Technology has become an integral part of all industries. As machines, AI, and digital systems are replacing manual processes, businesses can work with better efficiency and productivity. However, there is also a dark side to this reliance on technology. Businesses face greater security threats than ever before, with new and more sophisticated threats arising nearly every other day. The most recent one is AI-based threats. And while this risk exists across all industries, some are more vulnerable than others. Below, we list the industries most at risk from AI security threats and how they can mitigate them.
Financial Services
Financial institutions have a lot to gain from AI-based technology. It can help improve efficiency and accuracy, better detect, and prevent fraudulent activities, and provide prompt customer service, all of which are essential for their smooth functioning.
However, AI also poses a significant security risk to financial services. Since AI mainly works on data that has been fed into the system, there is a high risk of bias and discriminatory lending practices based on outdated regulations, and unethical, illegal data that may no longer be relevant.
Using AI-based systems may also make it challenging to comply with legal and ethical standards and lead to poor decision-making. This may ultimately lead to a lack of trust between the company, the customers and the regulators.
Healthcare
Another industry which is vulnerable to security threats due to AI is healthcare. The biggest threat to healthcare institutions is that of data breaches. Healthcare providers collect, store, and process large amounts of customer/patient data. And all this sensitive data can be made available to anyone who can manipulate AI algorithms.
There is also the issue of AI prediction. With such large amounts of detailed data fed into the system, AI algorithms can be manipulated to make calculated predictions about individuals and cause privacy concerns.
Although accurate on most occasions, AI can make errors due to outdated information. And if healthcare workers follow such erroneous AI-based suggestions, it can increase the risk of injury, and compromise patient safety.
Small Businesses
SMEs have limited budgets to spare for every area of their business. Since AI can take care of more than one aspect of running a business, such as marketing, CRM, and customer service, more and more small businesses are turning to AI to get the best ROI.
However, in doing so, they are also exposing their business to AI-based security threats. These include poor decision-making due to errors and inaccuracies, ethical concerns around bias and discrimination, data breaches and ransomware attacks, loss of customer data and trust, reputational damage, and financial losses.
Apart from these industries, AI poses serious security threats to several other important sectors like manufacturing, education, government, energy, logistics, supply chain, and more. And even though its benefits mostly outweigh the risks, businesses must have effective cybersecurity measures in place to protect themselves from AI-based security threats. They must train their employees in AI safe practices to avoid errors and inaccuracies, establish governance practices for AI and data, stay updated on the latest regulations and compliance rules, develop an integrated and full-proof process of data management, and finally, get AI cybersecurity experts onboard to lead the defence against AI-based threats.
SecureNet Communications has worked with several businesses from these vulnerable industries and beyond and helped them create a strong and effective defence against AI and other cybersecurity threats. If you are in the process of integrating AI-based technology into your business, our security engineers can provide the best advice and guidance on mitigating these threats. Call us at +44 1442 927002 or email us your queries at info@securenetcoms.co.uk today!
Industries Most At Risk From AI Security Threats
Technology has become an integral part of all industries. As machines, AI, and digital systems are replacing manual processes, businesses can work with better efficiency and productivity. However, there is also a dark side to this reliance on technology. Businesses face greater security threats than ever before, with new and more sophisticated threats arising nearly every other day. The most recent one is AI-based threats. And while this risk exists across all industries, some are more vulnerable than others. Below, we list the industries most at risk from AI security threats and how they can mitigate them.
Financial Services
Financial institutions have a lot to gain from AI-based technology. It can help improve efficiency and accuracy, better detect, and prevent fraudulent activities, and provide prompt customer service, all of which are essential for their smooth functioning.
However, AI also poses a significant security risk to financial services. Since AI mainly works on data that has been fed into the system, there is a high risk of bias and discriminatory lending practices based on outdated regulations, and unethical, illegal data that may no longer be relevant.
Using AI-based systems may also make it challenging to comply with legal and ethical standards and lead to poor decision-making. This may ultimately lead to a lack of trust between the company, the customers and the regulators.
Healthcare
Another industry which is vulnerable to security threats due to AI is healthcare. The biggest threat to healthcare institutions is that of data breaches. Healthcare providers collect, store, and process large amounts of customer/patient data. And all this sensitive data can be made available to anyone who can manipulate AI algorithms.
There is also the issue of AI prediction. With such large amounts of detailed data fed into the system, AI algorithms can be manipulated to make calculated predictions about individuals and cause privacy concerns.
Although accurate on most occasions, AI can make errors due to outdated information. And if healthcare workers follow such erroneous AI-based suggestions, it can increase the risk of injury, and compromise patient safety.
Small Businesses
SMEs have limited budgets to spare for every area of their business. Since AI can take care of more than one aspect of running a business, such as marketing, CRM, and customer service, more and more small businesses are turning to AI to get the best ROI.
However, in doing so, they are also exposing their business to AI-based security threats. These include poor decision-making due to errors and inaccuracies, ethical concerns around bias and discrimination, data breaches and ransomware attacks, loss of customer data and trust, reputational damage, and financial losses.
Apart from these industries, AI poses serious security threats to several other important sectors like manufacturing, education, government, energy, logistics, supply chain, and more. And even though its benefits mostly outweigh the risks, businesses must have effective cybersecurity measures in place to protect themselves from AI-based security threats. They must train their employees in AI safe practices to avoid errors and inaccuracies, establish governance practices for AI and data, stay updated on the latest regulations and compliance rules, develop an integrated and full-proof process of data management, and finally, get AI cybersecurity experts onboard to lead the defence against AI-based threats.
SecureNet Communications has worked with several businesses from these vulnerable industries and beyond and helped them create a strong and effective defence against AI and other cybersecurity threats. If you are in the process of integrating AI-based technology into your business, our security engineers can provide the best advice and guidance on mitigating these threats. Call us at +44 1442 927002 or email us your queries at info@securenetcoms.co.uk today!
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