Executives express optimism & concern over AI's business impact

A recent report by Okta reveals strong executive confidence in the positive impact of artificial intelligence (AI) on the business world. However, many acknowledge the associated risks and their companies' vulnerabilities. The AI at Work 2024 report, which surveyed C-suite leaders across various industries, regions, and company sizes, found that 89% of executives view AI's impact as either positive or very positive. This sentiment is particularly high in the EMEA region, where 39% of respondents reported a very positive outlook on AI.

Despite the overall optimism, the survey highlighted a knowledge gap in AI expertise among leadership teams. While 43% of executives described their understanding of AI as intermediate and 37% as advanced, only 14% considered themselves AI experts. Chief Technology Officers were the most confident in their AI capabilities, with 51% expressing strong assurance in their decision-making abilities regarding AI.

The report also revealed that executives perceive their workforces as more knowledgeable about AI-driven security threats, with 67% describing their employees as either very informed or somewhat informed about these risks. However, privacy and security remain significant concerns for C-suite leaders regarding AI implementation. Data privacy was identified as a primary concern by 74% of respondents, followed closely by security risks at 71%.

The level of concern about AI's impact on organisational security varied among executives. Only 11% expressed extreme concern about AI's potential security impact, 28% described themselves as moderately concerned, and 34% were only slightly concerned. A little over half of the respondents (54%) believed their organisations were somewhat prepared to defend against AI-driven attacks, while 17% felt unprepared.

Ben Goodman, Senior Vice President and General Manager of Okta APJ, commented on the report: "AI is the biggest technological shift of our generation, bringing significant benefits but also notable risks. AI has expanded the threat surface, and one of the biggest threats with AI today is compromised credentials. The production of emails, SMS, and videos that look genuine and are very hard for people to tell whether they are legitimate."

Goodman also noted the discrepancy between executive concerns and actual threats: "With 11% of executives saying they're extremely concerned about AI's potential impact on security at their organisation, there is a clear disconnect between how concerned executives are about AI's impact on security and the threats organisations actually face."

Addressing the issue of compromised credentials, Goodman highlighted Okta's efforts: "Okta is stopping more than 2 billion cyberattacks every month; this is up from 600 million per month a year ago, and with 86% of data breaches due to stolen credentials, having the right security in place helps protect users. Identity is the foundation of a modern security strategy. The adoption of modern identity technologies, such as phishing-resistant MFA and passwordless, is the most impactful thing that organisations can do to protect their employees and customers."

Goodman explained the benefits of passwordless systems: "Passwordless stops people being accidentally compromised by having their passwords stolen. It links, for example, the device that you're using to being the control of their identity."

Key findings from the report include widespread optimism about AI, with 89% of executives viewing its impact positively or very positively. A balanced perspective was noted, as 46% of executives expressed equal parts concern and excitement about AI's growing role in daily life. Data privacy (74%) and security risks (71%) emerged as the primary concerns regarding AI implementation.

The importance of Identity and Access Management (IAM) was also stressed, with 79% of respondents characterising IAM as crucial for AI adoption and integration. Proper identity management ensures the right people have access to the right resources at the right times, thereby mitigating security risks associated with AI.