AI Cybersecurity: The New Business Imperative

Cybersecurity has always been important, but as organizations continue to increase their reliance on AI and digital platforms, investing in robust AI cybersecurity measures has become more than a smart choice. Today, it’s a strategic business imperative.

While AI has been a boon for the economy, the rise in cybersecurity attacks (and more sophisticated attacks) has also accelerated the demand for and growth of the cybersecurity market, with the global market estimated to reach $133.8 billion by 2030, CNBC reported.

What does that mean, exactly?

Customers expect a sense of security in their digital ecosystem, which is why the synergy between customer experience and cybersecurity has become an integral part of any thriving business strategy. As organizations increasingly rely on AI and digital platforms to interact with their customers, ensuring a seamless and secure experience has become critical to success.

In fact, safe, secure and trustworthy development and use of AI is so critical that the White House issued an executive order at the end of October to “ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence.” The order sets new standards for AI safety and security, mandating that standards, tools and tests are developed to ensure systems meet safety requirements, among other sweeping actions.

AI Cybersecurity Lays the Foundation of Trust

Trust forms the bedrock of any healthy customer-business relationship. Without it, customers may hesitate to engage, share personal information, or conduct transactions online. Cybersecurity acts as the guardian of this trust, providing the assurance that customer data is safeguarded from unauthorized access, breaches and malicious activities.

However, data breaches are increasing, making the difficult task of gaining customer trust that much harder. Studies show that consumers will deflect from a company where their information was compromised in a security breach, which means companies need to do more to preserve customer data and that hard-earned trust.

Let’s start with the basics.

• Transparent communication: Transparency from the outset of interacting with your customers is important — think providing them with information about data collected, the reasons and how it’s used. Even more so, transparency is critical in the event of a cybersecurity incident. Informing those affected about the breach, its impact and the steps being taken to address it demonstrates accountability and builds trust. Honesty in the face of adversity can turn a potential setback into an opportunity to strengthen customer loyalty.
• Data protection and privacy: Effective cybersecurity measures are instrumental in safeguarding customer data. Implementing robust encryption, access controls and data anonymization techniques helps maintain customer privacy, enabling customers to share information without fear of it falling into the wrong hands. A commitment to protecting sensitive data communicates to customers that their well-being is a top priority.
• A robust security plan: At a minimum, all AI security plans should include vulnerability management, fraud and threat detection, continuous penetration testing, IP risk management and compliance monitoring and maintenance. Cybersecurity isn’t “one and done,” but a continuous and cyclical process.

Related Article: Is AI Executive Order a Data Privacy Compass for Customer Experience?

Ensure a Seamless Experience Amidst Security

Companies across industries are implementing AI to improve customer service. From AI-powered chatbots to predictive maintenance, recommendation systems, self-service solutions and other initiatives, organizations are seeing the impact of leveraging AI to improve the customer experience.