Hitachi Vantara's State of Data Infrastructure 2024 Report found that nearly half (48%) of IT and business leaders cite data security as their top concern for AI implementation. Moreover, 84% of respondents admit that losing data to an attack or mistake would be catastrophic.
Joe Ong, vice president and general manager for ASEAN at Hitachi Vantara, commented: "This global research reflects what we're also hearing in Southeast Asia — that the real barrier to AI success isn't the technology itself, but the ability to manage data securely, accurately, and at scale. Financial organisations must focus on strengthening their data foundations to ensure AI delivers real, sustainable impact."
Data quality
However, the study results showed that ignoring data quality comes at a cost for BFSI institutions. Data is only available when and where it is needed a quarter of the time (25%). Moreover, BFSI AI models are accurate only 21% of the time.
36% say a data breach caused by AI making a mistake is a top three concern for them, and 32% are concerned an AI-enabled attack could cause one.
"The business model in financial services is inherently tied to trust. Reputational harm is a significant risk, so the interaction between security and accuracy is a critical and complex challenge in our industry," said Mark Katz, CTO of Financial Services, Hitachi Vantara.
Building an AI-ready infrastructure
The survey underscores the importance of ethical AI practices in building a resilient, AI-ready infrastructure for BFSI organisations. It advocates for responsible experimentation, sustainability at every level, simplifying and unifying systems, ensuring data resilience, and leveraging AI for defence.
State of Data Infrastructure 2024 Report
The report represents 231 BFSI specialists, C-level executives, and IT decision-makers from 15 countries worldwide.
