Lack of adequate training undermines increased use of artificial intelligence by organisations.
A massive 65% of financial services firms in Ireland say they have been hit by cyber breaches in the past year, according to new research by Auxilion.
This was higher among SMEs (67%) than larger companies (61%).
“The challenge becomes turning the wow factor of AI into practical and secure application. Organisations must not only innovate but safeguard”
The study – conducted by Censuswide and involving 200 senior managers working in financial services – revealed that almost a third (31%) are not confident of their organisation’s ability to prevent a data breach over the next 12 months. This fear was felt more so among those in larger firms, with 35% not confident about same.
The study – conducted by Censuswide and involving 200 senior managers working in financial services – revealed that almost a third (31%) are not confident of their organisation’s ability to prevent a data breach over the next 12 months. This fear was felt more so among those in larger firms, with 35% not confident about same.
Can you trust AI?
In terms of the biggest security concerns for the next year, trust in AI came out top (47%). This was followed by ransomware (45%), data mismanagement (44%), dark web access (42%), and data loss (41%). Furthermore, some 40% are concerned about deepfake content.
Whilst respondents who work remotely are most worried about AI trust, data loss and malware (55% respectively), those who work in the office are most concerned about malicious insiders (44%).
On the topic of AI, 90% of organisations are currently using it and some 84% of senior managers use it to do their job. As for specific uses, over three quarters (76%) are using AI technologies to review/manage data and 66% of organisations use AI chatbots.
The top benefits of AI were cited as more effective use of data (46%), supporting sustainability targets (44%), better cybersecurity (44%), increased profit (43%), and boosted operational efficiency (43%).
Despite this and the fact that 67% have increased budget allocation for AI in 2025, some 30% of respondents do not feel adequately trained to make the most of such emerging technologies. A similar proportion (31%) admitted they are unable to process all their data (including dark data) created by systems, devices and customers interactions.
Interestingly, 31% do not disclose to colleagues, partners or clients when AI has been used in process or project. Yet, twice as many (62%) expect or require colleagues, partners or clients to disclose same.
Perhaps unsurprisingly given the current usage of and planned investment in same, it appears that many respondents believe AI is here to stay. In fact, more than a quarter (29%) do not think there will be any workplaces not using AI in five years’ time.
“Technology has profoundly changed the world of finance,” said Martin Patterson, head of Innovation at Auxilion. “Nowadays, people want increased digitalisation, better functionality, greater accessibility and more agility when it comes to these services. From contactless commerce to bot-enabled banking, financial services firms must embrace technology, including AI, to enhance and empower customer experiences. Of course, this cannot come at the price of security.
“The challenge therefore becomes turning the wow factor of AI into practical and secure application. Organisations must not only innovate but safeguard. Getting this right is the difference between coasting and competing, operating and optimising, ticking along and thriving. By creating the right IT infrastructure with services which modernise and solutions which protect, organisations can meet customer expectations while building resilience and driving growth.”
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
For support in challenging times, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
