On September 25th, Boards Impact Forum hosted a webinar discussion on the emerging challenges board directors face around AI and cybersecurity. The session, led by seasoned experts Ana Cernat (NED, National Bank of Greece and Blik Romania) and Martin Althen (President, Securitas Digital), focused on board-level dilemmas regarding responsible AI oversight and cybersecurity risks. Facilitated by Liselotte Engstam, Chair of Boards Impact Forum, the webinar provided critical insights into the evolving landscape that board directors must navigate.
Speakers and Panelists:
- Ana Cernat, NED Vice Chair National Bank of Greece, NED Tirana Bank and Blik Romania
- Martin Althen, President Securitas Digital and NED Garo
- Facilitation by Liselotte Engstam, Chair Boards Impact Forum and chair and NED at listed and private companies.
Table of Contents
The Growing Threat of AI-Driven Cybersecurity Risks
Both Ana and Martin emphasized that AI is not only a powerful tool for business optimization but also a double-edged sword that heightens cybersecurity vulnerabilities. Ana Cernat highlighted the delicate balance boards must strike between leveraging AI’s benefits and mitigating its risks, particularly as AI becomes more prevalent in operational processes. The discussion underscored how AI intensifies the risks of data breaches, with cybercriminals using AI to attack organizations, as demonstrated by recent DDoS attacks in the banking sector.
A key takeaway from the session was the shift in responsibility. Cybersecurity and AI oversight are no longer solely IT functions; they are now integral to board-level governance. The speakers stressed that boards are increasingly accountable for the ethical and secure use of AI, with new regulatory frameworks like the EU AI Act placing direct responsibility on directors. Ana emphasized that board members need a clear understanding of the implications of AI and cybersecurity and must work closely with management to ensure these risks are properly addressed.
The Need for Strategic Oversight and AI Frameworks
Martin Althen brought a unique perspective as a technology expert and board member, advocating for boards to push their companies to develop comprehensive AI strategies. He explained that AI frameworks, ethical guidelines, and governance structures are essential for managing AI’s potential risks. Martin also highlighted that many companies lag behind in formalizing AI oversight, leaving boards to face uncharted risks without the proper tools in place.
Moving from Traditional Metrics to Outcome-Driven Approaches
Ana introduced the concept of transitioning from traditional metrics to outcome-driven ones. For instance, instead of focusing on the number of unpatched vulnerabilities, boards should prioritize understanding the real-world implications of AI and cybersecurity risks. This shift allows directors to make informed strategic decisions that align with the evolving risk landscape.
The Board’s Role in Balancing Innovation with Regulation
A recurring theme in the webinar was the board’s role in balancing the adoption of AI with strict regulatory requirements. Both speakers acknowledged the complexity of integrating AI into business operations while adhering to rapidly changing regulations. However, Martin urged directors not to let regulatory concerns stifle innovation, advising boards to experiment with AI, learn from practical applications, and then build the necessary governance frameworks.
Conclusion & Key Takeaways for Board Directors
In conclusion, the webinar highlighted the urgency for boards to not only oversee AI adoption responsibly but also to proactively manage its risks. Directors are tasked with ensuring that their organizations remain competitive while safeguarding against cyber threats. As AI continues to evolve, board members must stay informed, implement robust governance frameworks, and take a strategic approach to AI and cybersecurity oversight.
About Boards Impact Forum and the blogpost
Events arranged by Boards Impact Forum in collaboration with World Economic Forum (Non Profit Board Network, partnering with Board Networks , INSEAD Corporate Governance Centre, Digoshen and Next Agents )
This blogpost is also shared at the blog of of Digoshen, www.digoshen.com.
Recent Comments