IBM

IBM
INTERNATIONAL BUSINESS MACHINES CORP · CIK 51143
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이번 보고서
2025 연차보고서
10-K · 기간 말 2025. 12. 31. · 제출 2026. 2. 24.
비교 기준
2024 연차보고서
10-K · 기간 말 2024. 12. 31.
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새 리스크 항목
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신규 문단
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수정 문단
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분량 변화
AI 한국어 요약

한 줄 요약

IBM은 AI 기술이 의도대로 작동하지 않을 위험과 무역 분쟁에 따른 수출통제 위험을 새로 명시했습니다. 인수한 회사를 통한 사이버보안 위험도 추가했고, AI 규제 리스크는 사이버보안 항목에서 떼어내 AI 전용 항목으로 옮겼습니다.

주목할 변화

  • 강화AI 기술 오작동·예기치 못한 결과 위험 명시기존에는 'AI 리더로 인정받지 못할 경우'만 위험으로 들었습니다. 이번에 AI 기술 자체가 제대로 작동하지 않는 경우를 추가했고, 그 결과 시장점유율·마진·평판·경쟁력이 훼손될 수 있다고 적었습니다. 원문: "if our AI technologies do not work as intended or produce unexpected outcomes".
  • 강화무역 분쟁 리스크에 수출통제 추가관세·제재에 더해 상품·기술·원자재에 대한 수출통제(export controls)도 국경 간 거래를 제약하거나 비용을 늘릴 수 있다고 명시했습니다. 기존 대응책이 무력화될 수 있는 변수에도 수출통제를 넣었습니다. 원문: "Tariffs, international trade sanctions, and export controls on goods, technologies, inputs, and raw materials".
  • 강화인수 기업발 사이버보안 위험 신규 언급사이버 위험의 원천에 IBM이 인수하는 회사가 새로 들어갔습니다. 별도 문장이던 오픈소스 커뮤니티 등 제3자 요인은 본문으로 통합됐습니다. 원문: "the companies we acquire".
  • 완화AI 규제 서술 재편, EU AI Act 직접 언급 삭제AI 리스크 항목에서 EU AI Act를 명시한 표현이 빠지고 "regulatory and legal environment"로 일반화됐습니다. 사이버보안 항목의 제목·규제 문장에서도 AI가 제외됐습니다. 리스크를 줄였다기보다 AI 관련 규제·법률 위험을 AI 전용 항목으로 몰아 정리한 것에 가깝습니다. 다만 'legal'이 추가돼 소송 등 법적 위험까지 포괄하게 됐습니다.
  • 강화기후 관련 규제 범위 확대(경미)큰 영향이 없을 것이라는 판단은 그대로입니다. 다만 검토 대상이 기후변화 규제에서 환경보호 규제 전반으로 넓어졌습니다. 원문: "focused on climate change or environmental protection".

읽는 법

이번 개정의 핵심은 AI를 '리더십을 지킬 수 있느냐'의 문제를 넘어 '기술 자체가 제대로 작동하느냐'의 문제로도 본다는 점입니다. 관세 중심이던 통상 리스크가 수출통제까지 넓어진 점도 함께 볼 부분입니다. 인수 기업을 사이버 위험의 원천으로 명시한 것은 IBM이 인수를 통한 성장을 이어가는 과정에서 통합·보안 관리 부담을 의식하고 있음을 보여줍니다. 향후 보고서에서 관련 사고나 비용 공시가 나오는지 지켜볼 만합니다.

