New Delhi [India], March 29 (ANI): Approximately half (48 percent) of those in the banking, financial services, and insurance sectors reported the following:
BFSI
) companies flagged
data security
According to a survey carried out by Hitachi Vantara, which is a subsidiary of global data solutions provider Hitachi, this was identified as the primary issue regarding AI deployment.
The survey, which took into account insights from 231 international IT and business leaders, highlighted that 84 percent of participants acknowledged that losing data due to an attack or error would have disastrous consequences.
As per the survey,
BFSI
Seventy-three percent of leaders believe that AI will be more advantageous for hackers than for cybersecurity defenders. They worry that malicious outsiders could employ AI-powered attacks to pose threats to their organization. Additionally, internal concerns include the risk of being unable to restore data due to an error made by AI, or experiencing a data breach caused by such an error.
The survey indicated that this underscores the essential requirement to protect against both internal and external dangers.
The swift progress of artificial intelligence (AI) is imposing extraordinary pressures on conventional data infrastructure, compelling businesses in the banking, financial services, and insurance sectors to adapt.
BFSI
) sector to choose which one should be prioritized among security, quality, and sustainability.
The survey revealed that although 36 percent acknowledge the significance of data quality for the successful implementation of AI, financial leaders continue to prioritize other aspects.
data security
.
As AI swiftly reshapes India’s financial industry, the true test lies in guaranteeing its operation relies on precise, secure, and effectively governed data. Trust forms the bedrock of India’s financial ecosystem.
BFSI
The industry can suffer significantly from even minor AI-related errors, such as incorrect predictions or security breaches, which may erode consumer trust and lead to regulatory issues,” stated Hemant Tiwari, Managing Director and Vice President for the India and SAARC region at Hitachi Vantara.
Highlighting that 48 percent of worldwide financial leaders emphasize security when deploying AI technologies, India’s position remains clear.
BFSI
The sector needs to adopt a more proactive stance.
“We must develop robust data infrastructure that balances security alongside precision, governance, and sustainability. Organizations setting up dependable AI structures now will spearhead the upcoming surge in financial innovation while keeping trust and operational integrity intact,” Tiwari noted.
Even with precision issues, the survey revealed that AI implementation inside
BFSI
is speeding up. Nonetheless, it pointed out that numerous entities are implementing AI without sufficient preparedness.
Moreover, the survey indicated that financial services executives believe data quality is the crucial factor for effectively deploying AI; however, it also highlighted that issues such as security remain too pressing to be overlooked. (ANI)
Provided by Syndigate Media Inc. (
Syndigate.info
).
