The role of AI in risk management can no longer be ignored, especially when the Chief Information Security Officers (CISO) have to tackle bigger challenges in today’s complex digital landscape. Today, CISOs are expected to shake away traditional technical responsibilities and take on strategic leadership roles to safeguard technology infrastructure against unforeseeable cybersecurity breaches. This shift reflects the growing recognition of AI in cybersecurity and risk management as a critical factor in organizational success. In the latest report titled “Regulations, Reporting and Risk Management: The Voice of the CISO 2024”, Onyxia identified the sentiment among CISOs toward using AI in risk management.
Here’s a quick snapshot of the report, highlighting five ways AI capabilities help CISOs strengthen risk management.
#1 AI in Risk Management Dispels Fears among CISOs
The use of AI is closely linked to risk reduction. AI can reduce anxiety among CISOs by providing them with better support and a view into current gaps, redundancies, and security posture. Major fear among CISOs stems from internal collaboration and communication with the key decision-makers in the organization. 97% of CISOs feel AI can strengthen enterprise risk management, even as security leaders still rely on manual techniques to measure the effectiveness of their cybersecurity program. According to Onyxia’s latest report, CISOs with more experience in the role in the industry had a harder experience communicating security strategy to their C-suite. Only 19% of CISOs with 5+ years of experience easily shared their strategy with the C-suite. On the other hand, 40% of CISOs with lesser experience had an easier way with buy-in for processes and tools, as part of the strategy.
The use of AI-powered automated risk monitoring and reporting tools can defend the organization against all major types of attacks. Therefore, AI in risk management is a key enabler in the enterprise cyber technology stack to dispel fear among CISOs.
#2 Cybersecurity Hygiene and AI
Cybersecurity hygiene, or simply cyber hygiene, continues to test CISOs. There is a gaping hole in the way CISOs define basic security measures for their organizations and outside. Threat actors are exploiting vulnerabilities due to the lack of a common consensus or industry framework that could establish a common ground for security hygiene. 67% of CISOs agreed their organization lacks preparedness to meet the new compliance regulations such as the SEC’s cybersecurity disclosure rules or the DORA. More than half of the CISOs (52%) admitted that they lack adequate knowledge or resources to report cybersecurity incidents to the government.
AI can help set up a strong foundation for security hygiene, tracking the behavior and activities of malicious actors, and using NLP-powered algorithms to guard against future attacks.
OnyxAI, a predictive cybersecurity management engine, empowers CISOs and security managers to proactively allocate resources to identify, track, mitigate, and report risks. Security teams can actively identify risks to their security environment with AI-powered program intelligence and improve cyber defense strategy.
#3 Automation with Advanced Forecasting Capabilities Could Improve Organizational Performance
Modern security teams are under siege on all sides– digital environments with unprotected layers of security could dent a big hole into the IT infrastructure. From the relentless onslaught of sophisticated hackers to the expanding attack surface, the challenges facing CISOs and CIOs are more daunting than ever. The explosion of data and the increasing complexity of IT infrastructure further exacerbate these challenges, hindering efforts to safeguard sensitive information, manage user access, and respond effectively to AI-driven threats.
AI can significantly reduce the manual effort required to keep up with the ever-changing security measures and protocols. According to Onyxia, 42% of CISOs feel AI-based automation can strengthen risk management through automated reporting. 38% of CISOs say AI could improve the performance of security measures through predictive intelligence.
#4 AI to Create an Incident Response Plan
Onyxia’s latest report exposes the wobbly incident response plans prevalent in the industry today. Most CISOs are “not very comfortable” with their existing incident response plan. What is astonishing in this report is the discomfort among CISOs in companies with 5000+ employees. Only 21% of CISOs in enterprises with 5000+ employees have a steady comfort level with their existing incident response plan, almost less than half of that demonstrated by CISOs of organizations having employees between 500 and 5000. 4% of CISOs of 5000+ employee-sized organizations are “very uncomfortable”.
A robust incident response plan for large-sized organizations is essential for erecting and automating modern incident response capabilities by:
- Detecting Threats Faster: AI-powered tools can analyze vast data to identify anomalies and potential threats in real-time.
- Automating Response: Predefined actions can be triggered automatically, reducing response time and minimizing damage.
- Analyzing Root Causes: AI can delve deeper into incidents to uncover underlying vulnerabilities and prevent future attacks.
- Improving Decision-Making: By providing valuable insights and recommendations, AI can help security teams make more informed decisions.
#5 Accelerating Risk Detection and Response Times with Cybersecurity Collaboration
Cybersecurity collaboration is the need of the hour for the CISOs. A well-structured collaboration roadmap, powered by AI, promotes increased visibility into the existing security postures and accelerates risk detection. Cross-team collaboration also allows for cost-effective resource allocation and faster decision-making for proactive threat management. By leveraging AI-powered data intelligence tools, CISOs can significantly enhance organizational ability to detect and respond to threats, reducing the time it takes to identify and mitigate risks.
Overall, here are the key benefits of AI in risk detection and response:
- Real-time threat detection: AI algorithms can analyze vast amounts of data to identify anomalies and potential threats in real time, enabling organizations to respond promptly.
- Improved threat intelligence: AI can correlate data from various sources to gain granular-level insights into threats and their potential impact.
- Automated incident response: AI can automate routine tasks, such as isolating compromised systems and deploying countermeasures, reducing the time to take action to contain and mitigate incidents.
- Enhanced threat hunting: AI-powered tools can help security teams identify and investigate advanced threats that may be difficult to detect using traditional methods.
- Predictive analytics: AI can predict future threats based on historical data, enabling organizations to take proactive measures to mitigate risks.
By incorporating AI into their cybersecurity strategies, CISOs and security leaders can significantly improve their ability to detect and respond to threats, reducing the potential impact of security incidents and protecting their valuable assets.
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Conclusion
It’s time to take a stand and confront the cybersecurity storm head-on.
By investing in robust security solutions and adopting innovative strategies, CISOs and CIOs can protect their organizations from the ever-evolving threats that lurk in the digital landscape. Top cybersecurity leaders Rinki Sethi, CISO of Bill, and Sivan Tehila, CEO and Founder of Onyxia Cyber explain the role of AI and the new age of accountability of CISOs and security leaders amidst the emerging security regulations like the SEC cybersecurity rules.
Download the Onyxia report to learn how AI can strengthen risk management efforts.
