Due diligence is required for AI benefits and data security
Is artificial intelligence the new and not-so-secret weapon for businesses? Perhaps. For companies struggling with staffing and inundated with customer requests, AI chatbots can effectively handle queries without incurring additional personnel costs.
Consider a small marketing team needing a simple e-newsletter graphic but lacking design resources. Within seconds, tools like ChatGPT can deliver the required file. In remote workplaces, task-management software keeps teams aligned without the need for scheduling multiple calls. Utilizing readily available, affordable AI tools is appealing in such situations.
However, should companies uniformly integrate AI technology into every aspect of their processes? The answer is no. As Forbes recently noted, AI has morphed into a “buzzword, marketing gimmick and financial frenzy all rolled into one.” With daily headlines marketing the technology as “revolutionary” and “transformational,” organizations can feel pressured to jump on the AI bandwagon. Nonetheless, potential outcomes of AI implementation do not always come without cybersecurity concerns. Thus, due diligence is critical.
Contrary to what marketers suggest, AI is not magic; it’s software. Interest in the technology is surging, with predictions suggesting the U.S. AI market could reach nearly $223.7 billion by 2030 due to ongoing corporate investments. A recent survey by PwC revealed that one-third of technology leaders indicated that AI is fully integrated into their products and services, a trend expected to rise. However, firms should heed PwC’s caution stating, “not every [AI] promise will pan out,” emphasizing that a return on investment hinges on the implementation of “responsible AI.”
Numerous years ago, the Economist asserted that data is one of the world’s most valuable resources. Therefore, it’s vital to handle it with care, rigorously assessing AI software that often relies on this data. Failure to do so, as Forbes indicated, could result in “blindly feeding personal and corporate data into systems with security weaknesses,” or utilizing systems that lack transparency regarding data handling practices.
To practice responsible AI, companies must focus on strategic cybersecurity risk management, ideally with the guidance of a third-party expert familiar with best industry practices. Before adopting any AI software, organizations should ask, “How does this tool align with our broader corporate ambitions?” IBM highlights this importance, stating, “Having a well-defined purpose and plan ensures AI adoption aligns with broader business goals.” Companies should consider whether they are using AI tools because they seem exciting or if they genuinely add value.
If AI software appears to offer a satisfactory return on investment, it’s essential to assess its security and data privacy needs. This assessment should include fundamental inquiries such as, “Where will the data be stored?” and “Who will have access to it, and how is it safeguarded against potential threats?” Additionally, educating users— from leadership to entry-level staff— about the inherent risks associated with AI is crucial for robust cybersecurity governance. This step has grown increasingly important as external entities, including customers and partners, demand assurance. As PwC remarks, “If AI isn’t trusted by stakeholders, if it faces a cybersecurity breach … your company will be negatively impacted.”
The bottom line is that companies must ensure rigorous AI security for business continuity.
If industry projections hold, there’s no indication that AI adoption will diminish. Will businesses benefit from the advantages AI offers? Absolutely, particularly concerning workplace efficiency; however, leveraging AI involves cybersecurity risks.
Before diving into potentially untested platforms or tools, organizations must evaluate the risks, educate and prepare their workforce to mitigate threats, and seek assistance from trusted cybersecurity professionals to oversee the transition. Through due diligence, companies can enjoy the benefits AI has to offer while protecting their data and securing their future.
Chris Wright is co-founder and partner at Sullivan Wright Technologies, an Arkansas-based firm specializing in cybersecurity, IT, and compliance services.
