48% of BFSI companies flag data security as a priority when deploying AI

Nearly half (48 per cent) of banking, financial services and insurance (BFSI) companies flagged data security as their top concern for AI implementation, a survey conducted by global data solutions provider Hitachi's subsidiary Hitachi Vantara found.

- CORRESPONDENT

The survey, reflecting inputs from 231 global IT and business leaders, noted that 84 per cent of respondents admitted that losing data to an attack or mistake would be catastrophic.

As per the survey, BFSI leaders (73 per cent) were confident that AI will benefit hackers more than cybersecurity defenders, with leaders concerned that external bad actors will use AI-enabled attacks to threaten the business. Internally, leaders are also concerned that an AI mistake will create an inability to recover data, or that a data breach will occur as a result of an AI mistake.

The survey asserted that this reflects the critical need to guard against internal and external threats.