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Recruiting and upskilling needed to navigate the landscapes of AI, cybersecurity and sustainability

In the midst of global economic and political uncertainty, boardroom leaders in Canada face unprecedented challenges in maintaining a focus on their priorities. The ever-changing landscape forces leaders to navigate a maze of competing demands, which often leads to rifts from a misalignment in strategies. The differing focuses can be particularly evident in critical areas such as technology and sustainability, underscoring the need for cohesive leadership in times of rapid change.

The IN Group’s Tech and the Boardroom research has identified the top three priorities that are shaping boardroom agendas across the U.S., U.K., Germany and the Netherlands: artificial intelligence (AI), cybersecurity and sustainability. These mirror the top priorities for boardrooms across Canada.

Fifty-seven per cent of C-suite leaders from the U.S. believe generative AI poses the biggest threat to their business, a feeling echoed by 49 per cent of their U.K. counterparts. As AI continues to revolutionize industries, it offers both significant opportunities and challenges.

This concern stands alongside cybersecurity as a primary focus, showcasing the evolving landscape of technological risks as threats grow more sophisticated and pervasive.

With the threat of global cyber warfare swirling, analysts from Deloitte have argued that Canada “lacks a robust strategy for implementing technological advancements in national security.”

Meanwhile, sustainability has moved to the forefront, driven by increasing environmental awareness and regulatory pressures.

As leaders strive to balance these priorities, the need for strategic alignment from boardroom members, along with robust governance, has never been more crucial to address these pressing issues and implications for business success.

The tidal wave of cyber threats

Cybersecurity remains a top priority across the boardroom, driven by the rise of geopolitical threats and the increasing rate of cyberattacks. As organizations navigate these challenges, the need for robust security measures and a forward-thinking approach to risk management have never been more critical.

Upskilling and recruiting cybersecurity specialists and providing training to current employees are essential to staying ahead of potential vulnerabilities.

However, cybersecurity experts have been highlighted by the Tech and the Boardroom report as the biggest talent pain point.

The slow development of cybersecurity infrastructure from the Canadian government has filtered down to boardrooms across the country. As a result, there is lower awareness of the potential threats, as well as the skills needed to identify, respond to and recover from attacks. Malicious actors often sit outside Canadian borders, but that doesn’t mean boardrooms can neglect cyber skills.

Investing in cybersecurity training for employees is essential for businesses today to serve as a frontline defense against cyber threats. Fostering a culture of security awareness through training promotes responsible behaviour and supports business growth by enabling the safe adoption of new technologies.

According to the report, 37 per cent of HR officers view cybersecurity as a key area for investment – the highest percentage among C-suite roles. Yet only 17 per cent of chief operating officers (COOs) see cybersecurity as their main priority.

However, COOs are also focusing on balancing investments in both cybersecurity and AI, with 15 per cent believing AI should be the core priority. This dual focus underscores a broader trend of leveraging advanced technologies to address cybersecurity challenges effectively.

Generative AI: A double-edged sword

While the potential of AI to transform business operations is undeniable, the perceived threat cannot be overlooked. The fear that AI could disrupt traditional business models is palpable among executives with 21 per cent of U.S. tech and non-tech leaders prioritizing investing in safe AI infrastructure – higher than the U.K., Germany and the Netherlands.

Deloitte analysts highlighted that Canada has been slow to adopt artificial intelligence, especially for national security purposes. This is partially due to a lack of AI experts who can oversee development projects, regulatory frameworks and rollout across the public and private sectors.

Among U.S. respondents, 16 per cent consider AI the biggest challenge to their business. This sentiment is particularly present with chief operating officers (15 per cent), chief digital officers (16 per cent), and chief financial officers (16 per cent), who also identify AI as a major issue. HR officers show less concern, with only eight per cent viewing AI as a significant challenge to their operations.

There is a lot of work to do to get systems, processes and people in place to address the challenge of AI and it is up to tech leaders to ensure their organizations are equipped with the skills and knowledge to fully understand the importance of AI and its implications for businesses.

The focus on AI skills is not merely about capitalizing on technological advancements, but also safeguarding the business against potential AI-related disruptions ­– something which is starting to become a larger priority for Canadian boardrooms. But there is still a way to go.

Companies must invest in upskilling their workforce and recruiting top talent to navigate the intricate landscape of AI effectively.

Scrambling to meet sustainability requirements

Sustainability is a core focus among executives and is gaining importance across markets. In the U.S., 82 per cent of businesses prioritize sustainability, compared to 73 per cent across Europe.

As environmental concerns become more pressing, businesses are increasingly incorporating sustainable behaviours into their core strategies to ensure they meet consumer expectations.

However, a recent PwC survey found that few of Canada’s top businesses are ready for mandatory ESG reporting standards.

Regulations in Canada are becoming increasingly complex and demanding, especially for businesses that operate across multiple jurisdictions. Disclosing climate change risks, answering questions on how material ESG risks are managed, and producing supporting data are common issues.

To manage the evolution of reporting regulations, businesses across Canada should consider bringing in consultancy staff to oversee the development of ESG reporting projects, working with pre-trained experts who understand the landscape and can meet the increasing demands.

C-suite executives’ emphasis on sustainability also reflects broader trends toward corporate social responsibility. Integrating sustainability into technology strategies involves adopting energy-efficient technologies, reducing waste and promoting sustainable chain practices. Achieving these goals requires recruiting experts in sustainability and providing continuous learning opportunities for staff to stay informed about best practices.

Ultimately, C-suite leaders’ diverse and evolving priorities reveal a complex landscape where cybersecurity, AI, and sustainability dominate the agenda. There is a pressing need for recruitment and upskilling to address these challenges. As businesses navigate this environment, the integration of technology leadership and a focus on innovation and inclusivity will be crucial for long-term success.

Derek Mackenzie is the CEO of Investigo.