Big Data Industry Predictions for 2024

While AI and LLMs continue to increase in popularity, so will the potential danger: With the rapid rise of AI and LLMs in 2023, the business landscape has undergone a profound transformation, marked by innovation and efficiency. But this quick ascent has also given rise to concerns about the utilization and the safeguarding of sensitive data. Unfortunately, early indications reveal that the data security problem will only intensify next year. When prompted effectively, LLMs are adept at extracting valuable insight from training data, but this poses a unique set of challenges that require modern technical solutions. As the use of AI and LLMs continues to grow in 2024, it will be essential to balance the potential benefits with the need to mitigate risks and ensure responsible use. Without stringent data protection over the data that AI has access to, there is a heightened risk of data breaches that can result in financial losses, regulatory fines, and severe damage to the organization’s reputation. There is also a dangerous risk of insider threats within organizations, where trusted personnel can exploit AI and LLM tools for unauthorized data sharing whether it was done maliciously or not, potentially resulting in intellectual property theft, corporate espionage, and damage to an organization’s reputation.  In the coming year, organizations will combat these challenges by implementing comprehensive data governance frameworks, including, data classification, access controls, anonymization, frequent audits and monitoring, regulatory compliance, and consistent employee training. Also, SaaS-based data governance and data security solutions will play a critical role in keeping data protected, as it enables organizations to fit them into their existing framework without roadblocks. –  ALTR CEO, James Beecham