원문 비교
  1. 수정Risks Related to Our Business
    Risks from Investing in Growth Opportunities Could Impact the Company’s Business: The company continues to invest significantly in key strategic areas, including AI and generative AI, to drive revenue growth and market share gains. Client adoption rates and viable economic models are less certain in the high-value, highly competitive, and rapidly-growing segments. Additionally, emerging business and delivery models may unfavorably impact demand and profitability for our other products or services. If the company does not adequately and timely anticipate and respond to changes in customer and market preferences, competitive actions, disruptive technologies, emerging business models and ecosystems, the client demand for our products or services may decline or IBM’s costs may increase.
  2. 수정Risks Related to Our Business
    Due to the Company’s Global Presence, Its Business and Operations Could Be Impacted by Local Legal, Economic, Political, Health and Other Conditions: The company is a globally integrated entity, doing business in over 175 countries worldwide and deriving about sixty percent of its revenues from sales outside the United States. Changes in the laws or policies of the countries in which the company operates, or inadequate development or enforcement of such laws or policies, could affect the company’s business and the company’s overall results of operations. Further, the company may be impacted directly or indirectly by the development and enforcement of laws and regulations in the U.S. and globally that are specifically targeted at the technology industry. The company’s results of operations also could be affected by economic and political changes in those countries and by macroeconomic changes, including recessions, inflation, currency fluctuations between the U.S. dollar and non-U.S. currencies, capital controls, and adverse changes in trade relationships amongst those countries. Further, as the company expands its customer base and the scope of its offerings, both within the U.S. and globally, it may be impacted by additional regulatory or other risks, including, compliance with U.S. and foreign data privacy requirements, outbound investment restrictions, AI and cloud regulations, data localization requirements, labor relations laws, enforcement of IP protection laws, laws relating to anti-corruption, anti-competition regulations, and import, export and trade restrictions. Further, international trade disputes could create uncertainty. Tariffs and Tariffs, international trade sanctions sanctions, and export controls on goods, technologies, inputs, and raw materials resulting from these disputes could affect the company’s ability to move goods and services across borders, or could impose added costs to those activities. Measures taken to date by the company to mitigate these impacts could be made less effective should trade sanctions sanctions, export controls, or tariffs change. In addition, any widespread outbreak of an illness, pandemic or other local or global health issue, natural disasters, climate change impacts, or uncertain political climates, international hostilities, or any terrorist activities, could adversely affect customer demand, the company’s operations and supply chain, and its ability to source and deliver products and services to its customers.
  3. 수정Risks Related to Our Business
    The Development and Use of AI and Generative AI, including the Company’s Increased Offerings AI Solutions and Use of AI-based AI Technologies, Could Impact the Long-Term Success of the Company and its Reputation or Give Rise to Legal or Regulatory Action: IBM is increasingly applying AI-based technologies, including generative AI, AI technologies to its services and products, to how it delivers offerings solutions to IBM clients, and to its own internal operations. Additionally, IBM is investing in and offering new products and services associated with AI development, deployment deployment, governance, and management. As stated more comprehensively and in context of several risk factors throughout this Item 1A., if the company does not continue to be recognized as an AI leader with strong governance processes or if our AI technologies do not work as intended or produce unexpected outcomes, IBM’s ongoing efforts to maintain and increase its market share and its profit margins, its reputation, and its competitiveness could be harmed. Further, IBM’s drive for greater agility, productivity, flexibility and cost savings by continuously transforming with the use of AI may not yield intended gains in speed, quality, productivity and enablement of rapid scaling, which may impact the company’s competitiveness. scaling. The evolving global AI regulatory environment, including the enactment of the EU AI Act, and legal environment may affect the company’s business and the company’s overall results of operations. Computer hackers and others routinely attack the security of technology products, services, systems and networks using a wide variety of methods, and the increased use of generative AI technologies may introduce novel methods of attack. In the event of such actions, the company, its customers and other third parties could be exposed to liability, litigation, and regulatory or other government action, including debarment, as well as the loss of existing or potential customers, damage to brand and reputation, damage to IBM’s competitive position, and other financial loss.
  4. 수정Risks Related to Cybersecurity and Data Protection
    Risks Related to Cybersecurity and Data Privacy Protection
  5. 수정Risks Related to Cybersecurity and Data Protection
