Artificial intelligence (AI) is transforming nearly every field of human endeavor, becoming increasingly integrated into every aspect of daily life, business, and society. As tools like Bard and ChatGPT grow in popularity, global CEOs are increasingly realizing the seemingly limitless potential of generative AI, and are continuing to accelerate investment in and exploring this technology.

Global CEOs are making generative AI an investment priority. The survey shows that 70% of them are investing heavily in generative AI as a future competitive advantage, and the majority (52%) expect a return on their investment within three to five years. In fact, increased profitability was cited as the number one benefit of implementing generative AI in an organization (22%).

According to our recent KPMG Global Technology Report, 55% of organizations say progress towards automation is delayed due to concerns about how AI systems make decisions.

Although there is a willingness to continue their investment, Global CEOs recognize that new technologies can pose risks that must be addressed. 57% cited ethical challenges as the top concern in implementing generative AI, followed by lack of regulation. As AI oversight and regulation increases, organizations may need policies and practices that can be articulated and implemented with confidence.

CEOs are also grappling with the increasing cybersecurity risks posed by AI technology. While AI can help detect cyber attacks, 82% believe it can also create new dangers by providing adversaries with new attack strategies. Even with all the attention paid to cybersecurity in recent years, more than a quarter (27%) of CEOs feel unprepared for potential cyberattacks (up from 24% last year), and more than half (53%) say so.

It is important for CEOs to lead from the front, ensuring their organizations adopt responsible and robust AI frameworks, and focus on protection and governance.