How CISOs can develop an AI strategy
The AI cybersecurity market will reach $154.8 billion globally by 2032, according to CAGR: Allied Market Research. AI’s potential to examine and scrutinize vast amounts of data at a rapid pace makes it the perfect technology to prevent cybercrime. AI is not just reacting to threats but anticipating where future threats can hit. It’s the AI equivalent of a CISO.
Utilizing AI in cybersecurity is designed to protect computer networks, systems, and data against threats and involves AI algorithms that enable machines to identify patterns, prevent threats, and take action. AI cybersecurity can increase the efficiency of business security operations, enabling them to defend against sophisticated cyber attacks.
According to the AI in Cybersecurity Market report by Allied Market Research, the industry generated $19.2 billion in 2022 and is set to increase to $154.8 billion by 2032.
The growth of AI in the cybersecurity market is driven by several key factors, such as the demand for enhanced security solutions. As businesses face increasingly more sophisticated cyber threats, there is a need for AI cybersecurity measures to secure sensitive data and infrastructure.
Another factor contributing to the expansion of AI cybersecurity is the widespread threat across multiple industries. The adoption of digitized security solutions is also adding to the growth of AI in cybersecurity.
The growth of AI cybersecurity is significant but challenges exist in implementing procedural strategies and training needs. Cost is another factor. AI technology, storage, and retraining cybersecurity experts are obstacles to business growth. However, there is increasing investment from industry and government.
The percentage of organizations adopting any AI tools has remained steady since 2022, and adoption remains concentrated within a small number of business functions. This indicates a need for more widespread adoption and utilization of AI technologies across industries.
Generative AI
According to a Canalys report, generative AI cybersecurity technology will see a substantial market increase from $1.6 billion in 2022 to $11.2 billion in 2032. In the next five years, generative AI will be incorporated in over 70% of cybersecurity operations across businesses.
In a McKinsey Global Survey on AI, 40% of surveyed businesses plan to increase AI investment due to advancements in generative AI technology. However, many businesses are unsure of how generative AI is used in cybersecurity fraud. Although 53% of businesses recognize the risk generative AI poses to cybersecurity, only 38% are taking steps to prevent these risks.
Regulatory bodies are constantly evaluating generative AI tools for data security, privacy, and ethical concerns. However, regulation is a step behind emerging technological practices. Despite the technology being used across companies and sectors, policy and regulation are still in the debate stage.
What can CISOs Do?
In the last ten years, the role of the CISO has grown significantly beyond managing data protection and security architecture. Today’s CISO has to oversee cyber risk management, innovation and growth, and operational resilience.
In a recent Gartner Report, the role of the CISO is growing in complexity, with 64% of board directors acknowledging the digitization of productivity systems and 88% recognizing the substantial risk from cybersecurity threats.
To develop new cybersecurity strategies, CISOs must implement prioritizing risk modeling and assessment scoring, establish new cyber-incident reporting and regulation requirements, collaborate with cybersecurity providers to implement advanced security products, develop a strong security team with the right hiring or upskilling strategies, and evaluate social, humanitarian, sustainable, and technological risks.
These strategies are essential in tackling changing generative AI technology and its potential implications on business security.
Ginger Liu is the founder of Hollywood’s Ginger Media & Entertainment, a Ph.D. Researcher in artificial intelligence and visual arts media — specifically grief tech, digital afterlife, AI, death and mourning practices, AI and photography, biometrics, security, and policy, and an author, writer, artist photographer, and filmmaker. Listen to the Podcast — The Digital Afterlife of Grief.
