Summary:
- A significant number of UK businesses lack proper AI risk strategies and governance policies, leaving them vulnerable to cybersecurity threats.
- CyXcel’s Digital Risk Management platform offers solutions to help businesses manage AI risks and improve digital resilience.
- The company emphasizes the importance of addressing digital threats, given the evolving cybersecurity landscape and increasing regulatory requirements.
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In a recent study conducted by cybersecurity consultancy CyXcel, it was found that nearly a third of UK businesses have only recently implemented their first AI risk strategy. Even more concerning, 31% of these businesses have no AI governance policies in place, despite recognizing AI as a potential cybersecurity threat. This lack of preparedness leaves companies susceptible to data leaks, breaches, operational disruptions, and regulatory fines.
One of the key findings from the survey is that 18% of UK and US organizations are unprepared for AI data poisoning, a form of cyberattack targeting AI and machine learning models’ training data. Additionally, 16% of businesses have no policies in place to combat cloning and deepfake incidents, further highlighting the urgent need for comprehensive AI risk strategies.
Megha Kumar, Chief Product Officer and Head of Geopolitical Risk at CyXcel, highlighted the dilemma faced by organizations wanting to leverage AI while being wary of its risks. He emphasized the importance of having robust policies and governance processes in place to address these concerns effectively.
CyXcel’s Digital Risk Management (DRM) platform offers a solution to help businesses navigate the growing AI risks landscape. By combining cyber, legal, technical, and strategic expertise, the DRM platform enables organizations to proactively manage digital risks and harness AI confidently and safely. Through a dashboard interface, users can access strategies for AI, Cyber, Supply Chain, Geopolitics, Regulation, Technology, and Corporate Responsibility, tailored to mitigate potential risks effectively.
The DRM platform also provides insights into emerging threats and trends, offering guidance on combatting dangers and vulnerabilities. Additionally, CyXcel offers a full-spectrum dispute resolution and litigation service to assist organizations in complying with various cybersecurity laws and regulations, such as the EU’s NIS2 and DORA. These services are particularly crucial for businesses operating in essential infrastructure sectors classified as Critical National Infrastructure in regions like the US, UK, and EU.
CyXcel CEO, Edward Lewis, emphasized the evolving cybersecurity regulatory landscape globally, with governments enhancing protections for critical infrastructure and sensitive data through legislation like the EU’s Cyber Resilience Act. He highlighted the impending introduction of new laws in the UK next year, mandating mandatory ransomware reporting and stronger regulatory powers to combat digital threats effectively.
Overall, CyXcel’s DRM platform serves as a comprehensive solution for businesses facing digital breaches and attacks, including the company itself. By offering tailored strategies and legal insights, CyXcel aims to help organizations navigate the complex cybersecurity landscape and mitigate risks effectively. The company’s commitment to addressing digital risks is not just advisory but personal, underscoring the importance of proactive risk management in today’s digital age.
