Research reveals critical gaps in global cyber security governance
The increasing use of AI without proper controls is leaving Australian businesses vulnerable to cyber security threats, a new HLB Mann Judd report has revealed.
Recent research by HLB Mann Judd demonstrated the increased number of cyber attacks would likely impact Australian businesses using AI without proper controls in place.
The report, HLB 2024 Cyber Security Report, provided a snapshot of the current cyber threat landscape and highlighted the actions leaders have taken since 2020 to become more cyber-resilient.
The report was based on a survey that consisted of over 600 senior global IT professionals about the main cyber security threats of today, their progress in implementing cyber strategies and the dual role of AI.
Results revealed that 92 per cent had experienced ongoing cyber attacks, with an increase over the past year, yet only 29 per cent had implemented additional security and AI-related governance controls.
HLB Mann Judd risk assurance partner, Kapil Kukreja, said the increasing use of AI without adequate defence systems was a major concern.
“Despite these threats, some organisations are still overlooking basic security measures, leaving themselves very vulnerable to breaches which can compromise their business operations,” Kukreja said.
“Over one-quarter of organisations are either using or planning to use AI but don’t have adequate security controls. This is a critical gap in cybersecurity governance.”
The report also showed an increase in the incidence and sophistication of cyber threats, with 86 per cent of respondents having expressed heightened concerns over cyber security threats.
It was also expressed that the consequence of neglecting AI governance would be severe and that a key concern was the potential of AI to be weaponised.
Kukreja said the weaponisation of AI was a risk heightened by its scalability and autonomous operations, which posed a significant threat to data security.
“This now only exposes businesses to potential vulnerabilities but also highlights the urgent need for comprehensive AI governance frameworks,” he said.
“Companies must prioritise putting in place robust security measures alongside their AI initiatives, to safeguard against emerging cybersecurity threats.”
HLB Mann Judd recommended that all businesses establish controls and oversight mechanisms, invest in regular audits and risk assessments and focus on integrating AI with existing cyber security measures.
The firm said these measures would ensure AI was used ethically and securely, identify potential vulnerabilities and help detect and prevent AI-driven attacks more effectively.
Kukreja said businesses must develop sound recovery strategies to manage a potential cyber attack.
“The fact that only a third of firms feel very confident in their ability to recover quickly from a cyber attack is concerning,” he said.
“This underscores the importance of not only implementing robust preventative measures but also developing comprehensive incident response and recovery plans. This will allow organisations to respond swiftly and effectively in case of a breach.”
“In the wake of a series of major outages throughout 2024 nationwide, bolstering cybersecurity defences remains a strategic imperative for businesses as they face an increasing number of sophisticated attacks.”
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