How generative AI and GRC can bolster organizations in an ever-evolving labor market

By Willem Ryan, Senior Vice President, Alert Enterprise

The labor market in early 2023 was marked with initial uncertainty as inflation grew and geopolitical challenges surged. But the market continued to show resiliency, with the Bureau of Labor Statistics recently reporting 216,000 jobs added in December 2023 and a steady 3.7% inflation rate, surpassing expert expectations.

As we look ahead, economists are divided on what we can anticipate in 2024. Will the labor market remain robust or cool in the coming months? And how can fast-growing generative AI (gen AI) technology bring a more dynamic approach to GRC (Governance, Risk and Compliance) to make our workplaces safer, more efficient and resilient against emerging threats – and in any type of market?

Let’s dive in.

Fortifying your organization with GRC strategy

Throughout 2023, we saw GRC make a big impact in the workplace, and it doesn’t appear to be letting up: Gartner predicts worldwide end-user spending on risk management and cybersecurity will rise to $215 billion this year. This means more businesses are beginning to understand the importance of investing in solutions that help mitigate risks amidst uncertainty and ensure compliance through shifting regulations. By aligning their IT objectives with business goals, organizations can remain resilient and nimbly navigate a changing market, no matter where it goes.

But how can businesses of all sizes and verticals make that happen? Start with the buzzword of 2023: Gen AI.

Let’s Chat(GPT) about security data

Gen AI technology quickly took the world by storm, with ChatGPT launching on November 30, 2022. And it didn’t take long to become a household name. In its infancy, ChatGPT was a viral phenomenon on social media. Users marveled at its ability to ingest and understand their prompts, spitting out human-like answers to a wide range of questions.

As the technology continued to develop, businesses began to understand how they could use gen AI for more than drafting a quick email, writing a speech or spewing out an original joke. Today, gen AI enables organizations to unlock vast quantities of security data that was essentially hiding in plain sight. This data provides organizations with valuable insights, trends and patterns often overlooked by humans, which empowers security teams to proactively detect, mitigate and even prevent risks amidst rising inside and outside threats. And it’s always learning; by constantly ingesting the latest data, gen AI can improve GRC processes, determine strategies for combatting emerging threats, and use these up-to-date insights for smarter decision-making.

Wait, there’s more. Organizations can also use gen AI to:

Stay compliant
Maintaining compliance is a constant goal for most organizations, particularly those in highly regulated industries like financial services. Gen AI performs continuous scans of a company’s systems and processes, which helps ensure adherence to the latest regulatory standards. Security teams can also use gen AI to produce up-to-date governance policies and compliance documents that are in line with current industry standards and regulatory requirements – which reduces time-consuming manual efforts. And by automating auditing processes through gen AI, companies increase speed, accuracy and efficiency.

Prepare for anything
Threats are becoming more sophisticated, and modern attackers are getting smarter. Should the worst occur, companies need to be trained for emergencies and equipped with proper risk responses. By simulating common risk scenarios through gen AI, security leaders can train their employees and equip them for actual emergencies. And if a breach does occur? These companies can act swiftly – and mitigate potential damages — with AI-informed incident response strategies.

Unify all systems

Operating systems in silos can leave dangerous gaps in a corporate security posture. By using gen AI to integrate siloed IT, OT and physical security systems, organizations are empowered to take a unified approach to risk management. This enables them to create customized security solutions based on specific needs to better protect their people, places and assets.

And small businesses, rejoice – because gen AI is not limited to the giants of the corporate world. A 2023 report from the Small Business and Entrepreneurship Council (SBEC) found that 48% of small businesses began to use AI-powered tools over the past year, and 29% have utilized them for one-to-two years.

Ensuring a responsible use of AI
As the popularity of generative AI continues to grow, more concerns emerge about data privacy and safety. To address these concerns, businesses should choose trustworthy technology partners with transparent data policies — those that implement rigorous privacy controls to protect customer data, ensuring that access control data remains secure and within the organization’s control.

Mr. Ryan is responsible for overseeing Alert Enterprise’s global marketing and communications strategy, and building brand awareness, supporting pipeline growth and market expansion worldwide. Mr. Ryan joined Alert Enterprise in 2019 and brings more than 15 years of successful sales, product and marketing experience in establishing a heightened presence of global brands in the security industry.

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