“We’ll deal with AI governance later” already has a cost

Delaying AI governance already has a price, from higher breach costs with shadow AI to deepfake attacks on bank authentication. This is the operating environment now.

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  • US$670,000, the additional breach cost for organisations with high shadow AI usage.
  • $40 billion, projected U.S. fraud losses enabled by generative AI by 2027.
  • 1,530%, the increase in deepfake attacks targeting bank authentication systems in one year.
  • 100%, the rise in AI-related securities class actions between 2023 and 2024.
  • 46%, the share of organisations that have already experienced internal data leaks through generative AI.

This is not a distant risk scenario. This is the operating environment now.

In wealth management and private banking, where trust is the asset, mishandling customer information through AI is not just expensive. It can be existential.

We published a full analysis of the risks, and what prudent firms are doing in response. If this is on your risk radar, get in touch and I’ll send over the white paper.

Graphic: Delay already has a price. Significant additional breach cost for organisations with high shadow AI usage. Dark Arts, The Unguarded Frontier.
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