Most companies trust AI to boost productivity in 2024: PwC
PwC's 2024 Digital Trust Insights report reveals that 90% of organizations surveyed, anticipate generative AI to contribute to the development of new business lines over the next year. The study, which surveyed 3,876 global business, technology, and security executives, including 136 from India, also highlights the significance of adopting innovation, automation, and services in the realm of cybersecurity.
Cyber investments will rise 14% in the next year
The Digital Trust Insights report states that "More than half the business decision-makers are most concerned about cloud security-related threats and almost half of them are concerned that the outcome of a cyber attack could result in loss of customer data and revenue." The report also predicts that cyber investments will rise to 14% in 2024, up from 11% in 2023, emphasizing the increasing prominence of cybersecurity in organizations' overall plans.
Generative AI expected to boost employee productivity
Per the survey, 91% of organizations expect that employees' personal use of generative AI will result in noticeable productivity gains within the next year. However, 73% believe it could lead to disastrous cyber attacks during the same timeframe. Sivarama Krishnan, Partner & Leader, Risk Consulting, PwC India and Leader of APAC Cyber Security & Privacy, mentioned that 70% organizations are "actively planning to leverage Gen AI in their cybersecurity strategies, underlining the critical need for proactive and effective defense measures."
Emphasis on cyber resilience and boardroom discussions
The report advocates for a stronger presence of cybersecurity discussions at the boardroom level, emphasizing that security is a crucial aspect of every organization. "For organizations in India, state-level and sectoral regulations continue to steer systemic changes in cybersecurity and the adoption of principle-based ones seems to be more successful," said Sundareshwar Krishnamurthy, Partner and Leader Cybersecurity, PwC India. "But irrespective of compliance requirements, businesses are investing in building an all-encompassing cyber resilience program."
