Emerging technologies such as generative AI have caught both business and tech leaders unprepared, said PwC recently.
The company’s 2024 Global Digital Trust Insights survey found that the proportion of businesses that have experienced a data breach of more than US$1million has increased significantly from year over year by a third — from 27% to 36%.
The survey of 3,800 business and tech leaders across 71 countries, also finds that companies are viewing the rise of Generative AI with a mixture of scepticism and excitement, and many are bulking up investments in protecting against cyberattacks.
Highlights of findings
- Nearly two-thirds (64%) of respondents said they have increased their sales revenue in the past year, while eight in 10 (82%) expect to increase revenue over the next year.
- Eight in 10 (79%) expect cyber budgets to increase — up from 65% in 2023.
- Organisations who show greater maturity in their cybersecurity initiatives, report a greater number of benefits and a lower incidence of costly cyber breach of US$1M, or a breach at all.
- While businesses that have experienced a data breach have increased since PwC’s 2023 survey, the healthcare industry has been the most impacted. T
- The global average cost of a damaging cyberattack was reported to be $4.4M, while in the healthcare sector that cost was 25% higher at $5.3 million.
- Nearly half (47%) of all healthcare organisation’s respondents reported a data breach of $1M or greater.
- As company size increases, so does the average cost of their most damaging breach. Companies with more than $10 billion report breaches of $7.2 million while those companies with less than $1 billion report $1.9 million in damages.
- The rise of ‘DefenseGPT’: Among business and tech leaders, there is increasing concern over the rise of Generative AI as it relates to cybersecurity.
- Another surge in cyber threats may be coming because GenAI can help create advanced business email compromise at scale.
- CISOs and CIOs should pay attention to a prevailing sentiment: 52% expect GenAI to lead to catastrophic cyber attacks in the next 12 months.
- Nearly eight in 10 (77%) agreed they intend to use GenAI in an ethical and responsible manner.
- 77% agreed that generative AI will help our organisation develop new lines of business within the next three years.
- 74% agreed employees’ personal use of generative AI will lead to tangible increases in their productivity within the next 12 months.
- 75% agreed generative AI-driven processes within an organisation will increase employee’s productivity within the next 12 months.
“Our global survey shows that cybersecurity continues to be top of mind for business leaders, and now more than ever, said Sean Joyce,Global Cybersecurity and Privacy Leader, PwC US. “C-Suites need to be agile and adapt to the changing market — with emerging technologies hitting the market in transformative ways, executives must challenge the status quo by building security into the fabric of the organisation instead of reacting once there is a crisis.”
