Generative AI has become a boon for mankind and is already helping humans to enhance their productivity and help in problem solving, especially for the employees.
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In a latest report called ‘Cisco 2024 Data Privacy Benchmark Study’, has claimed that one out of four companies have already banned the usage of the AI tools over the data privacy and security issues and 27 per cent had banned its use, at least temporarily
Businesses listed the possibility of information leakage to competitors or the public (68 per cent) and risks to an organisation’s legal and intellectual property rights (69 per cent) as their top concerns.Although 48 per cent of companies acknowledge using GenAI technologies to access confidential company data, 91 per cent of companies acknowledge that they need to do more to reassure customers that their data is being used in AI for intended and legal purposes.
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The biggest percentage of respondents in years, over 98 per cent, stated that external privacy certifications play a significant role in their purchasing decisions. According to Dev Stahlkopf, Chief Legal Officer of Cisco, “organisations see GenAI as a fundamentally different technology with novel challenges to consider.”
“More than 90 per cent of respondents think that in order to handle data and risk, GenAI needs new approaches. Here’s when careful governance becomes useful. Maintaining client confidence is contingent upon it,” Stahlkopf stated.
The majority of businesses have safeguards in place to reduce exposure since they are also aware of these hazards.Sixty-three percent have set restrictions on what data may be entered, and sixty-one percent have limited which GenAI technologies staff can use.
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Although 91 per cent of organisations acknowledge they need to do more to reassure customers that their data is being used solely for intended and legitimate purposes in AI, consumers are still anxious about how AI will handle their data in the current context.According to the report, this is comparable to last year’s levels, indicating that not much improvement has been made.