    Cybersecurity, Privacy, Cybersecurity and AI Data Protection Considerations Could Impact the Company’s Business: There are numerous and evolving risks to cybersecurity and privacy, data protection, including risks originating from intentional acts of individual and groups of criminal hackers, hacktivists, state-sponsored organizations, nation states and competitors; from intentional and unintentional acts or omissions omissions, including the practices and investments, of customers, contractors, business partners, vendors, the open source community, the companies we acquire, employees and other third parties; and from errors in processes or technologies, as well as the risks associated with an increase in the number of customers, contractors, business partners, vendors, employees and other third parties working remotely. Computer hackers and others routinely attack the security of technology products, services, systems and networks, like those we offer, using a wide variety of methods, including ransomware or other malicious software and attempts to exploit vulnerabilities in hardware, software, and infrastructure, and the increased use of generative AI technologies may introduce novel methods of attack. Attacks may also include social engineering and cyber extortion to induce customers, contractors, business partners, vendors, employees and other third parties to disclose information, transfer funds, or unwittingly provide unauthorized access to systems or data. The company is at risk of security breaches not only of our own products, services, systems and networks, but also those of customers, contractors, business partners, vendors, employees and other third parties, particularly as all parties increasingly digitize their operations. Cyber threats are increasing in number and sophistication, continually evolving, including with the increased use of AI, making it difficult to anticipate and defend against such threats and vulnerabilities that can persist undetected over extended periods of time.
  6. 수정Risks Related to Cybersecurity and Data Protection
    The company’s products, services, systems and networks, including cloud-based systems and systems and technologies that the company maintains on behalf of its customers, are used in critical company, customer or third-party operations, and involve the storage, processing and transmission of sensitive data, including valuable intellectual property, other proprietary or confidential data, and regulated data, and data including personal information of employees, customers and others. These products, services, systems and networks are also used by customers in heavily regulated industries, including those in the financial services, healthcare, critical infrastructure and government sectors.
  7. 수정Risks Related to Cybersecurity and Data Protection
    As a global enterprise, the regulatory environment with regard to cybersecurity, privacy, AI cybersecurity and data protection issues is increasingly complex and will continue to impact the company’s business, including through increased risk, increased costs, and expanded or otherwise altered compliance obligations, including with respect to the increased regulatory activity around the security of critical infrastructure, IoT connected devices, customer industries (e.g., financial services) and various customer and government supply chain security programs. As the reliance on data grows for the company and our clients, the potential impact of regulations on the company’s business, risks, and reputation will grow accordingly. The enactment and expansion of cybersecurity, AI, cybersecurity and data protection and privacy laws, regulations and standards around the globe will continue to result in increased compliance costs, including due to an increased focus on international data transfer mechanisms and data location; increased cybersecurity requirements and reporting obligations; the lack of harmonization of such laws and regulations; the increase in associated litigation and enforcement activity by governments and private parties; the potential for damages, fines and penalties and debarment; and the potential regulation of new and emerging technologies. Any additional costs and penalties associated with increased compliance, enforcement, and risk reduction could make certain offerings less profitable or increase the difficulty of bringing certain offerings to market or maintaining certain offerings.
  8. 수정Risks Related to Laws and Regulations
    The Company Could Incur Substantial Costs Related to Climate Change and Other Environmental Matters: IBM, like other companies, is subject to potential climate-related risks and costs such as those resulting from increased severe weather events, prolonged changes in temperature, new regulations affecting hardware products and data centers, carbon taxes, and increased environmental disclosures requested or required by clients, regulators and others. The company is also subject to various federal, state, local and foreign laws and regulations concerning the discharge of materials into the environment or otherwise related to environmental protection, including the U.S. Superfund law. The company could incur substantial costs, including cleanup costs, fines and civil or criminal sanctions, as well as third-party claims for property damage or personal injury, if it were to violate or become liable under environmental laws and regulations. We do not expect climate change or compliance with environmental laws and regulations focused on climate change or environmental protection to have a disproportionate effect on the company or its financial position, results of operations and competitive position.
  9. 문장 삭제Risks Related to Our Business
    As stated more comprehensively and in context of several risk factors throughout this Item 1A., this increasing mix and application of AI-based technologies may impact IBM’s ongoing efforts to maintain and increase its market share and its profit margins or harm IBM’s reputation if the company does not continue to be recognized as an AI leader with strong governance processes.
  10. 문장 삭제Risks Related to Cybersecurity and Data Privacy
    Cybersecurity risk to the company and its customers also depends on factors such as the actions, practices and investments of customers, contractors, business partners, vendors, the open source community and other third parties, including, for example, providing and implementing patches to address vulnerabilities.