Staying ahead of cybercriminals is a constant challenge, especially for smaller businesses. To tackle this issue, many companies are now adopting artificial intelligence (AI) for cybersecurity, even without in-house experts. Recent data from financial news site Pymnts reveals that the adoption of AI-powered cybersecurity systems by chief operating officers (COOs) has tripled since early 2024. In May, 17% of COOs surveyed reported using AI for cybersecurity. By the end of 2024, this figure had surged to 55%.
This rise underscores how AI is not only enabling malicious actors to launch sophisticated attacks but also helping organizations fortify their defenses. While the Pymnts survey focused on larger firms, it’s evident that AI can significantly enhance small businesses' ability to fend off cyber threats, much like it aids in scaling operations.
According to the survey, COOs are increasingly turning to AI-powered tools because “companies face the threat of cyberattacks that are growing more sophisticated.” This aligns with broader findings that generative AI tools have made hacking simpler. Throughout 2024, major tech companies such as Google and Microsoft introduced AI-driven cybersecurity solutions to combat this growing risk. At the Munich Security Conference in February, Google CEO Sundar Pichai acknowledged concerns about AI amplifying cybersecurity issues. While he agreed that such fears are justified, Pichai maintained that “AI tools can yield positive cybersecurity benefits.”
The Pymnts data validates Pichai's assertion, as more COOs consider AI an “essential tool for protecting organizations from security breaches and fraud.” Beyond addressing immediate threats, these tools are driving long-term security innovations. Additionally, companies implementing AI cybersecurity solutions reported saving an average of 5.9% in annual revenue, with some achieving savings as high as 7.7%. Respondents predict AI will become “fully embedded” in their organizations within seven years.
AI is transforming how IT departments address cyber threats. The technology automates initial responses during cyberattacks by analyzing large datasets, enabling faster resolutions. AI can also shift cybersecurity strategies from reactive to proactive by identifying threats like phishing attempts before they cause harm.
The urgency for smarter cybersecurity has grown as AI democratizes the ability to launch cyberattacks— an activity previously requiring advanced coding skills. CJ Moses, Amazon’s Chief Information Security Officer, noted that hacking attempts targeting Amazon had increased more than sevenfold in just six months, primarily driven by AI tools.
Although the Pymnts data primarily reflects trends in larger firms, the accessibility of AI means smaller businesses can now deploy advanced cybersecurity solutions without needing specialized technical expertise. This democratization empowers businesses of all sizes to safeguard their data and operations in an increasingly digital world.