C-suite executives are more concerned with risks arising from AI vulnerabilities and cyber fraud than ransomware, according to the World Economic Forum
In Financial Services & Fintech, the increased concern about AI fraud will drive demand for AI-powered fraud detection systems and stricter regulatory compliance. Cybersecurity & AI Safety will see increased investment and focus on developing countermeasures against AI-driven attacks. The Government & Public Sector may face challenges in regulating and overseeing AI systems to prevent misuse and protect citizens from AI-related fraud and harm.
Operational impact: Businesses deploying AI need to proactively assess and mitigate AI-specific risks, including data poisoning, model inversion attacks, and biased algorithms. This requires dedicated security protocols, continuous monitoring, and retraining strategies. Expect increased budgets for AI security personnel and tools, potentially impacting deployment timelines.