HR Leader, October 23, 2023
Artificial intelligence (AI) is changing the way all kinds of businesses operate. Getting AI-ready should be a priority for all business leaders, not just those in tech. Generative AI systems are a particular breed of “machine learning”. They are algorithms, like ChatGPT, that “can create things like text, images, or even music on their own, without being explicitly programmed by learning from patterns in existing data”. At least, that’s how ChatGPT defined it. The precise role generative AI will play in the future of the average business is unclear, but those businesses that proactively safeguard against the risks of such technology will be at an advantage, according to Riskonnect’s recent New Generation of Risk Report.
Making sense of the risks
As with any new business technology, risks come with the territory. According to Riskonnect, 93 per cent of companies anticipate significant threats from generative AI.
The top fears among organizations concern the following:
- Data privacy and cyber issues (65 per cent)
- Employee decisions based on erroneous information (60 per cent)
- Employee misuse and ethical risks (55 per cent)
- Copyright and intellectual property risks (34 per cent)
- Discrimination risks (17 per cent)
While fears around poorly understood technology often outpace the real risks associated with widespread adoption, Riskonnect explained that many concerns are well founded.
For instance, the report explained that the risk posed by ransomware and security breaches for businesses could increase with the adoption of generative AI. The technology “enables hackers to create more personalized and realistic phishing emails to infiltrate and take control of companies’ systems”, said Riskonnect.
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