A decade ago, artificial intelligence (AI) technologies were not spoken about as rampantly as they are today. In the 21st Century, AI tech has become critical for business leaders, who are keen on exploring the wide range of benefits and prospects that it can bring to the table. From automating repetitive tasks and analyzing vast amounts of data to optimizing workflows and reducing costs, Gen AI offers businesses a wide range of opportunities, thus leaving more room for strategic decision-making and innovation.

Consequently, 64 per cent of global CEOs surveyed in KPMG in India’s 2024 CEO Outlook Report have indicated that they would invest in AI regardless of economic conditions. In India, this number stands at 70 per cent out of the 125 CEOs surveyed. Across the Technology and Telecommunications sector (TMT), Gen AI is recognized as a critical driver of long-term growth and profitability, with 78 per cent sector CEOs stating it as a top investment priority in their company. In addition, 65 per cent are placing more capital investment in buying new technology in 2024, an eight percentage points increase from last year.

Even as organizations make headway in adopting AI, business leaders need to do so by making use of all of its responsible aspects such as transparency, accountability, accuracy, and explainability.

The increasing importance of robust cybersecurity mechanisms

While AI offers tremendous opportunities for enhancing business operations, it also comes with several vulnerabilities and risks. For instance, Generative AI (GenAI) systems that rely on large datasets and complex algorithms, can become targets for cyberattacks such as data breaches, adversarial attacks, and exploitation of model weaknesses. Cybercriminals may attempt to manipulate AI models or steal sensitive information, which can lead to significant financial losses, reputational damage, and legal repercussions. Moreover, as businesses are integrating AI into their decision-making processes, ensuring the integrity and security of AI outputs, becomes paramount to avoid malicious influence or misinformation.

That CEOs across the globe are increasingly aware of the risks tied to rapid adoption of AI is evident in the report findings. Sixty-one percent of business leaders identify ethical challenges as some of the most difficult issues to address when implementing AI within their businesses. Additionally, 50 percent have concerns about lack of regulation and 48 percent over insufficient technical skills and capabilities.[3]

Strong cybersecurity frameworks including encryption techniques, access to data, secure data storage, continuous monitoring for unusual activities, and regular security audits are pertinent to safeguard both the underlying AI infrastructure, and the data used to train and operate these systems. Along with these, steps such as educating employees about AI-specific security risks and establishing clear protocols for AI deployment can help minimize vulnerabilities and also help to simplify the path forward.

By investing in robust cybersecurity, organizations can confidently harness the power of generative AI while protecting themselves against potential threats, ensuring both the safety and reliability of their digital operations.

Addressing the pressing issue of ‘security challenges’

The boon of technological advancements unfortunately comes with the bane of cybercriminals. The TMT sector CEOs are largely optimistic about the prospects for growth in their industries, their companies, and the economy at large. However, 81 per cent of them view cyber-crime and cyber insecurity as one of the top three biggest impacts on their companies over the next three years. Moreover, it comes as no surprise when 75 percent of the business leaders in the CEO Outlook for 2024 express that a cybersecurity-centric culture is critical to AI integration across organizations.

At a time when India has seen significant economic and digital growth, it also has to deal with the problem of ‘security challenges’ – wherein many individuals and businesses lack the education, awareness, and resources to adequately protect themselves in the digital landscape. Such a gap in cybersecurity preparedness leaves them vulnerable to increasingly sophisticated online threats. Against the backdrop of this impending challenge, embedding cybersecurity mechanisms into an organization’s operational frameworks will be key to futureproofing businesses in the next decade, which is slated to be the rising age of AI.

The author is Raghavendra BV, Partner and Head, Cyber Transformation, KPMG in India

Disclaimer: The views expressed are solely of the author and ETCSIO does not necessarily subscribe to it. ETCISO shall not be responsible for any damage caused to any person/organization directly or indirectly.