AI now lies at the heart of the battle between attackers and defenders, potentially reshaping the dynamics of cybersecurity. While malicious actors exploit AI to identify vulnerabilities and craft sophisticated attacks, security teams are increasingly relying on AI to detect and neutralize threats. In my view, this dichotomy underscores the need to balance innovation with responsible safeguards.

This reporting period marked five years since the establishment of Georgian’s Environmental, Social, and Governance (ESG) program. Over this period, we have sought to identify and apply standards that are relevant to our industry, and to explore ways to consider this guidance within our investment processes and operations.

Software development has changed dramatically in recent years. Developers have moved from copying code from Stack Overflow to using ChatGPT for code suggestions, using Integrated Development Environments (IDEs) with AI-powered autocompletion, to now prompting large language models (LLMs) to generate entire applications. This shift is transforming how engineering teams work and is reshaping the economics of software creation and cybersecurity.