A growing number of US corporations are recognising artificial intelligence as a potential risk in their annual reports, new research has claimed.
A report from Arize AI claims, 281 of the Fortune 500 companies noted AI as a risk factor in their latest filings – a staggering 473.5% increase compared with last year.
Recognition of the risks surrounding AI tools comes after many months of development and hundreds of new tools, both within enterprise and consumer realms.
Businesses are worried about AI
Moreover, the technology is on the tips of many business leaders’ tongues – 152% more companies mentioned AI this year than last, indicating widespread adoption and awareness.
The study concludes: “impact of generative AI is being felt across a wide array of industries – even those not yet embracing the technology.”
However, most mentions highlight AI’s risks, leading Arize AI to believe that companies can differentiate themselves by demonstrating innovations attributed to the technology.
Media and entertainment companies are among those most likely to perceive AI as a threat – 91.7% agreed, as the sector continues to battle with AI’s disruption to content creation and intellectual property. For example, Netflix warned that competitors leveraging AI could affect its ability to compete.
Other industries, including software and tech firms (86.4%), telecomms (70%), and healthcare (65.1%) also expressed concerns about artificial intelligence affecting their sector, with automotive, energy and manufacturing companies less likely to see AI as a risk.
The report also mentions AI’s role in cybersecurity, where it can fuel attacks by processing huge amounts of data in leaks and writing malicious code.
However, despite legitimate risks, the technology’s rapid adoption continues, and the need for companies to balance innovation with a cautious approach is becoming ever clearer.
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