AI innovation seen by firms as outweighing security risks, survey finds.
New research suggests most technology leaders believe the benefits of artificial intelligence outweigh its risks, despite widespread concerns over security and compliance.
The survey, conducted by Censuswide among 600 AI and IT decision-makers in large enterprises across Ireland, the UK and Germany on behalf of Climb Channel Solutions, found that 53% think the innovation potential of AI surpasses security concerns.
“When it comes to AI, the potential for innovation needs to be balanced against security implications and environmental impacts”
At the same time, 56% believe organisations using AI are more vulnerable to cyberattacks and data breaches. Security worries are most pronounced in Ireland, where 60% of respondents expressed concern.
Firms feed AI their secrets
Data privacy and security emerged as the leading risk, cited by 36% of respondents, followed by regulatory compliance at 33% and bias or discrimination at 30%.
Despite these issues, 36% of companies lack a policy to promote safe AI use, and 39% have not defined what data is appropriate for input into AI tools. More than half of respondents admitted to entering confidential business or customer data into such systems.
Compliance readiness also appears uneven. While 55% of respondents said they understand regulatory requirements, 40% do not believe their organisation’s AI strategy will comply with the forthcoming EU AI Act.
Green Dreams, red alerts: AI’s double-edged impact
The research highlights a similar tension in sustainability. A majority of decision-makers – 57% – believe AI’s potential to support environmental goals outweighs associated risks, and 56% agree it can help meet ESG commitments.
More than half expect to increase investment in AI-driven sustainability initiatives over the next three years. Yet 44% of companies lack mechanisms to monitor the environmental impact of AI, and 39% do not measure its output.
Brian Davis, vice-president of sales for the UK and Ireland at Climb Channel Solutions, said organisations need to balance ambition with governance.
“When it comes to AI, the potential for innovation needs to be balanced against security implications and environmental impacts,” he said. “Processes need to be put in place to support not only successful but safe and sustainable AI use.”
Davis added that companies should identify use cases and build skills to manage the technology effectively. He pointed to the firm’s Skyward Project, which offers training through the Climb AI Academy and access to a platform designed to scale implementation.
“The AI journey can be somewhat uncertain, but it’s certainly one worth taking given that the benefits towards business objectives and ESG goals are both apparent and transformative,” he said.
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
For support in challenging times, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
