Almost eight out of 10 board members in SG perceive generative AI as a security risk

Despite being positioned as a cybersecurity advocate, board members in Singapore feel the last prepared.

In Singapore, board members believe they face a higher risk of a significant cyber attack in 2023, with 89% expressing this concern. This represents a notable increase of 35% compared to the previous year when 66% shared this view. 

Interestingly, Singaporean board members, despite ranking first globally in acknowledging their organizations' substantial investments in cybersecurity, feel the least prepared to handle a cyber attack, revealed a study by Proofpoint.

This shift in perception year-over-year may be attributed to the ongoing volatility in the threat landscape, marked by geopolitical tensions and an increase in disruptive ransomware and supply chain attacks. 

The emerging risk of artificial intelligence (AI) tools, such as ChatGPT, is also contributing to these concerns. 

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Specifically, 78% of Singaporean board members view generative AI as a security risk for their organizations, ranking just behind Japan at 79%.

The report, "Cybersecurity: The 2023 Board Perspective," draws insights from a global survey involving 659 board members at organisations with 5,000 or more employees across various industries. 

In June 2023, over 50 board directors were surveyed in each market from 12 different countries.

The report highlights that the perceived biggest cybersecurity threats expected to emerge in the next year are Malware (40%), Cloud Account Compromise (36%), and Insider Threats (36%). 

In contrast, the top three threats in the previous year were Business Email Compromise (41%), Cloud Account Compromise (37%), and Ransomware Attacks (32%). Interestingly, only 26% of boards consider supply chain attacks a top concern, despite projections that these attacks will cost businesses nearly $46b by the end of 2023 and more than $80b by 2026.