Accounting body CPA Australia has warned that increased adoption of artificial intelligence will bring a wave of heightened risk if financial businesses fail to provide matching cybersecurity support.

The caution comes as new research from the group revealed that 86% of surveyed Australian businesses reported using AI tools, and a further 71% are looking to increase their investment in the technology over the next 12 months.  

By contrast, the report, which surveyed 1117 accounting and finance professionals across Asia-Pacific, found that only 40% of businesses planned to use more cybersecurity software during the same timeframe.  

Across both figures, Australians reported the highest interest in increasing their investments in the technologies compared to the respondents from other Asia-Pacific countries.  

CPA Australia’s business investment and international lead Gavan Ord warns that while AI can enhance business productivity when “used correctly,” there are concerns about its vulnerability to emerging threats.  

“While AI can be game-changing for businesses, it’s also arming cybercriminals with even more sophisticated tools,” Mr Ord said.

“It’s enhancing their existing tactics and creating new avenues for online scams and attack.

“The last thing a business needs is a major investment in technology opening the door to criminals.”  

The report details that 18% of Australian businesses have lost time or money due to a cyber incident in the past year, with larger organisations being more likely to report such losses.   

CPA Australia advises businesses to review their cybersecurity policies and seek expert guidance to strengthen their defences, especially after implementing new technologies  

It also recommends regular staff training to help spot scams, as well as enforcing standard security practices such as multi-factor authentication and firewalls.  

“Implementing robust cybersecurity measures is now as essential as having modern IT systems,” Mr Ord said. “Without these protections, business risk losing clients, revenue and most importantly, their reputation.”