Navigating The AI Revolution: Balancing Risks And Opportunities
Article by Forbes, May 30, 2024
As AI technologies continue to advance, they hold immense potential for creating value that can transform industries as a whole. Still, this progress introduces new risks that organizations must understand and subsequently manage, including the unauthorized use of AI that may leak corporate data; breaches of intellectual property rights; misinformation; cyberattacks targeting algorithm manipulation and personal data extraction; and the use of AI itself by adversaries to launch sophisticated ransomware attacks and disinformation campaigns.
As a result, there is a major need for holistic risk management and continuous monitoring when it comes to AI, both for understanding risks within the context of specific digital ecosystems and updating control frameworks, and for ensuring that AI operates as intended.
Global Efforts In AI Risk Management
The recent agreement between the United States and the United Kingdom to manage identified risks from AI models, along with the G7’s endorsement of AI Principles and Code of Conduct to ensure the safety and trustworthiness of AI, highlights the global emphasis on proactive AI management. This is further reinforced by regulatory updates from the EU AI Act and various initiatives underway in several jurisdictions.
Growing Concerns Over AI Misuse
Moreover, a recent ISACA survey on the realities of AI highlights the growing concern among professionals regarding the exploitation of generative AI by malicious actors. With 60% of respondents indicating they are worried or very worried about the potential misuse of AI, it’s evident that the proliferation of AI technologies presents new challenges for cybersecurity. Among the top AI risks identified, misinformation and disinformation rank highest, with 81% highlighting it as a significant concern.