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6 RISKS OF ARTIFICIAL INTELLIGENCE
Artificial intelligence (AI) has gone from being a term of science fiction to an exciting new business tool. The possibilities the technology has to offer appear to be limitless even as we witness it solve a myriad of problems from streamlining processes to improving customer service. But, apart from its obvious boons, there is a persistent vigilance that many industry visionaries, such as Elon Musk, have warned with AI. Of course, as it is with every other technology, even AI poses risks that every business leader should know:
Data is the gateway to improving business operations, customer experience, enabling new innovations, and generally growing as an organization. However, all this requires the collection and collation of vast quantities of data. This poses an essential risk to the data as it risks the privacy and security of thousands, if not millions, of individuals. As the power of AI increases, so does the vulnerability of data due to breaches and privacy violations.
As companies keep accumulating data to fuel the AI systems it becomes a formidable task to keep this data secure. As technology gets smarter so do hackers who look for vulnerabilities to exploit and use this data for illegal uses. If security precautions are insufficient the data that can benefit AI can also similarly defraud people of their digital identities and assets.
AI can be and has been used to sway public sentiments by manipulating or misusing data. This can lead to situations that may compromise national interest. It can be used to spread propaganda and false news to individuals identified by algorithms and personal data. This information can be fact or fictional in various formats over a period of time and thereby manipulate certain outcomes - like appointments or elections.