Agility PR, October 23, 2023

Spiderman said it best: With great power comes great responsibility. But so far, the opportunity that comes with harnessing the vast power of generative AI (GenAI) has more accurately been paired with grave recklessness. Even though nearly all (93 percent) companies recognize the risks associated with using GenAI inside the enterprise, just a mere 9 percent say they’re prepared to manage the threat, finds a new global research survey of more than 300 risk and compliance professionals from risk management software firm Riskonnect.

The firm’s new report, The New Generation of Risk, which explores the new threats facing organizations and the strategies risk management teams are using to navigate the uncharted territory, reveals a profound AI risk management gap: To date, only 17 percent of risk and compliance leaders have formally trained or briefed their organizations on the risks of using generative AI.

“Generative AI is taking off at lightning speed and ushering in a new wave of business risks. Our research shows that most companies have been slow to respond, which creates vulnerabilities across the enterprise,” said Jim Wetekamp, CEO of Riskonnect, in a news release. “The rise of generative AI is the latest example of how quickly today’s risk landscape evolves. We’ve officially entered a new generation of risk.”

Key findings include:

The GenAI threat is broad and interconnected
Companies’ top generative AI concerns include data privacy and cyber issues (65 percent), employees making decisions based on inaccurate information (60 percent), employee misuse and ethical risks (55 percent), and copyright and intellectual property risks (34 percent).

Economic uncertainty and cyber concerns remain a persistent threat
The top four risks affecting organizations today, in order, are talent shortages and layoffs, recession risk, ransomware and security breaches, and state-sponsored cyberattacks.

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