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The rise of Artificial Intelligence (AI) could “turbocharge” the levels of cybercrime and fraud that businesses face with chief internal auditors “increasingly concerned” that cyber-criminals are likely to weaponize the technology, according to new research from the Chartered Institute of Internal Auditors (CIIA).
The research found that 78% of chief internal auditors believe AI will negatively impact cybersecurity and data security, while 58% say it will exacerbate fraud. The survey of 985 chief internal auditors across Europe reflects the views of internal audit and risk management experts and underscores the growing concern amongst business leaders about the risks associated with AI.
The CIIA said these results come at a time of increasing media reports and wider public concern around AI-powered cyber-attacks, financial scams and the recent emergence of deep-fakes being used to influence voters during the current UK election campaign.
It found the top five risks most negatively impacted by AI for business leaders to consider are as follows:
1. Cybersecurity and data security (78%)
2. Fraud, bribery and the criminal exploitation of disruption (58%)
3. Digital disruption, new technology and AI (55%)
4. Human capital, diversity, talent management and retention (48%)
5. Communications, reputation and stakeholder relationships (41%)
It said that results indicate that the boards and senior management of organisations should “harness the skills and expertise” of their internal auditors and seek independent internal assurance that the controls used to mitigate and manage AI-related risks are working effectively.
Organisations are being advised that in preventing AI-powered attacks they will increasingly need to deploy the same AI tools as part of their cyber defences, with the best defence against AI-powered cyber-crime often being AI-powered cybersecurity solutions.
Anne Kiem OBE, chief executive of the CIIA, said: “AI is evolving rapidly, and as with all new technologies it can be used for positive and negative reasons. Our research has shown that Chief Internal Auditors are alert to the threats, and this should bring some comfort to those organisations that have a strong focus on risk control, risk mitigation, and having a well-resourced internal audit function. Internal auditors remain a force for good.”
The survey included views from chief internal auditors in Albania, Armenia, Austria, Belgium, Bulgaria, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, The Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the UK.
