Top Five Priorities for UK CIOs to Capitalise on Generative AI in 2024 Published in Report by Info-Tech Research Group - Seite 3

1. Augment the Business with Generative AI. The firm's survey findings indicate a cautious approach toward adopting new generative AI features among organisations, particularly those with lower IT maturity. This caution is possibly due to vendor risk or intellectual property concerns. In contrast, high IT maturity firms are more proactive, with more than half reporting either planning to apply for beta access to new features or planning to move ahead upon their general availability. CIOs and IT leaders need to strategically integrate Gen AI capabilities into business processes, deciding whether to develop in-house solutions or procure them.
   
   
2. Right-Size AI Governance. The report explains that organisations are facing a balancing act with risk management and fostering innovation. When asked about who is responsible for AI governance, 30% of respondents from both high and low IT maturity organisations reported that it is the role of the CIO. Furthermore, only 20% of low IT maturity and 32% of high IT maturity organisations stated that they use explainable models as part of their AI governance. This year, CIOs and IT leaders must design and establish AI governance frameworks that provide necessary oversight and specific policies that align with existing risk management practices without imposing bureaucracy and auditing that stifles innovation.
   
   
3. Update Vendor Risk Assessments. The research underscores the increasing threat of supply chain attacks, where cybercriminals exploit vulnerabilities in the software tools and services used by organisations. This threat makes companies susceptible to the risks of their vendors. Survey results indicate that IT leaders from both low and high IT maturity groups perceive third-party vendor vulnerabilities as a moderate concern, rating it as a 3 out of 5, potentially underestimating the risks. According to the survey, 51% of low IT maturity organisations plan to increase their cybersecurity budget by 1%-10% over the previous year, while that number is at 38% for high IT maturity organisations. To mitigate these threats, especially those related to AI, Info-Tech advises that CIOs and IT leaders establish or update their vendor risk assessment programs to include AI-specific considerations.