Business leaders’ confidence in AI are tempered by social, ethical, and security risks, said EY recently when releasing results of a survey.
According to the latest EY CEO Outlook Pulse survey, nearly two-thirds (65%) of CEOs agree that AI is a force for good; however, a near equal proportion say more work is needed to address social, ethical and security risks — from cyberattacks to disinformation and deepfakes.
The survey of 1,200 global CEOs also found that 66% of CEOs believe the impact of AI replacing humans in the workforce will be counterbalanced by new roles and career opportunities that the technology creates.
Survey highlights
- Two-thirds (67%) of CEOs said that the business community needs to focus on the ethical implications of AI, while almost the same proportion (64%) say businesses are not doing enough to manage the unintended consequences of the technology.
- Despite these concerns, CEOs are adapting investment strategies to maximise AI's benefits to their businesses
- A significant majority of CEOs (88%) are integrating AI into their capital allocation, of which, 43% are actively investing in the technology, while the other 45% said they are planning to make significant investments in AI in the next 12 months.
"When it comes to business leaders' confidence in AI, CEO concerns about the unintended consequences of AI reflect a broader confluence of – sometimes dystopian - views in media, society, and contemporary culture," said Andrea Guerzoni, EY Global Vice Chair – Strategy and Transactions, "They see a role for business leaders to address these fears – an opportunity to engage on the ethical implications of AI and how its use could impact key areas of our lives, such as privacy."
CEOs clearly see the huge advantages of AI and its potential to drive productivity and positive outcomes for all stakeholders, which has galvanised investment in AI-driven innovation — they know that bold actions to harness the upside potential will lead to future competitive advantage, Guerzoni added.
