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23 October 2024

Chasing the AI Unicorn

There’s something about being here in Vegas, surrounded by all the tech buzz at IBM’s TechXchange, that makes you reflect on how much has changed. Over the years, we’ve seen tech hype after tech hype with technology like blockchain, Kubernetes, virtual reality all arriving with promises to change the world. And while they’ve found their place, none have truly become the centrepiece of business like they were supposed to.

Then there’s AI. Unlike the others, AI isn’t just making waves, it’s everywhere. Whether you’re talking about Apple and Samsung’s consumer AI baked into their latest handsets or the way we use it in Predatar, AI is in everything. The conversations happening around us in Vegas, the demos we’ve been seeing, it’s clear that AI isn’t going away. It’s not a passing trend, it’s the real deal. The rapid pace of adoption is almost unprecedented, especially compared to those other technologies that are still working to gain traction.

But here’s the kicker, not all of this hype is for the right reasons.

The AI Threat in Cybercrime

We’ve all heard how AI can solve problems and drive innovation, but it’s empowering cybercriminals too. The 2023 MGM cyberattack is a perfect example. It started with a basic social engineering tactic, a simple phone call to MGM’s helpdesk, where the attacker pretended to be an employee. With just a bit of publicly available information, they tricked the support team into handing over credentials. Once inside, they wreaked havoc on the business, shutting down casino floors, disrupting hotel services, and causing millions in losses.

Now imagine how AI can take these attacks to the next level. With freely available tools like ChatGPT, even an amateur attacker can craft professional, convincing phishing emails that bypass language barriers. Advanced AI can scrape personal data from social media, emails, and the web, allowing attackers to build detailed profiles on individuals, making social engineering attacks more personal and effective than ever before.

AI isn’t just a tool for business; it’s fast becoming a weapon for attackers. The ease with which cybercriminals can leverage AI to increase the scale, speed, and sophistication of their attacks is a warning sign. And businesses need to be ready for what’s coming.

Finding Real Value in AI

The message from Vegas is that AI is being presented as a powerful tool for tackling a wide range of challenges that range from boosting cyber resilience to improving operational efficiency. And many of the AI innovations on display have the potential to significantly impact businesses, especially as cyber threats evolve. The real challenge isn’t in finding value, it’s in prioritising which AI solutions will make the most sense for your business. With so many options, how do you choose which AI investments will deliver the greatest return?

Here are three ways to stay grounded when evaluating AI:

  1. Start with the problem, not the solution: It’s easy to get caught up in the excitement, but AI needs to solve a real problem. Look at your biggest challenges, whether it’s bolstering security or automating processes and choose AI that directly addresses those issues. Don’t jump on the AI bandwagon just because it’s popular.
  2. Understand your data: AI is only as good as the data it’s fed. Before adopting any AI tool, assess the quality and structure of your data. Without the right foundation, even the most impressive AI won’t deliver. The presentations at TechXchange do a great job of highlight AI’s potential, but data quality is what separates hype from results.
  3. Think long-term: AI should empower your team, not just automate tasks. Look for tools that help your employees make better decisions and become more efficient over time. Sure, some AI solutions promise immediate results, but the real value comes when they grow with you, making your business stronger in the long run.

The truth is, AI is both an opportunity and a threat. The businesses that take the time to figure out how AI fits into their strategy will be the ones to truly benefit from it. So while it’s tempting to chase every AI unicorn, the smart move is to find the one that will actually work for you and leave the rest of the hype behind.

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