Auxilion, a leading Irish IT managed services provider, and partner HPE have announced the results of a survey which found that almost a third of senior managers are not confident of their organisation’s ability to prevent a data breach.
The survey also found that 65 per cent of financial services firms were hit by a cyber breach in past year as AI trust tops security concerns. These stats was higher among SMBs (67 per cent) than larger companies (61 per cent).
The study – conducted by Censuswide and involving 200 senior managers working in financial services – revealed that of those not confident of their organisation’s ability to prevent a data breach over the next 12 months, this fear was felt more so among those in larger firms - with 35 per cent not confident about same.
In terms of the biggest security concerns for the next year, trust in AI came out top (47 per cent). This was followed by ransomware (45 per cent), data mismanagement (44 per cent), dark web access (42 per cent), and data loss (41 per cent). Furthermore, some 40 per cent are concerned about deepfake content.
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Whilst respondents who work remotely are most worried about AI trust, data loss and malware (55 per cent respectively), those who work in the office are most concerned about malicious insiders (44 per cent).
On the topic of AI, 90 per cent of organisations are currently using it and some 84 per cent of senior managers use it to do their job. As for specific uses, over three quarters (76 per cent) are using AI technologies to review/manage data and 66% of organisations use AI chatbots.
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The top benefits of AI were cited as more effective use of data (46 per cent), supporting sustainability targets (44 per cent), better cybersecurity (44 per cent), increased profit (43 per cent), and boosted operational efficiency (43 per cent).
Despite this and the fact that 67 per centt have increased budget allocation for AI in 2025, some 30 per cent of respondents do not feel adequately trained to make the most of such emerging technologies. A similar proportion (31 per cent) admitted they are unable to process all their data (including dark data) created by systems, devices and customers interactions.
Interestingly, 31 per cent do not disclose to colleagues, partners or clients when AI has been used in process or project. Yet, twice as many (62 per cent) expect or require colleagues, partners or clients to disclose same.
Pictured: Martin Patterson, Head of Innovation, Auxilion
Perhaps unsurprisingly given the current usage of and planned investment in same, it appears that many respondents believe AI is here to stay. In fact, more than a quarter (29 per cent) do not think there will be any workplaces not using AI in five years’ time.
Martin Patterson, Head of Innovation, Auxilion, said: “Technology has profoundly changed the world of finance. Nowadays, people want increased digitalisation, better functionality, greater accessibility and more agility when it comes to these services. From contactless commerce to bot-enabled banking, financial services firms must embrace technology, including AI, to enhance and empower customer experiences. Of course, this cannot come at the price of security.
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“The challenge therefore becomes turning the wow factor of AI into practical and secure application. Organisations must not only innovate but safeguard. Getting this right is the difference between coasting and competing, operating and optimising, ticking along and thriving. By creating the right IT infrastructure with services which modernise and solutions which protect, organisations can meet customer expectations while building resilience and driving growth.”
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