The Hiscox Cyber Readiness Report 2024 has revealed that businesses are rapidly integrating technologies such as generative AI faster than they are adopting necessary cyber security measures, leaving them vulnerable to sophisticated attacks.
The report highlights that 70% of firms globally, including 70% of firms in the UK, have integrated generative AI into their operations. Despite this widespread adoption, only 56% of global, and 57% of UK, business leaders recognise the potential impact of generative AI on their cyber security risk profile. This indicates a notable gap in awareness and preparedness.
A significant finding from the report is that 34% of global firms, and 37% of UK firms, admitted their security measures are compromised due to a lack of expertise in managing risks associated with emerging technologies. Over half of the firms surveyed also reported a critical shortage of cyber security talent.
As businesses incorporate new technologies such as AI, IoT, and cloud computing into their operations, their exposure to cyber threats increases. Approximately 32% of firms, both globally and within the UK, are lagging in adopting necessary cyber security…
