There is a big gap in risk management as enterprises race to use generative artificial intelligence (AI). Despite AI’s widespread usage, only 58% of executives in industries like healthcare, technology, and financial services have performed a preliminary evaluation of the dangers associated with the technology, according to a PwC survey.
73% of executives either use or plan to employ artificial intelligence (AI), including generative AI, according to a report based on a poll of 1,001 executives from both public and private enterprises conducted in April. Many of these leaders, meanwhile, might be ignoring more significant hazards because they are solely concentrating AI applications on functional systems.
PwC issued a warning, stating that businesses that take too long to fully integrate AI risk falling behind their rivals and finding it challenging to catch up. Business executives are starting to realize how quickly AI is developing and how difficult it is to manage the risks involved.
In July 2023 research, the World Economic Forum (WEF) highlighted these worries, noting that three out of four Chief Risk Officers (CROs) believe AI poses a risk to their firms’ reputations. Furthermore, 90% of CROs said they supported tighter regulations on the creation and application of AI, with almost half calling for a halt to AI advancements until the hazards are more fully recognized.
Primary Concerns:
The “opaque” nature of AI algorithms is one of the main worries since it can result in erroneous decision-making and unintentional data sharing. Furthermore, the WEF believes that in the years to come, artificial intelligence (AI) will be a powerful tool for producing “synthetic content,” or fake information that will deceive people, harm economies, and splinter societies.
PwC emphasized that controlling AI risks requires ongoing dedication and should be incorporated throughout all phases of AI technology development, implementation, and oversight. Businesses will undoubtedly face more pressure to strike a balance between innovation and risk management as AI develops.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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