Ten years ago, there was not as much talk about artificial intelligence (AI) technologies as there is today. In the 21st century, AI technology has become essential for business leaders, eager to explore the wide range of benefits and insights it can bring. From automating repetitive tasks and analyzing large amounts of data to optimizing workflows and reducing costs, Gen AI offers businesses a wide range of opportunities, leaving more room strategic decision-making and innovation.
As a result, 64% of global CEOs surveyed by KPMG in the India CEO Outlook 2024 report indicated that they would invest in AI regardless of economic conditions. In India, this figure stands at 70 percent of the 125 CEOs surveyed. Through the Technology and Telecommunications Sector (TMT), generation AI is recognized as a key driver of long-term growth and profitability, with 78% of industry CEOs declaring it a top investment priority in their business. Additionally, 65 percent will invest more in purchasing new technology in 2024, an increase of eight percentage points from last year.
Even as organizations move forward in adopting AI, business leaders must do so by leveraging all its responsible aspects, such as transparency, accountability, accuracy, and explainability.
The growing importance of robust cybersecurity mechanisms
While AI offers enormous opportunities to improve business operations, it also comes with several vulnerabilities and risks. For example, Generative AI Systems (GenAI) that rely on large data sets and complex algorithms can become targets for cyberattacks such as data breaches, adversarial attacks, and exploitation of model weaknesses. Cybercriminals may attempt to manipulate AI models or steal sensitive information, which can result in significant financial losses, reputational damage and legal repercussions. Additionally, as companies integrate AI into their decision-making processes, ensuring the integrity and security of AI results becomes paramount to avoid malicious influence or misinformation.
The report’s findings clearly show that CEOs around the world are increasingly aware of the risks of rapid adoption of AI. Sixty-one percent of business leaders identify ethical challenges as among the most difficult issues to resolve when implementing AI within their business. Additionally, 50 percent are concerned about a lack of regulation and 48 percent are concerned about a lack of technical skills and capabilities.(3)
Robust cybersecurity frameworks, including encryption techniques, data access, secure data storage, continuous monitoring of unusual activities and regular security audits, are relevant to protect both AI infrastructure underlying data and the data used to train and operate these systems. At the same time, measures such as raising employee awareness of AI-specific security risks and establishing clear protocols for AI deployment can help minimize vulnerabilities and also simplify the path forward.
By investing in robust cybersecurity, organizations can confidently harness the power of generative AI while protecting themselves against potential threats, ensuring their digital operations are secure and reliable.
Addressing the urgent issue of “security challenges”
The benefit of technological advancements unfortunately comes with the scourge of cybercriminals. CEOs in the TMT sector are largely optimistic about the growth prospects of their sectors, their companies and the economy as a whole. However, 81 percent of them see cybercrime and cyber insecurity as one of the top three impacts on their business over the next three years. Additionally, it’s no surprise that 75% of business leaders surveyed in the CEO Outlook 2024 report say a cybersecurity-focused culture is critical to integrating AI into organizations.
At a time when India is experiencing significant economic and digital growth, it also faces the problem of “security challenges” – in which many individuals and businesses lack the education, awareness and resources to adequately protect themselves in the digital landscape. Such a lack of cybersecurity preparedness leaves them vulnerable to increasingly sophisticated online threats. Against the backdrop of this looming challenge, integrating cybersecurity mechanisms into an organization’s operational frameworks will be critical to ensuring business sustainability in the next decade, which is expected to be that of the growing era of AI.
The author is Raghavendra BV, Partner and Head of Cyber Transformation at KPMG in India.
Disclaimer: The opinions expressed belong solely to the author and ETCSIO does not necessarily subscribe to them. ETCISO shall not be liable for any damage caused to any person/organization directly or indirectly.
