Australia unprepared for AI risks

According to Deloitte’s State of AI in the Enterprise Report, Australian businesses are unprepared for the integration of Artificial Intelligence (AI) and they should be concerned about the risks.

The report indicates that the top two concerns facing Australia are cybersecurity vulnerabilities and making the wrong decisions based on AI recommendations.

“We are living in a time of extreme change. Technology is developing at a staggering pace, and in many ways, it’s making our lives easier,” said Alan Marshall, Deloitte Partner.

“It’s important we don’t let the benefits of technological advancements get away from us. AI is proliferating through our professional and personal lives, redefining the way we do business and engage with each other.”

Marshall says the Deloitte report exposes just how far behind Australia is in its AI technology development compared to countries like China, Germany, and the United States.

“Australian businesses and governments need to band together, build a unified strategy, and put sufficient funding into our AI technologies,” Marshall said.

The research revealed 81 per cent of AI adopters believe AI technologies are critically important to their business. However, an overwhelming number of respondents admitted they weren’t sufficiently across AI technologies, and were highly concerned with potential AI risks.

“Globally, 43 per cent of executives have major or extreme concerns about AI risks, and only 40 per cent believe they are fully prepared to address those risks. That’s a frightening statistic,” Marshall said.

“More concerning is that Australia is in the worst shape of the seven countries surveyed, with 49 per cent of early adopters reporting extreme concern.”

Marshall says Australia has a long way to go before it can play at an advanced level in AI, however, there are many paths to AI excellence.

“By examining AI early adopters through a global lens, we can learn from each other, and understand how best to progress in the AI technology space. This will enable a more informed and balanced approach for companies around the world seeking to develop their AI capabilities,” Marshall said. “This is only the beginning for our country.”