Finance Leaders Weigh AI Benefits Against Security Concerns
A recent survey by finance software firm Kyriba reveals that more than three-quarters (76%) of corporate finance leaders are cautious about artificial intelligence due to potential security and privacy risks that could impact their organization’s financial stability. This apprehension could slow AI adoption, even though many CFOs see the technology as crucial for their roles’ transformation over the next five years.
The survey findings, released on Tuesday, highlight a significant trust gap between the potential benefits of AI and the wariness about its risks. “Artificial intelligence is reshaping how CFOs and senior financial decision-makers approach strategy, operations and growth,” the report states. “However, a significant challenge exists with a trust gap between the untested promise of AI and the wariness of security and privacy risks.”
Global spending on generative AI is projected to reach $644 billion by 2025, representing a 76.4% increase from 2024, according to a Gartner forecast in March. Despite trust concerns, Kyriba’s study found that 96% of CFOs are prioritizing AI integration. The report advises leaders to address these challenges directly by implementing robust safeguards and ensuring transparency in AI-driven solutions.
Over half (53%) of CFOs expect AI to significantly impact their roles, outpacing expectations for workforce shifts (44%) and C-suite succession (41%). Nearly half of the respondents plan to leverage AI to mitigate external factors like market volatility, tariffs, and political instability on their organization’s financial health. The survey conducted from February 18 to March 3 polled 1,000 CFOs, treasurers, and senior financial decision-makers across the U.S., U.K., France, and Japan.
“While concerns about security and privacy remain, CFOs increasingly recognize the value of leveraging AI to drive strategic growth, enhance decision-making and navigate complex regulatory landscapes with growing confidence,” the report concludes. This growing recognition suggests that AI is becoming essential for maintaining resilience and competitiveness in the financial sector.
