PwC conducted a survey which included thousands of global CEOs to understand their opinion about generative AI. PwC interviewed 4700 CEOs, which also included 231 CEOs from the United States. The primary purpose of this survey was to identify how generative AI is forcing businesses to change their business models and value delivery processes.
The survey also highlighted some of the risks associated with generative AI that is forcing businesses to think twice about adopting the technology. The hype around generative AI technology is so huge that these security risks usually take a back seat. The PwC survey brings that to light.
In this article, you will learn about seven statistics about AI cybersecurity risks that will blow you away.
7 Statistics About AI Cybersecurity Risks That Will Shock You
Here are seven statistics about AI cybersecurity risks that will make your jaw drop.
- 77% of CEOs Thinks That AI Will Lead to Increase In Data Breaches
77% of global business leaders think that generative AI will increase the number of data breaches and cybersecurity attacks targeting businesses. They are right as there are no guardrails and security policies in place to ensure safe use of the technology.
With these tools getting into the hands of threat actors, expect them to launch more sophisticated malicious campaigns and scale them easily too. This can lead to business disruptions if they are not well prepared to deal with these security threats. Businesses can invest in DDoS protection services to prevent business disruption.
- 63% Consider Spread of Misinformation As The Biggest Threat of Generative AI
Spreading misinformation will become much easier for mischievous actors. They can use generative AI to their advantage to spread misinformation and achieve their malicious goals. This can be both internally or externally so businesses should be aware of that and take steps to mitigate the risk. With 2024 being the election year, expect generative AI to play spoil sports in those elections through misinformation.
- 55% Considered Legal and Reputational Damage As The Big Threat From Generative AI
More than half (55%) of CEOs consider reputational damage and legal issues stemming from generative AI abuse as one of the biggest threats. Expect to see more advanced phishing emails in your inbox which are harder to detect. Voice fraud will grow with voice clones. Deepfakes will become more common than ever before.
All these can put businesses in legal troubles and could even dent their business reputation. We have already seen the negative impact a data breach can have on business reputation. Users will lose faith and trust in brands and businesses will have to work harder to regain and win their trust in 2024 and beyond.
- 70% Said That Generative AI Will Change How They Deliver Business Value
Generative AI has already made a huge impact on many industries. Expect that trend to continue in the near future. Businesses that adapt to these changes will come out winners. 70% of CEOs admitted that generative AI technology has completely changed the way they used to create, capture and deliver business value. This means that businesses will have to rethink their strategies and change their mindset in order to benefit from this technology.
- 68% of CEOs Thinks That Competition Will Increase As Product Teams Get Better With Generative AI
With generative AI tools easily accessible to every tom dick and harry, expect the competition to rise. When your business and your competitor are using the same tools, both are likely to deliver better output. This will increase the industry standards and benchmarks and customer expectations will go up.
Businesses might have to work harder to acquire new customers as they would be more demanding than ever before. Satisfying those demands will not be easy for businesses. With more new players vying for the same number of buyers, expect some cut throat competition in the market.
- 64% of CEOs Thinks That Their Employees Wll Be Able To Do More With The Help of Generative AI
Just like with every other technology, generative AI also has its positives. It can turbo charge your employee productivity and take your business efficiency to the next level. By automating mundane tasks and helping employees complete days long tasks in a few minutes, your employees will be able to do much more in less time thanks to generative AI tools. This will also free them up from the repetitive tasks that they are sick and tired of doing on a daily basis. With generative AI doing the heavy lifting for your business, you and your employees can focus more towards business value creation instead of worrying about these tasks.
- 58% Said That Generative AI Will Improve The Quality of Their Work
As competition heats up, the bar will be set higher. This will force businesses to deliver a much better outcome. Generative AI can help them achieve that goal. In fact, 58% of CEOs think that generative AI can enhance the quality of the work and enable them to deliver a more refined final product and personalized service experience. This will increase customer satisfaction and help you build a loyal customer base that repeatedly buys from your brand. As a result, you don’t have to spend so much money on acquiring new customers.
What impact will AI related cybersecurity issues have on businesses? Share your thoughts with us in the comments section below.