AI continues to flourish and be adopted at record speed, and unfortunately, this is not necessarily always a good thing. Individual users and businesses are having difficulty keeping up with AI-fueled cyber security threats. In 2023, 75% of cyber security professionals saw an increase in cyberattacks over the past year, with 85% of them accrediting it to cybercriminals’ abuse of generative AI tools.⁵

On top of AI-powered cyberattacks, this technology, when implemented improperly, can also bring about privacy risks.  

AI tools such as ChatGPT, Google Gemini, and Microsoft Copilot can help employees create, summarise, and proofread content, which can help employees work faster and with more accuracy. However, it can also open up the company to privacy risks.

Last year, a US-based data security company detected and blocked requests to input sensitive data into ChatGPT from 4.2% of the 1.6 million employees at its client companies. Among the blocked requests included a doctor encoding a patient’s name and medical information onto ChatGPT and asking the GenAI tool to create a letter to the patient’s insurance company.⁶

Meanwhile, this year, a researcher discovered how an AI tool that automatically transcribes meetings called Otter AI accidentally sent him a transcript of the meeting he attended as well as hours’ worth of confidential conversations that transpired after their meeting concluded.⁷

Employees are using these advanced and highly accessible GenAI platforms without proper training, which leads them to input sensitive and critical information unintentionally. In fact, 4 out of 10 employees admitted to sharing confidential work information with an AI tool without their employer’s knowledge.⁸

Even though younger professionals are generally more tech-savvy, they weren’t immune to unwittingly leaking sensitive data. According to a Forbes article, Gen Z and Millennials had the highest incidences of unauthorised data sharing using GenAI tools.⁹

Data breach violations not only harm businesses’ reputations but also cost them a lot of money. In 2024, the average cost of a data breach in the US amounts to US$9.36 million, while across the globe, the average data breach costs US$4.88 million.¹⁰

Because of the risks associated with AI tools, some companies have started pulling back on employees’ use of the technology. One study shared that most companies have limited the use of GenAI tools while 27% have banned their use, albeit temporarily.¹¹

AI will continue to evolve rapidly, and organisations will continue to adopt it to future-proof their operations. To continue thriving in an ever-evolving world, businesses need to balance embracing new technologies and keeping critical data secure by implementing security best practices and strong cyber security solutions.

Businesses must create guidelines and protocols on using AI tools and platforms and educate employees on them, ensuring that everyone in the company understands the risks associated with these helpful tools.

On top of regulations and employee training, organisations need to have robust cyber security solutions that can help protect, detect, and respond to the most sophisticated cyberattacks.

Companies can benefit from the consulting, education and professional Services offered by the Singtel Cyber Security Institute. Discover here. 

References:

1. IT Wire, AI is ubiquitous, even in 'traditional' sectors and businesses, 2024.
2. Forbes, Applications of Artificial Intelligence Across Various Industries, 2023.
3. McKinsey & Company, Gen AI casts a wider net, 2024.
4. Statista, Number of artificial intelligence (AI) companies in major economies worldwide in 2023, 2024.
5. Security Magazine, Study finds increase in cybersecurity attacks fueled by generative AI, 2023.
6. Dark Reading, Employees Are Feeding Sensitive Biz Data to ChatGPT, Raising Security Fears, 2023.
7. New York Post, AI is spying on your workplace gossip and secrets — and sharing them afterward, 2024.
8. InfoSecurity Magazine, Over a Third of Employees Secretly Sharing Work Info with AI, 2024.
9. Forbes, 55% Of Employees Using AI At Work Have No Training On Its Risks, 2024.
10. Statista, Average cost of a data breach in the United States from 2006 to 2024(in million U.S. dollars), 2024.
11. Cisco, More than 1 in 4 Organizations Banned Use of GenAI Over Privacy and Data Security Risks - New Cisco Study, 2024.