According to the latest report from the Infosys Knowledge Institute (IKI), a research arm of Infosys, APAC companies are on track to nearly triple their spending on GenAI by 2024, reaching an estimated US$3.4 billion.

The surge in investment signals a momentous transition towards embracing innovative AI solutions to enhance productivity and competitiveness across various industries.

The report, unveiled at the APAC Confluence in Melbourne, underscores the remarkable growth trajectory of GenAI adoption in the region, with Australian enterprises emerging as frontrunners in this transformative journey.

Notably, Australian investment in GenAI is projected to soar from $63 million to $159 million in 2024, marking a substantial 150% increase, the second-highest growth rate in APAC following China.

Drawing insights from interviews with business leaders and AI practitioners, along with a comprehensive survey spanning Australia, New Zealand, China, Japan, India, and Singapore, the Infosys Generative AI Radar APAC report offers valuable insights into the evolving landscape of GenAI adoption and its implications.

Key findings from the report highlight the robust growth of GenAI spending in the APAC region, with China leading the pack with an anticipated investment surge of over 160%, amounting to US$2.1 billion. Australia and New Zealand closely trail behind, with a remarkable growth projection of over 150%, elevating their combined investment to US$151 million in 2024.

Moreover, Australian companies stand out for their ability to derive substantial business value from GenAI investments, outperforming their European and North American counterparts.

Despite lagging in current investment proportions compared to Europe and North America, Australian firms demonstrate a higher efficacy in utilizing their allocated funds towards driving impactful AI initiatives.

However, the report also sheds light on the prevalent challenges hindering widespread GenAI adoption in the APAC region, including concerns surrounding responsible AI practices, potential reputational risks, and workforce readiness.

Additionally, Australian and New Zealand companies exhibit the lowest levels of employee readiness for GenAI, indicating a pressing need for upskilling initiatives to bridge the competency gap.

Despite these challenges, APAC companies exhibit a strong belief in the transformative potential of GenAI, particularly in areas such as product development and content generation.

A significant proportion of firms in the region anticipate GenAI to streamline product development processes and enhance creativity in content generation, positioning it as a pivotal tool for driving innovation and market competitiveness.

Groth says the transformative nature of Generative AI, highlighting the cautious yet progressive approach adopted by APAC companies.

He underscores the importance of talent development and fostering a conducive ecosystem for AI innovation to maximize the benefits of this groundbreaking technology.

As businesses in the APAC region gear up to embrace the transformative power of Generative AI, they are poised to unlock unprecedented opportunities for innovation, efficiency, and competitiveness across diverse sectors.

With a concerted focus on talent development and collaborative ecosystem building, APAC companies are primed to lead the charge towards realizing the full potential of Generative AI in shaping the future of industries.

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The findings indicated that 81% of global organisations experienced an increase in cyber threats during the pandemic, with these threats set to increase well into the new year. As Australian’s prepare for the upcoming holiday season, businesses can expect to see a rise in cyber threats as employees and leaders count down the days for the upcoming holiday period. Key findings reveal: 

• Over half (51%) of Australian organisations have suffered from downtime due to a cyber concern in the last 18 months, with 82% of those happening during peak season  
• 83% of Australian IT professionals find maintaining a fully staffed security team even more challenging during peak periods
• 87% of Australian IT professionals anticipate a moderate or even substantial impact on their business due to increased demand for their products and services during the holiday period
• “Everything shortage” this holiday season – creating perfect catalyst for cyber threats to supply chain, ecommerce and travel 

“After a tough lockdown period in 2021, Australians are eager to celebrate this upcoming holiday season with friends and family, and spend some of their accumulated savings on cherished activities. This pent up demand will provide a great window for opportunistic cyber criminals, who will look to exploit businesses who are more focused on reinvigorating their bottom-line, than strengthening their cybersecurity infrastructure. Cybersecurity due diligence must remain front-of-mind for businesses of all sizes.”, said Bastian Schmederer, Senior Regional Director, Australia & New Zealand, McAfee Enterprise.

 “It is imperative that all business of scale evaluate and prioritise security technology to keep them protected, especially during peak seasons like the holidays,” said Bryan Palma.

Cybercrime is a modern day problem and is predicted to grow. The Internet has opened up many new opportunities but also has been the cause of many new crimes including identity theft, online fraud and scams.

Online scams have resulted in many businesses losing millions of dollars. There are several different types of cyber-attacks on businesses including Online phishing, Malware, Lures, Cyber threats, Spyware and Mobile malware. It is very important that businesses understand what these different types of attacks are, how they work and how to protect themselves from them.

Cyber criminals are constantly developing new ways to commit crimes using the Internet. They are constantly finding new ways to attack Australia based businesses, causing financial and personal loss. There are many different types of crimes and attacks taking place around the world every day and Australia is not immune. Criminals target businesses and individuals online, which can result in serious consequences for the company and the individual.

“Australia is working hard to combat cybercrime and the best way to fight this type of crime is to educate everyone,” said CEO Tech Business News

It’s important for a business to understand how the Internet and technology affects everything around them and they should be careful about the information they publish online and they should take every measure to protect themselves from potential harm.

This is the only way that Australia can stay safe from the global threats posed by cyber-criminality and every business should be doing all they can to protect themselves.

All businesses should educate their staff about the prevention of online crime and about the different types of cybercrime and work closely with the law enforcement community to apprehend criminals and stop the illegal distribution of confidential and proprietary information.

Cybercrime is a serious matter that Australia is dealing with on a daily basis and it is important that every single business works together to combat this issue on an ongoing basis. 

Australia Fights Back

The United States and Australia have been battling cybercrimes for quite some time. The Internet has provided a tremendous source of potential revenue for both sides. This has led to many issues including fraud, identity theft and money laundering.

Cyber criminals have even gained access to some of the most sensitive and personal data in the computer systems of individuals. The fight to defeat cybercrime is a never ending battle between governments, law enforcement agencies, private sector interests and cyber criminals.

One of the ways that Australia fights cyber criminals is through trying to educate individuals on the dangers of using the Internet.

The Australian government has published a number of educational and awareness raising websites that will assist consumers with using the Internet safely. The Australian government warns that a lack of technological literacy is leading to more Internet scams.

The Australian government has also announced a number of public information portals that will allow users to obtain more in depth information on cyber threats. These public information portals will be directed at protecting individual privacy and increasing information sharing across the Internet.

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