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Nearly half (48 per cent) of banking, financial services and insurance (BFSI) companies flagged data security as their top concern for AI implementation, a survey conducted by global data solutions provider Hitachi's subsidiary Hitachi Vantara found.
The survey, reflecting inputs from 231 global IT and business leaders, noted that 84 per cent of respondents admitted that losing data to an attack or mistake would be catastrophic. As per the survey, BFSI leaders (73 per cent) were confident that AI will benefit hackers more than cybersecurity defenders, with leaders concerned that external bad actors will use AI-enabled attacks to threaten the business. Internally, leaders are also concerned that an AI mistake will create an inability to recover data, or that a data breach will occur as a result of an AI mistake. The survey asserted that this reflects the critical need to guard against internal and external threats. The rapid advancement of artificial intelligence (AI) is placing unprecedented demands on traditional data infrastructures, forcing businesses in the Banking, Financial Services and Insurance (BFSI) sector to prioritize between security, quality, and sustainability. The survey found that while 36 per cent recognize the importance of data quality for AI success, financial leaders' focus remains on data security. "As AI rapidly transforms India's financial sector, the real challenge is ensuring it operates on accurate, secure, and well-governed data. Trust is the foundation of India's BFSI industry, and even a small AI-related error, whether it is an inaccurate prediction or a security breach, can weaken customer confidence and create regulatory challenges," said Hemant Tiwari, Managing Director and Vice President of India and SAARC Region, Hitachi Vantara. Reiterating that 48 per cent of global financial leaders prioritize security while implementing AI, India's BFSI sector must take a more proactive approach. "We need to build resilient data infrastructures that balance security with accuracy, governance, and sustainability. Institutions that establish reliable AI frameworks today will lead the next wave of financial innovation while maintaining trust and operational integrity," Tiwari added. Despite accuracy challenges, the survey found that AI adoption within BFSI is accelerating. However, it noted that many are deploying AI without adequate preparation. Further, the survey noted that financial services leaders are convinced that data quality is the most important consideration for successfully implementing AI, but at the same time revealed that concerns like security are too urgent to ignore. (ANI)
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