Cyber and digital technology risks are a key concern for businesses and risk leaders in 2023, even as 60% see GenAI as an opportunity for their businesses, said PwC recently.
According to PwC’s 2023 Global Risk Survey, while 39% of respondents feel “highly” or “extremely” exposed to inflationary risks, cyber and digital technology risks are top concerns, at 37%, and 32%, respectively.
The survey successfully collected responses from more than 3,900 business and risks leaders from the boardroom and C-suite, and across tech, operations, finance, risk and audit, the firm said.
GenAI is an opportunity, but is also triggering risk reviews
In addition, technological change is shifting the risk agenda inside businesses, with 57% of respondents noting that preparing for technology investments, from cloud to emerging technologies such as GenAI, is the single biggest trigger for an organisation to review its risk landscape, PwC noted.
This is higher than organisations which are triggered into a review by a risk event (50%) or entering new markets (46%), the firm said.
Technology disruptors, those that are more focused on value creation than value protection, are also much more likely to be AI as an opportunity, rather than risks, compared to other external non-tech disruptors, the firm observed.
For example, 60% see GenAI as an opportunity, compared to just 35% who see changes in regulation, or 28% who see supply chain disruption as an opportunity, the firm added.
