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One in four firms ban GenAI over privacy, data security risks

Economic Times

Economic Times · 1y ago

One in four firms ban GenAI over privacy, data security risks

According to a report by Cisco, more than 25% of organizations have banned the use of Generative AI (GenAI) due to concerns over privacy and data security risks. Businesses are worried about the threats to legal and intellectual property rights, as well as the risk of information disclosure to the public or competitors. While many companies recognize the need to reassure customers about the legitimate use of data in AI, the report suggests that not much progress has been made in addressing these concerns.

Related News

Embarking On An Ethical Journey In Generative AI

Inc42 · 1y ago

Embarking On An Ethical Journey In Generative AI

The rise of generative AI (GenAI) presents both transformative possibilities and ethical challenges. Concerns over privacy, data security, biases, and misinformation need to be addressed. To navigate these complexities, strategies such as mitigating bias, promoting transparency, protecting user privacy, continuous monitoring and evaluation, and engaging stakeholders are crucial. Education and training on GenAI ethics, establishing global ethical standards, and fostering ethics-driven innovation ecosystems are also essential. By addressing these ethical considerations, organizations can ensure responsible and equitable integration of GenAI in society.

TikTok bill faces uncertain fate in the Senate as legislation to regulate tech industry has stalled

Economic Times

Economic Times · 1y ago

TikTok bill faces uncertain fate in the Senate as legislation to regulate tech industry has stalled

The TikTok ban legislation has sparked a lobbying campaign from the app's users, urging them to call their representatives. However, some of these calls have turned threatening, with young voices leaving messages threatening violence against Senator Thom Tillis, who supports the ban. The tech industry has long been successful in fending off regulation, but the Senate is divided on the best approach to handling TikTok's security risks and data privacy concerns. While some lawmakers worry about angering young voters, others believe the legislation is necessary to protect national security interests. Efforts to regulate the tech industry and address online privacy concerns have been stalled for years.

From Rewriting Business Processes To Customer Support: How Fintech Startups & Banks Are Riding The GenAI Wave

Inc42 · 1y ago

From Rewriting Business Processes To Customer Support: How Fintech Startups & Banks Are Riding The GenAI Wave

A recent report suggests that a large number of Indian financial services players have either already started leveraging AI or have plans to pilot it over the next 12 months. GenAI adoption is also expected to see near-term hurdles such as hallucination, biased decision-making, data-privacy-related risks, and regulatory scrutiny. Fintechs are disrupting the traditional model by leveraging cutting-edge technologies such as GenAI, data analytics, and machine learning to personalize financial experiences. The increasing adoption of GenAI is expected to push growth in the fintech ecosystem, as cost is reduced and user experience is enhanced.

US Senator says TikTok divestiture deadline could be extended to one year

Economic Times

Economic Times · 1y ago

US Senator says TikTok divestiture deadline could be extended to one year

Lawmakers in the US may extend the deadline for TikTok's parent company, ByteDance, to divest the video-sharing app. The US House of Representatives has already voted in favor of giving ByteDance about six months to sell off TikTok's US assets or face a ban. Senate Commerce Committee chair Maria Cantwell suggested extending the deadline to one year, a move that could put the potential ban into 2025. The concerns over TikTok stem from worries about national security and data privacy, but TikTok denies any wrongdoing and maintains it has never shared US user data with China.

How TikTok grew from a fun app for teens into a potential national security threat

Economic Times

Economic Times · 7m ago

How TikTok grew from a fun app for teens into a potential national security threat

TikTok, initially a niche teen app, quickly transformed into a global trendsetter and potential national security threat due to its Chinese ownership. After acquiring Musical.ly in 2017, TikTok's rapid growth led to concerns about data privacy and Chinese influence, prompting actions from US officials. Despite lawsuits and attempts to sell the app, TikTok faced scrutiny and legislative challenges. Ultimately, a Supreme Court decision upheld a law requiring TikTok's sale or ban due to national security risks.

The Emergence Of GenAI: Friend Or Foe For Your Company’s Security Posture?

Inc42 · 1y ago

The Emergence Of GenAI: Friend Or Foe For Your Company’s Security Posture?

The arrival of generative AI (GenAI) has transformative potential but also poses security challenges. GenAI, which uses machine learning and neural networks to create content, can automate tasks and enhance defense systems. However, there is concern about its misuse by malicious actors who could use it for phishing attacks and deep fakes. To navigate these risks, companies should prioritize transparency, involve security teams throughout development, implement data governance, continuously test and monitor AI systems, and foster collaboration with peers and researchers. Striking a balance will be crucial in using GenAI effectively while mitigating security threats.

WhatsApp blocked on US House devices amid Meta’s political heat

Economic Times

Economic Times · 2m ago

WhatsApp blocked on US House devices amid Meta’s political heat

WhatsApp has been banned from US House-issued devices due to concerns about user data transparency and security risks. The Office of Cybersecurity urged switching to other messaging platforms. WhatsApp, owned by Meta, disagrees with the decision, asserting its end-to-end encryption offers strong security. The ban coincides with internal criticism of Meta's CEO Mark Zuckerberg for his ties with Trump. This follows a prior ban on TikTok from House devices over similar security concerns.

DeepSeek iOS app sends data unencrypted to ByteDance-controlled servers

Arstechnica

Arstechnica · 6m ago

DeepSeek iOS app sends data unencrypted to ByteDance-controlled servers

The DeepSeek iOS app, popular for its AI chatbot, has significant security vulnerabilities, as reported by NowSecure. It transmits data unencrypted to servers controlled by ByteDance, exposing users to potential data breaches. The app's failure to utilize Apple's recommended App Transport Security (ATS) and its use of outdated encryption like 3DES heighten security risks. NowSecure advises against using the app, highlighting concerns over data privacy, especially with connections to China's data storage and policies.

Glean wants to beat ChatGPT at its own game -- in the enterprise

TechCrunch · 1y ago

Glean wants to beat ChatGPT at its own game -- in the enterprise

Glean, a software developed by Arvind Jain, the co-founder of Rubrik, is aiming to provide enterprise employees with a custom ChatGPT-like experience for answering plain-English queries from vast amounts of data. Glean connects with enterprise databases to provide relevant answers, addressing the challenge faced by desk workers of finding required data efficiently. The platform leverages GenAI, but concerns have been raised about privacy and data security risks. Despite this, Glean has seen strong growth, recently raising $200 million in a Series D funding round and acquiring a customer base including Duolingo and Sony.

AI Will Change Operational Fundamentals Of Enterprises: Jithendra Vepa

Inc42 · 1y ago

AI Will Change Operational Fundamentals Of Enterprises: Jithendra Vepa

The GenAI ecosystem is experiencing significant growth, with over $600 million in funding for startups. Bengaluru is emerging as a major hub for AI-driven innovation. Companies are finding that implementing AI can significantly reduce operational costs. Many enterprises are opting to develop AI applications in-house and are resistant to sharing data with third parties. AI has the potential to fundamentally transform the operational landscape of businesses. Concerns around AI adoption include cost implications, compliance, security, and privacy. A report states that over 100 GenAI startups have collectively raised over $600 million in funding, with Bengaluru hosting over 45% of these startups.

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