Mon Sep 23 23:01:00 UTC 2024: ## Cybersecurity Tops Business Concerns as AI Revolution Accelerates
A new survey by the Chartered Institute of Internal Auditors UK and Ireland has revealed that cybersecurity is the number one worry for businesses today, with 83% of respondents citing it as their top concern. This finding underscores the rapid digital transformation driven by artificial intelligence (AI), which presents both opportunities and risks for companies.
The “Risk in Focus 2025” report, which surveyed 985 respondents from across 20 European countries, highlights the growing dependency on technology and the accompanying vulnerabilities. High-profile incidents like the Crowdstrike outage and the HSE cyberattack in 2021 serve as stark reminders of the potential consequences.
While cybersecurity reigns supreme, AI is also a rising concern, with respondents identifying it as a “business-critical risk.” This is reflected in the report’s findings that digital disruption and the rise of AI jumped from sixth to fourth place as the fastest-rising category of concern in just one year. By 2028, respondents predict AI and new technologies will become the second biggest risk to businesses.
Beyond the digital realm, managing people and retaining employees were deemed the second most significant concern, with 52% of respondents ranking it among their top five. Other notable risks include geopolitical uncertainty (39%), climate change (33%), business crisis management (32%), supply chain problems (29%), and insolvency (27%).
The report also highlights the growing impact of EU regulations like the Corporate Social Responsibility Directive, which requires companies to submit environmental compliance reports by 2025. This is expected to increase the focus on climate change as a key risk in the coming years.
The “Risk in Focus” report serves as a valuable tool for businesses, offering insights into the evolving risk landscape and the importance of proactive measures to mitigate potential threats.
First Piper 