PwC survey: 77% of CEOs concerned about AI cybersecurity risks

At this time, virtually each enterprise desires to leap on the generative AI bandwagon. They’re constructing fascinating new options and are bullish on the prospects of the inspiration fashions.

Nonetheless, in accordance with a new survey of global CEOs conducted by PwC, regardless of all main advantages, this much-hyped know-how may herald some main challenges, together with potential safety dangers.

The agency interviewed over 4,700 world executives, together with 231 from the U.S., to know how they plan to reinvent their enterprise fashions to maintain creating worth for his or her prospects and workers. Within the responses, most CEOs converged on the potential of generative AI.

However, lots of them additionally flagged the problem of constructing belief within the know-how — with 77% agreeing that gen AI might improve the chance of cybersecurity breaches. 

The survey brings to mild what world executives intention to realize with gen AI within the close to and long run and what pitfalls are on their minds to handle as quickly as attainable.

Gen AI will enhance merchandise but additionally improve competitors

With the ability of GPTs within the arms of companies, world CEOs count on the know-how to begin offering returns this yr. Though, this is not going to be by way of direct income. 

Within the survey, 58% of the survey members stated they count on generative AI to enhance the standard of their product within the subsequent 12 months, whereas 70% agreed it would considerably change how their firm creates, delivers and captures worth in the long run. 

On a granular degree, they count on the largest profit to return by way of worker productiveness, with as many as 64% of the executives anticipating that their workers will be capable of do extra within the coming months with the ability of gen AI. Practically 60% additionally count on their very own effectivity to enhance with the know-how.

All these advantages are finally anticipated to culminate into an improved backside line, 44% of the CEOs urged. They count on to see GenAI offering a internet improve in income within the subsequent 12 months versus simply 3% projecting a internet lower. 

However, when generative AI makes the product and workforce of 1 firm extra succesful, it would do the identical for different gamers within the trade, intensifying competitors.

As many as 68% of the CEOs count on this to occur over the following three years. On this situation, the talents of the workforce and the way they unlock worth from gen AI of their function would be the differentiating aspect.

As of now, PwC notes that the societal influence of gen AI stays unclear, with some executives planning to rent as they implement the know-how whereas others seeking to cut back their workforce.

In line with the agency, the perfect method on this case needs to be to search for gen AI-savvy expertise whereas coaching and inspiring the prevailing workers to automate and increase routine duties, liberating up extra time for higher-value, revenue-boosting work.

“Being clear, purpose-driven and trusted relating to AI-related plans and choices will help carry alongside these workers who’re cautious of AI so that they really feel extra comfy experimenting — and innovating — with it. CEOs ought to embrace this challenge as a brand new side of their function by understanding, explaining and managing the inevitable tensions emanating from AI,” the agency wrote within the survey.

Considerations about constructing belief in generative AI

Whereas coaching and encouragement can push workers to embrace generative AI, constructing natural belief within the inputs and outputs of AI programs  – a key side in driving adoption and rising the enterprise – nonetheless stays one of many high considerations within the minds of the executives.

Within the survey, they stated the chance of cybersecurity breaches continues to be one of many greatest roadblocks to constructing belief. Particularly, 77% of them agreed that the know-how can improve the probabilities of a breach. 

Then, in addition they expressed secondary considerations such because the unfold of misinformation (63%) throughout the firm and the authorized or reputational injury (55%) that may stem from generative AI.

To deal with all these issues, PwC notes that CEOs ought to make sure that who makes use of AI and that it’s used responsibly inside their group.

“Incomes belief will be a chance to distinguish your organization. Embed it into the way you measure the success of the enterprise, utilizing applicable quantitative knowledge and qualitative measures. Belief may also be a precious intangible asset throughout a enterprise mannequin or operational transformation. Trusted AI is extra than simply compliant, safeguarded programs. It means deploying the correct options for the correct scenario and utilizing the correct knowledge, insurance policies and oversight to realize related, dependable outcomes. Reaching that requires an enterprise-wide method and a set of trusted practices,” the corporate added.