Businesses Face Cyber Risk Exposure as Generative AI Emerges, Warns PwC
The rapid development and adoption of generative artificial intelligence (AI) present both opportunities and challenges for businesses worldwide. According to a recent survey conducted by PwC, three-fifths of businesses view generative AI as a positive opportunity. However, many of these businesses also express concerns about their vulnerability to cyberattacks in the face of this emerging technology.
In this era of technological advancement, PwC emphasizes the importance of taking risks in order for businesses to progress. As the race to adopt new and emerging technologies heats up, organizations that do not embrace these risks may find themselves falling behind their competitors.
The survey conducted by PwC sheds light on businesses’ perceptions of cyber risks. Approximately 37% of the surveyed firms believe that they are highly or extremely exposed to cyber threats. This sentiment is shared by leaders responsible for managing a firm’s risk, with many of them considering cyber-related threats to be a greater concern than inflation.
Geopolitical conflict is also a significant concern for businesses. Around a quarter of the respondents feel that their organization is very exposed to such conflicts, particularly with the escalation of tensions in the Middle East.
Despite these concerns, the majority of businesses surveyed (60%) view generative AI as an opportunity for their organizations rather than a cause for worry. Generative AI refers to advanced models that can create something entirely new based on vast sets of data. This technology has gained popularity, with applications such as chatbots like ChatGPT becoming more prevalent.
NatWest, a British bank, recently introduced an upgraded chatbot that utilizes generative AI to engage in human-like conversations with customers. This development highlights the increasing adoption of generative AI across various sectors.
In light of the survey results, PwC emphasizes the significance of addressing cyber and digital risks in 2023. The survey underscores the notion that organizations that fail to take risks will struggle to make progress. The evolving digital landscape requires businesses to adapt and embrace emerging technologies while being aware of the associated risks.
Overall, the survey conducted by PwC offers valuable insights into businesses’ perception of cyber risks and emerging technologies. It emphasizes the need for organizations to strike a balance between taking risks and managing potential vulnerabilities. With generative AI continuing to drive innovation, businesses must proactively address cyber threats to navigate the evolving digital landscape successfully.
Note: The information in this article is based on the survey conducted by PwC. For more details and comprehensive insights, refer to the original article by [source] (please add the appropriate hyperlink).
