Energy companies face a trade off as they embrace new technology. Advances, like ChatGPT, present an opportunity to streamline operations in new ways. However, any enhancement also opens up new potential security risks. So, are they willing to increase cyber security spending as well as embrace new technology? Yes.
Technology improvements have come at a rapid pace. For instance, a new wave of artificial intelligence solutions, symbolized by ChatGPT, are making their way from the research lab into business applications. These solutions solve problems based on hundreds of billions of words and data models monitoring hundreds of billions of parameters, an exponential increase from what was available previously.
Consequently, a new generation of applications are emerging that complete complex tasks. For instance, they create a coherent, grammatically correct blog, like this one, in seconds after a user enters a few words, like “Blog, AI impact on leadership”. Also, ChatGPT passed the bar exam in a few states. The new capabilities have the potential to dramatically change how energy corporations function.
Malware Gets Smarter
However, the new solutions have a downside. Hackers also can use the technology. Many are experimenting with a new generation of malware that also is much more intelligent than previous applications.
Consequently, utilities need to invest in new solutions to thwart the bad guys. They are willing to take that step. Spending on cybersecurity solutions is expected to hit $223.8 billion in 2023, a 13.2% increase from 2022, according to market research firm Canalys.
Technology presents energy companies with a double edged sword. The new capabilities enable them to improve how their business operates dramatically. However, they also need to make sure that they are protected from next generation threats, which accompany the advances.