Businesses report ‘tech anxiety’ over cyber security, AI and sustainability tracking | News
A recent survey conducted by Kin + Carta has revealed that most business executives are feeling uneasy about technology. Cyber security is noted as the top worry for higher-up management.
According to a study called '2024 Leadership Priorities in Tech', about 94% of senior executives who participated in the study in the United States and the United Kingdom expressed concerns about the rapid technological advancements happening today. This feeling, which is called 'tech anxiety', refers to the worries senior leaders have about their business operations and how they can cope with these changes.
The top cause of worry among the respondents was cyber security, with 24% of them indicating it as a concern. This was followed by apprehensions related to artificial intelligence and machine learning (19%) and keeping track of sustainability strategy (17%).
The main three things that have the most impact are the rate at which technology is changing (35%), a shortage of skills within the organization (29%), and the ability to find and recruit the right talent (28%).
According to the report, 75% of those surveyed believe that investing more in digital transformation projects is crucial within the next year. In addition, 58% of respondents stated that they intend to increase their spending compared to previous years.
800 senior executives in the United States and the United Kingdom who are in charge of making important decisions were surveyed. These leaders come from various roles such as senior vice-presidents, directors, and members of C-suite in businesses with a turnover of over £800m or a revenue of over $1bn.
According to Richard Neish, who holds the position of global chief strategy officer at Kin + Carta, leaders seem to have a certain amount of worry regarding technology, which most often stems from emerging tech that has the capability to greatly alter the status quo. Many reports have been circulating about how AI could potentially impact society in a significant manner. We've already seen how the birth of the internet, mobile technology, and cloud technology have completely revolutionized the way in which businesses operate.
Undoubtedly, technology is advancing at a rapid pace, but apprehensions like data reliability and workforce skill deficits can be tackled through proper investment in suitable domains, by businesses.
