Should generative AI systems have access to your establishment’s sensitive data? Many people seem to think so. This burgeoning new technology streamlines many tasks and makes operations cheaper, but it is important to weigh the risks.
A Rising Awareness
Knowledgeable consumers mean businesses need to stay ahead. Cisco’s 2024 Consumer Privacy Survey reports that 53% of individuals know more about privacy laws and regulations, which rose from 36% in 2019. Meanwhile, 81% feel confident protecting private information, while 44% don’t fully understand them.
However, their opinions on GenAI are fairly negative. Around 80% of respondents see it as “bad for humanity.” The overwhelming fear is misinformation risks, with 86% believing this technology’s output isn’t always reliable.
Data Privacy Concerns
The conveniences of generative AI still seem promising enough for users to keep turning to it. 37% have entered their medical details, 29% have disclosed financial information, and 27% have even told chatbots their account numbers.
There are many reports of stolen data, hacked accounts, and other cybersecurity threats, so sharing confidential information without caution is never a good idea. Once you input anything, you may not control where it ends up.
Is Gen AI Still Worth It for Businesses?
Gen AI still brings numerous benefits, so you shouldn’t close the door on it just yet. Many companies already use it to:
- Expand ideas: AI helps brainstorm topics, create drafts, and edit text efficiently. It’s like having a virtual assistant in your pocket for written content.
- Automate tasks: Who doesn’t want to reduce repetitive work so staff members can focus on more strategic activities? Some AI-assisted automation programs help manage emails, create reports, and analyze data.
- Enhance customer service: Chatbots could answer common questions around the clock. This would improve response times and reduce the burden on human staff.
- Create images: AI systems like Midjourney or DALL-E transform text prompts into images. Think of them as tools for quick, creative visuals.
Proceed With Caution
Never integrate anything new and untested into your major operations without preparing thoroughly. Consider the following first:
- Training staff: A small mistake can ruin a company’s credibility. Enroll your team in training programs focusing on AI best practices or hire dedicated specialists.
- Informing clients: If you use chatbots to interact with customers, warn them about user data vulnerability. Clear messages telling them not to disclose personal information build trust.
- Boosting cybersecurity: Today’s threat actors use the inherent vulnerabilities found in AI systems. Stay safe by updating software, backing up data regularly, and enforcing strict access controls.
- Measuring success: Just because AI helps lower costs initially doesn’t mean it’s a good match for your business. Its data quality may be too poor, your target audience isn’t interested, or the improvements aren’t noticeable.
Generative AI is likely here to stay. Many establishments have started creating ethical usage policies for compliance and transparency.
We highly recommend you do the same. It could help alleviate the average consumer's rising distrust and safeguard their confidential information.
