Building upshot

About us

Latest Insurance News

25.03.24

5 Steps to Prepare for a Future With AI

AI the future – 5 ways to prepare

Artificial intelligence (AI) has made its way into many workplaces and is rapidly changing how organisations operate and make decisions. AI’s ability to enhance processes, streamline operations and improve customer experiences has become evident with its advancement, but its risks are not yet fully understood. As this technology enters workplaces throughout the UK, organisations must scrutinise its limitations to protect themselves from legal and reputational harm and foster trust among customers and stakeholders. 

The article discusses some of the risks associated with Artificial intelligence use and the steps organisations can take to prepare for a future with AI.

The Risks of Artificial intelligence Use

The speed of Artificial intelligence advancement has caught many organisations off guard. As this technology develops, employers should take time to understand the associated risks and implement AI solutions carefully. Risks that stem from organisations’ use of AI include:

  • Worker unrest—The media interest surrounding AI may have sparked concern among employees, particularly regarding job security. Specifically, AI has been hailed for its ability to automate routine tasks and achieve efficiencies. Naturally, some employees might worry that this could lead to job displacements. They could also feel overwhelmed by the need to upskill and understand new ways of working. Consequently, workforce morale could suffer.
  • Regulatory concerns—Without strict policies on data use, organisations could use Artificial intelligence in ways that result in biased or inaccurate outputs, resulting in discrimination concerns. Additionally, the vast datasets AI systems typically use could create privacy concerns under the General Data Protection Regulation. Failure to comply with regulations poses legal risks and undermines public trust.
  • Cyber-security risks—The integration of Artificial intelligence into business processes could heighten cyber-threats, particularly data poisoning, in which threat actors “poison” the data used to train AI tools to influence the tool’s decision-making. Corrupt training data may cause AI models to learn incorrect or biased information, which threat actors can exploit for malicious gains. Moreover, data poisoning could lead to a rise in stealth attacks—where manipulated training data creates vulnerabilities that are difficult to detect during testing but can be exploited later.
  • Distribution of harmful content—Artificial intelligence systems can create content automatically based on text prompts. However, mistakes in the prompts, whether accidental or intentional, could result in harmful text outputs. For instance, an AI-generated email sent to employees could contain offensive language or issue guidance that does not align with company policies.

Steps to Prepare for a Future With AI

To navigate the AI evolution and mitigate risks, employers should consider these five strategies for preparing for widespread Artificial intelligence adoption:

  1. Implement comprehensive policies. Conducting robust risk assessments can help employers understand the opportunities and risks presented by Artificial intelligence adoption. A SWOT (strengths, weaknesses, opportunities, threats) analysis could be leveraged for this purpose. Then, employers must develop clear and comprehensive policies encompassing ethical guidelines, security measures and regulatory compliance. Stakeholders may be involved in the policy development process to gain a wider perspective. Further, organisations should stay abreast of Artificial intelligence trends and adjust policies accordingly.
  2. Foster psychological safety. To reduce employee apprehension, nurturing psychological safety—creating an environment where employees aren’t reprimanded for speaking up with ideas, questions, concerns or mistakes—may be essential for improving workforce morale and employee engagement during AI implementation. Additionally, when workers feel comfortable reporting issues with AI systems, organisations can learn from mistakes early in the AI adoption process and avoid larger problems in the future.
  3. Train employees. Employers should take steps to upskill workers’ AI literacy to prevent risk exposures. Training topics should include considering the ethical implications of AI-driven decisions, identifying harmful AI content and implementing robust cyber-security best practices. 
  4. Introduce AI solutions gradually. Although it may be exciting to embrace this emerging technology, Artificial intelligence tools should be adopted gradually to allow time for testing and refinement as each system is rolled out. Rushed implementation could result in algorithm biases or unintended consequences in decision-making. It may also result in employee mistakes should workforce upskilling lag behind Artificial intelligence deployment. 
  5. Consider collaborating with an AI partner. Where appropriate, organisations could consider enlisting the help of specialised AI service providers to recommend suitable technologies and provide implementation assistance.

Conclusion

Although Artificial intelligence adoption can help organisations automate processes, increase efficiency and bolster productivity, it can also lead to significant risk. With the Artificial intelligence market set to grow significantly in the coming years, organisations must take proactive steps to reduce exposures.

Contact us for workplace cyber-related insurance solutions.

Information provided by Zywave and contributed by Harrison Law, Cert CII, Head of Commercial & Private Clients, Cox Mahon