Cybersecurity is the top risk consideration for internal auditors, and that will remain the case for the foreseeable future.
Cybersecurity is the top risk consideration for internal auditors, and that will remain the case for the foreseeable future. Indeed, it is the singular risk consuming their greatest time and effort, according to Risk In Focus 2024. The report series, from The Institute of Internal Auditor (IIA), asked chief audit executives and directors from around the world about the top risks their organizations are facing, and how they expect the threat picture to change in the next three years.
The Risk in Focus 2024 findings demonstrate the complexity of cybersecurity as a risk and the added challenges stemming from near constant changes in technology and how it can be used. This, too, was reflected in the report’s findings. Internal audit leaders expected to see the threat of digital disruption jump from fifth place on the threat list today to second place in three years.
This brief, the second in a three-part series on cybersecurity, examines how artificial intelligence (AI) contributes to cybersecurity challenges and opportunities, and what internal auditors need to know about this emerging and evolving risk area as a cybersecurity consideration. AI holds great promise as a sophisticated tool to improve efficiency, productivity, and risk management in virtually any
organization. However, it also presents new risk management challenges, including ethical considerations, the dangers of algorithmic bias, and over- or blind reliance on the use of AI. While it can be a valuable tool in the battle against cyberattacks, bad actors are also using it to perpetrate their crimes.
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