Dive Brief:
- More than three-quarters (76%) of corporate finance leaders say artificial intelligence poses security and privacy risks that could undermine their organization’s financial health, according to survey findings published by finance software firm Kyriba.
- This caution has the potential to hinder AI adoption, despite the fact that a large number of CFOs view the technology as the leading driver of transformation in their roles over the next five years, Kyriba said in a Tuesday report on the findings.
- “Artificial intelligence is reshaping how CFOs and senior financial decision-makers approach strategy, operations and growth,” the report said. “However, a significant challenge exists with a trust gap between the untested promise of AI and the wariness of security and privacy risks.”
Dive Insight:
Worldwide generative AI spending is expected to total $644 billion in 2025, an increase of 76.4% from 2024, according to a forecast in March by Gartner.
Kyriba found that most (96%) of CFOs are prioritizing the integration of AI while grappling with trust concerns. “To thrive in this evolving environment, leaders must address these challenges head-on, implementing robust safeguards and ensuring transparency in their AI-driven solutions,” the report said.
A majority (53%) of CFOs expect that AI will significantly change their roles, more so than workforce shifts (44%) and C-suite succession (41%), according to the study. Nearly half of respondents said they plan to use AI to mitigate the impact of external factors such as market volatility, tariffs and political instability on their organization’s financial health and outlook, among other use cases.
“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, signaling that AI is becoming indispensable for maintaining resilience and competitiveness,” according to the report.
Kyriba conducted a Feb. 18 to March 3 poll of 1,000 CFOs, treasurers and senior financial decision-makers across the U.S., U.K. France and Japan.
