Priority Data Security In Implementation Of Artificial Intelligence In The Financial Sector

JAKARTA - The latest survey from Hitachi Vantara states that the rapid development of artificial intelligence (AI) technology forces industry players in the banking sector, financial services, and insurance (BFSI) to prioritize security, quality, and sustainability.

The survey, which involved 231 IT and global business leaders, found that although 36 percent of respondents recognized the importance of data quality for AI's success, the majority of financial sector leaders still prioritized data security.

Nearly half (48 percent) of respondents called data security a major concern in the application of AI, reflecting the high need for protection from internal and external threats.

The more sophisticated and diverse cyber threats are the main factors that encourage this concern, where ransomware attacks (38 percent) are the main concern of IT leaders in the BFSI sector.

Meanwhile, 36 percent are concerned about data leakage due to AI errors. In addition, 32 percent stated that AI-based attacks could lead to serious data breaches.

Chief Technology Officer (CTO) of the Financial Services sector, Hitachi Vantara, Mark Katz said financial services rely heavily on trust. Therefore, reputational damage is a huge risk for them.

This study confirms that leaders of the financial services sector believe the quality of the data is the most important consideration for the successful implementation of AI. However, concerns such as data security are too urgent to ignore.