As debate over AI regulation continues in the UK, more than half of board leaders fear AI is the biggest direct threat to their organization.
Moreover, a new survey from IN Group found that almost half (44%) of board leaders expressed serious concerns about a lack of innovation in their companies.
Generative AI stood out as the second biggest focus for boards after cyber, coinciding with the rise in AI-enabled cyber attacks.
54% of CEOs claim that they are lagging behind in terms of innovation, and in response to these pressing concerns, 62% said they are prioritizing hiring AI experts to take advantage of advances in AI technology.
Rachel Hayes, transformation director at Definia, part of the IN Group, says: “Before rushing to get the latest AI for fear of falling behind their competitors, businesses should first ask themselves: what is the business case for adopting this technology and is their data suitable for building AI on? If that business case doesn't exist yet, or they don't have a robust data architecture in place, it's best to ignore the headlines and ensure your employees have the latest data and AI skills to leverage AI technology appropriately when the time is right to adopt it.”
As the technology landscape continues to evolve, so too does the risk of cyber attacks. The rise of AI deepfakes creates room for advanced technology to be used for malicious purposes, and boards must fully understand these advances before using them to their own advantage.”
Professor Alexeis García Pérez, Professor of Digital Business and Sociology, Aston Business School, Aston University: “AI's potential to drive business innovation is recognised, but there are also clear concerns about its disruptive impact on traditional business models and jobs. The strategic focus on recruiting AI experts, particularly in the US and Germany, highlights the urgent need to harness AI capabilities responsibly and effectively.”
