Advancing AI initiatives and cyber governance, Greek businesses are delving deep into emerging technologies and artificial intelligence (AI), underscored during an event “Greek Businesses in a Shifting Technological Landscape.” Organized by Greece’s Institute of Internal Auditors (IIA Greece), in collaboration with the Hellenic Federation of Enterprises (SEV), the gatheringfocused on reinforcing data security within Europe and Greece.
Vera Marmalidou, the President of IIA Greece, highlighted the consistent challenges that technological developments, particularly artificial intelligence, present to businesses. Moreover, she stressed the necessity for professionals in internal audit to monitor these advancements closely.
Dr. Maria Bozoudi, a senior advisor from SEVE, pointed out Greece’s low AI penetration at just 4%, trailing behind Europe’s 8%. She referenced the ‘RU AI’ initiative—a collaboration with Google—that aims to bolster technological capabilities by guiding businesses through the advantages of AI.
Astrid Lagenveld-Vos, a representative from the European Confederation of Institutes of Internal Auditing (ECIIA), remarked on AI’s pivotal role in future business success but also the complexities inherent in its adoption without proper understanding. Emphasizing on ethical AI applications, she mentioned the importance of internal auditors in mitigating risks associated with AI.
Dimitris Karastogiannis of Lamda Development presented a case study on the ‘smart city’ of Hellinikon, spotlighting technology’s central role in data collection networks, enhancing daily user experiences through an impressive network of 45,000 sensors.
Maya Stylianou, from Elpedison, discussed the benefits of predictive maintenance powered by AI and machine learning, citing reductions in maintenance costs, efficiency improvements, and minimized environmental impacts as AI continues to be adopted by more companies.
Ioannis Tsiliras, from the OTE Group, deemed AI an “ocean of opportunities,” as long as fundamental questions regarding its purposes are addressed, specifically pointing out its value in enhancing customer experience and branding.
Addressing cybersecurity in Europe and nationally, Ioannis Alexakis from Greece’s National Cybersecurity Authority noted various legislation developed in 2022, including 13 different regulatory initiatives and the significant impact of the NIS2 directive that requires technological adjustments to protect against digital challenges.
Discussing the Data Act, Sophocles Karapidakis of Metlen emphasized the importance of new rules for access, usage, and distribution of data, with a particular focus on protecting industrial data while safeguarding intellectual property and trade secrets.
The closing discussion featured insights on the role of internal auditors in adopting cutting-edge technologies and ensuring compliance with regulation, underscoring the decision-making influence and advisory capacity of internal auditors in navigating the evolving digital landscape.
Important Questions and Answers:
What are the key challenges faced by Greek enterprises in the adoption of AI technology?
Greek enterprises face challenges such as low AI penetration in the market, skill shortages, lack of clear regulatory frameworks, and the need for substantial investments in technology and talent development. Addressing these issues requires collaboration between private sectors, education providers, and the government.
How is Greece’s AI adoption rate compared to the rest of Europe?
As noted by Dr. Maria Bozoudi from SEVE, Greece has an AI penetration rate of 4%, which lags behind the average European rate of 8%.
What are the main controversies associated with the adoption of AI in enterprises?
The controversies include ethical considerations, potential job displacement, privacy concerns, and the accountability for the decisions made by AI systems.
What role do internal auditors play in the technological shift towards AI?
Internal auditors are crucial in ensuring that enterprises adopting AI technologies adhere to regulatory requirements, manage risks effectively, and maintain corporate governance. They also assess whether AI systems align with the business’s objectives and ethical standards.
Advantages and Disadvantages:
Advantages:
– Improved efficiency: AI can automate routine tasks, speeding up processes and freeing up human resources for more strategic activities.
– Cutting Costs: With predictive maintenance examples like Elpedison’s, AI helps in reducing maintenance costs and optimizing operations.
– Enhanced Customer Experience: Companies can utilize AI to personalize customer interactions, as indicated by Ioannis Tsiliras from the OTE Group.
– Drive Innovation: Platforms such as ‘RU AI’ in collaboration with Google can help Greek businesses to stay competitive by tapping into new technological opportunities.
Disadvantages:
– Cybersecurity Risks: As AI systems process and store massive amounts of data, they become attractive targets for cyberattacks. Adherence to cybersecurity frameworks, such as the NIS2 directive, is essential.
– Employment Concerns: AI could lead to job displacement, requiring significant workforce reskilling and upskilling to adapt to new technology-driven roles.
– Complex Implementation: Integrating AI into existing business processes can be complex and costly, necessitating expert knowledge.
Related Links:
– Institute of Internal Auditors Greece (IIA Greece)
– Hellenic Federation of Enterprises (SEV)
– European Commission (for EU directives and related regulation)
– European Union Agency for Cybersecurity (ENISA)
The source of the article is from the blog elektrischnederland.nl