Webinar

AI: How to manage cybersecurity and data governance risks

April 16, 2024 · Authored by Mike Cullen, Samantha Boterman

Since OpenAI publicly released their ChatGPT tool in the fall of 2022, artificial intelligence (AI)—and, specifically, generative AI — has proliferated. With ever-increasing speed and complexity, new AI systems, vendors, platforms and capabilities have burst onto the scene.

With its promise to reduce inefficiencies, perfect operations and improve customer-facing products and services, organizations are employing AI in bolder and more creative ways each day.

By 2026, more than 80% of organizations will have used generative AI enabled systems—a dramatic increase from less than 5% in 2023. "Real Power of Generative AI: Bringing Knowledge to All.” Gartner, 17 Oct. 2023.

The benefits of AI

AI can accelerate decision-making processes, increase employee productivity, interact with customers, collect and organize vast amounts of data, make accurate predictions/forecasts and more.

Generative AI has already come a long way. In its comparatively short existence, it can already produce text, images, videos, presentations and even music in mere seconds. With all this creative ability, the question is not SHOULD your organization use AI, but WHEN and HOW.

Through these capabilities, generative AI can hopefully help organizations achieve their top objectives — reducing costs and increasing revenue in their core business, creating new business and/or sources of revenue, increasing the value of offerings by integrating AI-based features or insights and, in essence, creating more value without extraordinary effort.

And as with most technological innovations, this new creative power comes with new challenges and risks. Even if your organization is not implementing bleeding edge tools and techniques with AI, such capabilities are likely already in use by the software and service vendors that your organization relies on to accomplish its goals.

The challenges and risks of AI

AI has brought about new — and elevated existing — risks and compliance challenges that are increasingly specific to AI platforms. Organizations need to be proactive in their considerations of leveraging AI in a timely, efficient and responsible manner. Organizations should treat AI risk considerations as more than just afterthoughts and should appropriately adapt practices and approaches from existing control frameworks.