PwC survey: 77% of CEOs concerned about AI cybersecurity risks

Today, almost every company wants to jump on the generative AI bandwagon. They are developing exciting new solutions and are optimistic about the prospects of foundation models.

However, according to a new survey of global CEOs conducted by PwCFor all its major benefits, this much-hyped technology can also bring major challenges, including potential security risks.

The company surveyed more than 4,700 global executives, including 231 in the United States, to understand how they plan to reinvent their business models to continue creating value for their customers and employees. In the responses, most CEOs converged on the potential of generative AI.

But many also highlighted the challenge of building trust in technology: 77% agree that the AI ​​generation could increase the risk of cybersecurity breaches.

The survey sheds light on what leaders around the world aim to achieve with Generation AI in the short and long term and what pitfalls they plan to overcome as quickly as possible.

The AI ​​generation will improve products but also increase competition

With the power of GPT in the hands of businesses, CEOs around the world expect the technology to start generating returns this year. But this will not be done in terms of direct benefits.

In the survey, 58% of participants said they expected generative AI to improve the quality of their product over the next 12 months, while 70% agreed it would significantly change the way how their business creates, delivers and captures long-term value.

At a granular level, they expect the biggest benefit to come in terms of employee productivity, with up to 64% of leaders expecting their employees to be able to do more in the months to come thanks to the power of the AI ​​generation. Nearly 60% also expect their own efficiency to improve thanks to technology.

All of these benefits should ultimately lead to improved bottom lines, suggested 44% of CEOs. They expect GenAI to deliver a net increase in profits over the next 12 months, compared to just 3% forecasting a net decrease.

But when generative AI makes a company’s product and team perform better, it will do the same for others in the industry, intensifying competition.

As many as 68% of CEOs expect this to happen in the next three years. In this scenario, the skills of the workforce and how they unlock the value of the AI ​​generation in their role will be the differentiator.

For now, PwC notes that the societal impact of the AI ​​generation remains uncertain, with some leaders planning to hire as the technology is implemented while others are looking to downsize.

According to the company, the ideal approach in this case should be to look for AI-savvy talent while training and encouraging existing employees to automate and augment routine tasks. free up more time for work with higher added value and income generation.

“Being transparent, focused, and trustworthy about AI-related plans and decisions can help rally employees who are wary of AI to feel more comfortable experimenting with it – and innovate – with it. CEOs should consider this issue as a new facet of their role in understanding, explaining and managing the inevitable tensions emanating from AI,” the company wrote in the survey.

Concerns about building trust in generative AI

While training and encouragement can push employees to adopt generative AI, building organic trust in the input and output of AI systems – a key aspect to driving adoption and growth of the company – remains one of the main concerns of managers.

In the survey, they said the risk of cybersecurity breaches continues to be one of the biggest barriers to building trust. Specifically, 77% agree that technology can increase the risk of a breach.

Then, they also expressed secondary concerns such as the spread of misinformation (63%) within the company and the legal or reputational damage (55%) that can arise from generative AI.

To address all of these issues, PwC notes that CEOs need to ensure who is using AI and that it is being used responsibly within their organization.

“Earning trust can be an opportunity to differentiate your business. Make it part of how you measure business success, using appropriate quantitative data and qualitative metrics. Trust can also be a valuable intangible asset during a business model or operational transformation. Trusted AI is not limited to compliant and secure systems. This means deploying the right solutions for the right situation and using the right data, policies and monitoring to achieve relevant and reliable results. Achieving this requires an enterprise-wide approach and a set of trusted practices,” the company added.