Two-thirds (65%) of CISOs believe that the rise of AI has led to their cybersecurity budget being constrained, according to new research from RiverSafe, a leading cybersecurity professional services provider.
The findings were revealed in the Underfunded and Under Reported: Threats, Breaches, and Budgets report, a survey of 250 UK CISOs conducted by independent polling agency Censuswide, which highlighted concerns from security leaders about the level of investment organisations are putting into cybersecurity.
Worryingly, 59% of CISOs believe their organisations are not investing enough in cybersecurity, partly due to prioritising resources into AI technologies. This is particularly concerning at a time when the NCSC is warning of increased threat to critical national infrastructure from state-sponsored attacks.
Despite AI tightening budgets, organisations still need to invest more into cybersecurity to protect against AI enhanced threats. The increased adoption of automation can help balance the need for enhanced security with cost constraints.
In fact, 87% of organisations are integrating automation into their cybersecurity processes specifically to reduce costs. This approach allows them to allocate more resources towards advanced cybersecurity technologies and initiatives without exceeding their financial limits. By leveraging AI, organisations can automate mundane and repetitive cybersecurity tasks, enhancing the efficiency of their security operations. This not only helps in managing operational costs but also in staying ahead of cyberthreats by enabling quicker, more accurate responses.
With cost saving a clear priority for CISOs, two-thirds are outsourcing part, or all, of their cybersecurity tasks to external service providers in an effort to save both time and money.
Suid Adeyanju, CEO at RiverSafe, said: “CISOs need investment and resources from their organisation to keep their business safe in an era of heightened threat. As cyberattacks grow increasingly complex, fuelled by the rise of AI, proactive measures are crucial to safeguard sensitive data assets.”
AI development is showing no signs of slowing down and organisations are increasingly adopting AI technologies as part of their business operations. While there are obvious benefits, it is also vital to recognise the security challenges that AI brings, especially when it comes to CISOs managing budgets and risk.
Ultimately, cybersecurity and cybercrime are still conducted by people, so it is important for security teams not to lose sight of investing in people, even in an era of AI and automation. For businesses to truly be resilient, CISOs need a combination of cyber-savvy people and robust technology to protect their business from the next wave of cyberthreats.
