AI Risks Revealed: Are UK Businesses Prepared for the Challenges Ahead?

As businesses in the United Kingdom increasingly turn towards artificial intelligence (AI) to propel their growth, a fresh survey from cybersecurity consultancy CyXcel has thrown a spotlight on the readiness of these organizations to navigate the risks associated with AI. Surprisingly, 29% of the businesses surveyed reported that they only recently rolled out their first AI risk strategy. To compound the issue, a staggering 31% admitted they have no governance policies in place for AI at all. This is concerning, especially when a third of these businesses acknowledge AI as a potential cybersecurity threat. It makes you wonder—are businesses truly aware of what they’re getting into?

The research further revealed that about 18% of organizations in both the UK and US feel unprepared for AI data poisoning, a type of cyberattack aimed at corrupting the training data of AI models. Additionally, 16% lack defenses against cloning and deepfake technology, which pose serious threats to their operational integrity. If these organizations don’t wake up to these threats, they’re leaving themselves wide open to data leaks, operational failures, and potentially hefty regulatory penalties.

Megha Kumar, CyXcel’s Chief Product Officer, aptly describes the situation as a catch-22. Companies are eager to adopt AI solutions but are held back by fears of the associated risks, particularly due to their lack of policies and governance processes. It’s a tricky balancing act, isn't it?

To help address these growing concerns, CyXcel has introduced its Digital Risk Management (DRM) platform. This tool is especially beneficial for firms with limited technological resources, equipping them to manage digital risk proactively and utilize AI efficiently and safely. Essentially, it’s like a safety net—one that can catch businesses when they stumble.

The DRM platform offers a wide array of insights into the rising risks tied to AI. By merging cyber, legal, technical, and strategic expertise, it helps organizations tackle threats head-on while enhancing their digital resilience. What’s particularly impressive is how it assists in creating governance and policies that make potential risks feel a little less daunting.

Along with helping users manage risks from various angles—AI threats, cybersecurity issues, supply chain vulnerabilities, and more—it gives tailored advice supported by legal and technical insights. Users can track trends, assess potential impacts of risks, and discover emerging threats in near real-time. Wouldn’t you feel more comfortable knowing you had that level of detail at your fingertips?

The DRM platform goes a step further by offering a comprehensive dispute resolution and litigation service to streamline compliance with regulations relating to digital threats. For businesses operating under strict regulations, such as those bound by the EU’s NIS2 and DORA (Digital Operational Resilience Act), its coverage extends across 26 sectors deemed essential infrastructure in various regions around the globe.

CyXcel’s CEO, Edward Lewis, elaborated on the continuously evolving cybersecurity regulation landscape. He notes that global governments are beefing up protections for critical infrastructure and sensitive data through new legislation, such as the EU’s Cyber Resilience Act, which mandates security measures like automatic updates and incident reporting. It begs the question: how can businesses keep pace with these changes?

Digital breaches and attacks put organizations globally at risk—including CyXcel itself. It’s a sobering reminder that no one is fully insulated from these threats. CyXcel's DRM is crafted not just as a safeguard for clients but also as a form of self-preservation in a jungle of digital hazards.

For businesses that falter, the penalties can be severe—not just financially but also reputationally. The risks CyXcel helps navigate are not just theoretical; they can have real-world consequences for both the company and its clients. It’s stated clearly that CyXcel isn’t merely observing these risks; they’re part of the same ecosystem.