A recent survey of chief information security officers (CISOs) from leading organizations has identified phishing attacks and deepfake-enhanced fraud as the top AI-driven threats facing companies today.
According to the survey, 75% of respondents expressed concern over phishing attacks, while 56% highlighted deepfake-related fraud using voice or video as significant issues. In response to these rising threats, 70% of CISOs reported an increase in their budgets for 2024 compared to the previous year.
Supporting these findings, a Gartner report forecasts that global expenditure on security and risk management will reach $215 billion in 2024, reflecting a 14.3% growth from 2023.
The survey also revealed that organizations are grappling with a lack of expertise (58%) and the challenge of balancing security measures with usability when it comes to defending against AI-related threats.
These insights are part of Team8’s 2024 CISO Village Survey Report, based on a survey conducted at their annual CISO Summit, which gathered over 100 cybersecurity leaders from companies such as Oracle and Barclays.
Team8, a global venture creation and capital fund, emphasizes that these findings illuminate the evolving cybersecurity landscape increasingly shaped by AI. The results also underscore the pressures CISOs are under due to heightened scrutiny from both governmental and corporate entities.
Additionally, 54% of respondents indicated that their well-being has been affected by liability concerns, and 32% have taken proactive measures to reduce personal legal risks by seeking legal advice, acquiring additional insurance, or altering their contracts.
Ross Young, CISO in Residence at Team8, commented on the impact of recent SEC rulings and growing liability pressures, stating, “These developments have thrust CISOs into complex new territories, amplifying both the legal and emotional challenges they face. This transformation has significant implications not only for the well-being of CISOs but also for the security and resilience of organizations worldwide.”
In light of rapidly evolving threats, CISOs are working to adapt to technological advancements, according to Amir Zilberstein, managing partner at Team8 and co-founder of Claroty. “Finding a balance between emerging threats and ongoing challenges, such as identity and third-party risk management, will be crucial in the years ahead.”
The survey participants also noted several pressing data security issues that lack sufficient solutions, including insider threats and next-generation data loss prevention (DLP) (65%), third-party risk management (46%), AI application security (43%), human identity management (40%), and security executive dashboards (40%).
Looking ahead, 41% of respondents anticipate exploring options for managing the AI development lifecycle within the next one to two years. Additionally, many CISOs are prioritizing solutions for third-party AI application data privacy (36%) and tools to identify and track Shadow AI usage (33%).
