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Attacks using artificial intelligence pose a major threat to the security of Cayman companies, a ‘Big Four’ financial services firm has warned. PwC Cayman’s Risk Assurance Manager Yousra Cherrouk said the fast-developing technology created new risks for the jurisdiction’s business. She said, “Alongside traditional cyber threats, such as ransomware and phishing, AI enables more sophisticated attacks, including synthetic identity fraud, deepfakes and misinformation that can erode trust.” Cherrouk added, “Beyond security, there are risks from biased algorithms, data misuse and limited oversight in automated decision-making. “Many Cayman-based companies are exploring the use of AI, but they must balance innovation with caution.” She explained that AI used by financial institutions for credit assessment, transaction monitoring or compliance had to protect sensitive information and be able to verify the accuracy of the models used. Cherrouk said, “Each business should assess its appetite for AI adoption, identity where the technology introduces risk and establish clear oversight, staff training and vendor due diligence to ensure responsible use.” Global survey Cherrouk was speaking after PwC released its latest Global Digital Trust Insights Survey, which lays down priorities for the next year. The survey of almost 3,900 business and tech executives in 72 countries and territories found that AI topped the agenda for cybersecurity and business leaders. They singled out cyber security budgets, a shortage of cyber talent and the need to boost cybersecurity defences as priorities for the next year. A total of 78% of businesses said they would increase cybersecurity budgets in the next 12 months and more than a third said it was the top investment priority. But only about half of heads of security and operations said their organisations were “very capable” of beating off cyber attacks and just 6% rated themselves as “very capable” across all the areas surveyed. Half of businesses said their top problems were a lack of knowledge in how to use AI to protect themselves from attack and 41% said a lack of skills in cyber defence in the last 12 months had slowed development. More than a quarter of businesses said their biggest data breach over the past three years cost them at least US$1 million. The most exposed companies included those with US$5 billion or more in revenue (41%), US-based firms (37%) and technology, media and communications operations (33%). Digital trust vital Cherrouk said, “The findings highlight a simple truth – trust is the new currency of digital transformation. “As AI reshapes how we work and cyber threats grow more sophisticated, building and sustaining digital trust has never been more critical. “Organisations that embed cybersecurity, responsible AI and ethical innovation into how they operate will be the ones that thrive.” She added, “Real progress means innovating responsibly and having the right people at the table, from the chief information officer, the chief information security officer to the chief revenue officer, working together to create a culture of trust. “Digital trust is not just a risk issue; it is a human one.” The survey also showed that the cyber skills deficit went beyond preparation for AI as almost half (47%) of business leaders highlighted staff shortages as a major problem in securing operational technology and the industrial “internet of things” systems. It also highlighted that many companies were unprepared to deal with the threat from quantum computers. The survey report almost half the respondents hadn’t considered or started to implement quantum-resistant security measures because of lack of knowledge of the potential risks, limited resources and demands from other areas. Cherrouk said, “In a fast-changing threat landscape, organisations must be able to bend without breaking. “That starts with closing the the skills gap in cybersecurity and AI by investing in people as much as in technology. “By combining talent development with trusted managed service partnerships, businesses can scale their capabilities, strengthen defences and stay ready for whatever comes next.”
