Nine in ten Irish businesses (90%) are concerned about the risks artificial intelligence (AI) poses to their business. This compares to six in ten (63%) UK businesses, suggesting that Irish businesses are more worried about AI than their UK counterparts.
Research from insurance broker and risk management company Gallagher in Ireland has revealed that almost nine in ten (89%) Irish businesses are concerned about the increased threat of privacy violations and data breaches which AI could bring, with a similar number (88%) worried about the potential for AI to produce misleading or incorrect information.
Gallagher commissioned a survey of 300 business decision makers across the UK & Ireland, 100 of which are based in Ireland. The survey examined the level of concern about AI amongst Irish businesses and what those concerns related to.
Top six AI risks identified by Irish businesses:
- Increased threat of privacy violations and data breaches (89% of Irish businesses said they are concerned about this)
- Errors and the potential for AI to produce misleading or incorrect information (88%)
- Algorithm bias and discrimination (84%)
- Liability or legal accountability in the misuse of AI (83%)
- Greater vulnerability to cyberattacks and fraud (82%)
- The lack of skills within their organisation to leverage AI (82%).
Commenting on the survey findings, Laura Vickers, Managing Director of Commercial Lines in Gallagher said:
“AI is a rapidly evolving technology that has advanced at a quick pace. While there are many benefits to using the technology, including its ability to streamline processes and offer an enhanced customer experience, our research shows that its fast-growing capabilities and increasingly widespread use have raised concerns amongst businesses.
“Many entrepreneurs and managers have spent years, even decades, building up their firms into successful businesses, therefore it is essential that they proactively address any potential risks.”
Gender, age and geographic divides
Other highlights to emerge from the Gallagher research include:
- 100% of business decision makers in legal, manufacturing, marketing and public relations, utility, business services and professional services firms said they were concerned about the risks AI posed to their business.
- Concern about AI risks was also high amongst healthcare businesses (96% of business decision makers in this sector said they were concerned about the risks AI posed to their business), financial services firms (94%), construction (89%), hospitality and leisure (88%) and retail (87%).
- The firms displaying lower levels of concern about AI risks were IT and computing businesses, where only half (50%) of respondents expressed concerns about the technology.
- Businesses in Dublin (94%), Ulster (94%) and Connacht (89%) are most inclined to be concerned about the risks which AI could pose to their firm while Munster (80%) and Leinster (81%) firms were least concerned.
Ms Vickers added: “It is interesting that our survey found that IT businesses were amongst the least concerned about AI. Perhaps this suggests that those working in IT are more familiar with and better able to understand and manage AI. If Irish businesses learned more about this technology, it may help them to overcome their fear around it – and it may also empower them to make the most of the new technology, while also avoiding the risks and dangers it might bring.”
