creditcontrol.co.uk
UK firms dangerously unprepared for AI risks
New research from global cybersecurity consultancy CyXcel reveals more than a third of UK businesses are dangerously unprepared for AI risks, with 30% naming it among their top three risks of concern for the business.
The report highlights just under a third of businesses have only just implemented their first AI risk strategy (29%), with over 30% of firms saying that they don’t have any AI governance policy in place. Nearly 20% of UK and US firms saying they are still not prepared for AI data poisoning – a type of cyberattack that targets the training datasets of AI and machine learning (ML) models. Whilst a further 16% of companies surveyed say they are not prepared for a deepfake or cloning security incident.
Responding decisively to these mounting threats and geopolitical challenges, CyXcel’s Digital Risk Management (DRM) Platform provides businesses with insight into evolving AI risks across all major sectors, regardless of business size or jurisdiction, and helps organizations identify risk and implement the right policies and governance to mitigate them.
“Organizations want to use AI but are worried about risks – especially as many do not have a policy and governance process in place,” says Megha Kumar, Chief Product Officer and Head of Geopolitical Risk, CyXcel. “The CyXcel DRM provides clients across all sectors, especially those that have limited technological resources in house, with a robust tool to proactively manage digital risk and harness AI confidently and safely.”
CyXcel’s DRM monitors threats to digital operations and provides deep insights and actionable strategies across seven categories – AI, Cyber, Geopolitics, Supply Chain, Technology (OT/IT), Regulation, and Corporate Responsibility – all via an online dashboard, aiding users to understand, minimize, transfer and manage digital risk. The DRM also supports businesses in deciding what digital solutions to adopt and how they can achieve and retain peak digital resilience.
By providing businesses with insight from both legal and technical experts the DRM Platform allows individual risk owners to get targeted visibility into risk intensity, key trends and emerging threats, and gives advice as to how risk owners can manage those risks and align their investment in digital operations with their business goals.
To bridge the gap between the executive, legal and technical teams, the DRM Platform also provides access to bespoke remediation services. For example, CyXcel can help organizations develop AI governance policies as well as evaluate AI systems for security, privacy and technical vulnerabilities.
Traditional approaches treat risk management and compliance as separate tracks. CyXcel's DRM brings them together, reducing the burden of compliance across all digital risks. If a regulatory investigation or enforcement action were to arise, companies can rely on CyXcel’s full-spectrum dispute resolution and litigation service – supporting organisations seamlessly from the boardroom to the courtroom if needed.
Especially for organisations that are mandated by strict regulations, the DRM can help clients ensure customer trust on data protection, safeguard executives against personal liability and protect against action by regulators. In particular, the DRM focuses on the 26 sectors that are obligated to comply with the EU’s NIS2 or DORA and are categorised as Critical National Infrastructure (CNI) in the US, UK or EU.
“The cybersecurity regulatory landscape is rapidly evolving and becoming more complex, especially for multinational organizations. Governments worldwide are enhancing protections for critical infrastructure and sensitive data through legislation like the EU’s Cyber Resilience Act, that mandates security measures such as automatic updates and incident reporting,” explains comments Edward Lewis, CEO, CyXcel. “New laws are likely to arrive in the UK next year which will introduce mandatory ransomware reporting and stronger regulatory powers. With new standards and controls continually emerging, staying current is essential, and CyXcel’s Digital Risk Management solutions are vital to helping organizations navigate and comply with these changes.”