersecurity presents a complex duality
Companies more than ever view GRC (Governance, Risk, and Compliance) as a holistic process and are taking steps toward getting a complete view of their risk environment and compliance obligations, according to Hyperproof.
Centralized GRC strategy gains momentum
Centralizing strategy, unifying risk and compliance data, and revamping the approach to cybersecurity are becoming more popular strategic objectives among respondents, especially with the rise of AI technology dismantling barriers and fostering collaboration among various GRC functions. This means the criteria for which GRC technology is being evaluated against in the purchase cycle is rapidly expanding.
55% of respondents view risk and compliance management as integrated activities, yet 48% of respondents struggle with the difficulty of switching between multiple systems for risk management.
70% currently use a GRC software to monitor security controls and report on compliance postures, and 28% have plans to evaluate such software in 2024.
83% of respondents have a centralized GRC program, but only 18% have tied risk and compliance activities together. 46% of respondents using an integrated, automated GRC tool experienced a breach vs. 78% of those who do not use a GRC tool, and 60% expect to spend more time on IT risk in 2024.
Walking the tightrope of using AI in cybersecurity
It’s no surprise that AI in cybersecurity presents a complex duality: AI simultaneously introduces new business risks while streamlining workflows for GRC professionals and helping stay abreast of innovative new cyberattacks, like deepfakes, more advanced phishing emails, better password guessing, neutralizing off-the-shelf security tools, and much more.
Regulators worldwide spent much of 2023 trying to understand how they should respond to the myriad of cybersecurity, privacy, economic, and ethical risks that AI raises. They began to take action near the end of the year. An expanding presence of global regulatory bodies demands that organizations backing AI assertions demonstrate transparency and furnish proof of their AI capabilities.
Organizations must stay ahead of the latest advancements in AI to make informed decisions and leverage its transformative capabilities while keeping AI misuse top-of-mind.
While AI presents a slew of new risks, respondents are also using it as a force accelerator. Integrating AI algorithms and machine learning methods enables GRC professionals to proactively report on the effectiveness of controls against cyber threats like malware, ransomware, and social engineering attacks.
Need for transparent GRC solutions on the rise
More GRC professionals than ever are actively reducing data silos between risk management and compliance operations to gain a clearer view of their true compliance postures.
Only 19% of respondents manage IT risks in siloed departments, processes, or tools, a 31% decrease from 2023, and 18% of respondents have an integrated view of managing their unique set of risks, an increase of 80% year-over-year.
“Each year, our benchmark report provides invaluable insights into the evolving priorities and challenges facing IT and GRC professionals,” said Kayne McGladrey, Field CISO at Hyperproof. “This year’s findings underscore the growing need for organizations to streamline their GRC processes and adopt integrated solutions to navigate the complex risk and compliance landsca.”
“These statistics highlight a clear trend towards a more unified approach to GRC,” added McGladrey. “It’s evident that organizations are prioritizing collaboration and transparency in their risk management efforts, signaling a need for GRC solutions that can adapt to these evolving demands.”