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Bailey McCann, Opalesque New York: Investment firms could be underestimating the cybersecurity risks of artificial intelligence as well as new cybersecurity regulations, according to a new survey.
The 2024 Cybersecurity Benchmarking Survey, a joint project of ACA Group and the National Society of Compliance Professionals (NSCP) found that nearly 40% of compliance professionals from asset management, investment adviser, and private markets firms have yet to evaluate Artificial Intelligence (AI) as a cybersecurity risk.
A further 27% don't consider AI relevant to cybersecurity, and nearly half of respondents said they are in the early stages of exploring AI as a tool for cybersecurity risk management.
Respondents cited the following as the top three cyber threats they are most concerned about: Payment fraud/business email compromise; ransomware; and privacy threats and risk to personal identifiable information.
The SEC's new cybersecurity rules are also a source of confusion and some skepticism. According to the findings, 44% of respondents surveyed said they are uncertain about how the SEC will enforce the rules, while 36% of compliance professionals cited concerns with complying with cyber incident reporting requirements and timeframes.
The findings also indicate some inconsistencies across cybersecurity practices overall. Approximately 79% of compliance professionals expressed confidence in their firm's ability to respond to a cyber breach. But on...................... To view our full article Click here
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