48% of BFSI Firms Prioritize Data Security in AI Deployment, Survey Reveals
New Delhi [India], March 29 (ANI): Approximately half (48 percent) of the banking, financial services, and insurance (FINS) sector employees reported experiencing stress due to workload issues. BFSI ) companies flagged data security According to a survey carried out by Hitachi Vantara, which is a subsidiary of global data solutions provider Hitachi, this was identified as the primary issue regarding AI deployment.
The survey, which incorporated insights from 231 international IT and business leaders, indicated that 84 percent of participants acknowledged that losing data due to an attack or error would have disastrous consequences.
As per the survey, BFSI Seventy-three percent of leaders believe that AI will be advantageous for hackers over cybersecurity professionals, causing concern among them that malicious outsiders could employ AI-driven assaults to endanger their organization. Additionally, internal worries include the possibility of data loss due to AI errors or a data breach resulting from such mistakes.
The survey indicated that this highlights the essential requirement for protecting against both internal and external dangers.
The fast-paced development of artificial intelligence (AI) is imposing unparalleled requirements on conventional data infrastructure, compelling businesses in banking, financial services, and insurance to adapt. BFSI ) area to focus on among security, quality, and sustainability.
The survey revealed that although 36 percent acknowledge the significance of data quality for the successful implementation of AI, financial leaders continue to prioritize other aspects. data security .
As AI swiftly reshapes India’s financial sector, the true test lies in guaranteeing it functions with precise, secure, and effectively governed data. Trust forms the bedrock of India’s BFSI "Even minor errors related to artificial intelligence, such as incorrect predictions or security breaches, can erode consumer trust and lead to regulatory issues," stated Hemant Tiwari, Managing Director and Vice President for the India and SAARC region at Hitachi Vantara.
Highlighting that 48 percent of worldwide financial leaders emphasize security when deploying AI, India's BFSI The sector needs to adopt a more forward-thinking strategy.
"We must develop robust data infrastructure that balances security alongside precision, governance, and sustainability. Organizations that set up dependable AI structures now will drive the upcoming surge in financial innovation while keeping trust and operational integrity intact," Tiwari noted.
Even with precision issues, the survey revealed that AI implementation inside BFSI is speeding up. Nevertheless, it pointed out that numerous organizations are implementing AI without sufficient preparedness.
Moreover, the survey indicated that financial services executives believe data quality is crucial for effectively deploying AI; however, they also highlighted that issues such as security cannot be overlooked due to their pressing nature. (ANI)