Artificial intelligence is transforming cybersecurity for both companies and criminals. On one hand, it offers powerful tools for experts to detect and prevent cyberattacks. On the other, cybercriminals are leveraging AI to launch increasingly sophisticated attacks.
CFOs aiming to strengthen cybersecurity need a clear understanding of both benefits and risks. However, many remain cautious. According to a survey by finance software firm Kyriba, 76% of corporate finance leaders believe AI poses security and privacy risks that could threaten their organization’s financial health.
This concern can slow AI adoption, despite many CFOs recognizing AI as a top driver of transformation in their roles over the next five years. Kyriba’s May 2024 report highlights “a trust gap between the untested promise of AI and wariness over security and privacy risks.”
More C-suite leaders are beginning to see AI’s potential in cybersecurity. PYMNTS’ December 2024 AI MonitorEdge Report found that the share of COOs at billion-dollar companies implementing AI-powered cybersecurity systems rose from 17% in May to 55% in August—a threefold increase in just a few months.
Beyond improved protection, companies using AI-driven cybersecurity report significant cost savings. Executives estimate saving 5.9% of annual revenue over the past year, with those seeing a very strong return on investment (ROI) reporting savings of up to 7.7%.
Key benefits of AI in cybersecurity include:
- Threat Detection and Prediction: AI analyzes vast data to identify anomalies and potential threats faster than human teams.
- Automated Incident Response: AI can isolate compromised systems, block malicious actors, and initiate defense protocols instantly.
- Behavioral Analytics: Monitoring user and system behavior helps AI spot insider threats, phishing, and malware infections.
- Vulnerability Management: AI prioritizes and patches system weaknesses based on risk severity and potential impact.
However, AI is also a growing tool for cybercriminals. Since the introduction of ChatGPT in 2022, phishing attacks have surged by over 4,000%, according to SlashNext.
Cybercriminal uses of AI include:
- Deepfake and Voice Cloning Scams: Creating realistic impersonations to deceive victims into sharing data or transferring funds.
- AI-Powered Phishing: Crafting highly personalized, convincing phishing messages using public data.
- Evasion of Detection: Using AI to adapt malware behavior, helping it avoid traditional antivirus and firewall systems.
- Automated Vulnerability Scanning: Rapidly identifying and exploiting network weaknesses at scale with minimal human effort.
As AI continues to evolve, organizations must balance leveraging its cybersecurity advantages with vigilance against its misuse by attackers.
