Businesses report ‘tech anxiety’ over cyber security, AI and sustainability tracking

The report, ‘2024 Leadership Priorities in Tech’, found that 94% of 800 executives surveyed in the UK and US report ‘tech anxiety’ within their organisation’s senior leadership, defined as ‘the feeling senior leaders have as a result of the rapid pace of advancements in technology that are causing concern when it comes to how their business operates’.

Cyber security was the most-cited source of anxiety ( 24% of participants) followed by concerns over artificial intelligence and machine learning ( 19%) and sustainability strategy and tracking ( 17%).

The top three contributing factors are the speed of technological change ( 35%); the internal skills gap ( 29%); and access to the right talent ( 28%). 

The report found that three-quarters of participants ( 75%) see further investment in digital transformation initiatives as necessary within the next 12 months, and 58% say that they plan to spend more in the next year compared with previous years. 

The sample of 800 senior business leaders in the US and UK comprised of a mix of C-suite, senior vice-presidents, vice-presidents, directors and other decision-makers in businesses with £800m+ in turnover or $1bn+ in revenue.

Richard Neish, global chief strategy officer at Kin + Carta, said: “Overall, it appears that tech anxiety among leadership is primarily triggered by factors and technologies with the potential to significantly disrupt the established ways of working. We’ve all seen reports about the huge potential impact of AI, while previously we have seen cloud, mobile and indeed the birth of the world wide web completely alter the way businesses operate.

“There’s no doubt that technology is moving incredibly quickly, but concerns such as data trust and the internal skills gap can be managed, as long as businesses invest in the right areas.”