Artificial Intelligence is the most disruptive innovation of our lifetime. The rapid transition from science fiction to reality of technology levies many challenges to the status quo. Everything, from business to communication to education, will be impacted to some degree.
Join us as we discuss the burgeoning field of Artificial Intelligence (AI) and its implications for industry stakeholders, business owners, and employees alike.
Defining AI Regulation
There is no doubt about the fact that Artificial Intelligence is powerful. Despite its popular fame rising only within the last year, people have found an abundance of ways to incorporate open-source AI into their everyday lives. From writing workflows and graphic design to self-driving cars and facial recognition technology — AI is all around us.
This integration makes AI a force for progress, but also a force for bad actors. As we continue to advance in technology and integrate AI into more aspects of our lives, it is important to consider the implications and potential consequences. One of the biggest challenges to mass deployment is ensuring ethical and responsible implementation. Concerns about data privacy, bias in algorithms, and potential job displacement are all very valid as generative AI was trained on human input.
The world has been slow to develop policies around AI so far. The biggest challenge lies in pinning down the exact technology being regulated; AI and machine learning have been in development for years, but it has only recently become advanced and mainstream enough to have consequences for society at large.
The European Union became one of the first authorities in the world to implement a comprehensive legal framework for the development and use of AI, what it calls the 'AI Act', in 2023. It introduces dedicated rules companies must follow when training models, as well as criteria to classify projects based on the level of risk they pose.
As for the United States, government officials are slowly but surely taking action. In 2023, a group of Senators from both sides of the political aisle came together to propose a bill for the creation of a commission focused on the regulation of artificial intelligence. Prior to that, the Biden Administration released The Blueprint for an AI Bill of Rights, a document that outlines principles for responsible AI development and use.
“Should we regulate in a national or global perspective? With 50 states, things could get messy,” said Chris Heiden, Walsh College Associate Professor of Business Information Technology. “What are the ethical implications? Will there be regulation lag? We need to educate legislators.”
The need for established ethical boundaries and regulation is becoming more apparent as bad actors capitalize on this new technology. Recently, a person utilizing multiple AI deep fakes of board members at a fake company board meeting convinced a finance worker to wire $25 million to a fraudulent account. Early reports of AI mimicking voices of loved ones also caught the attention of the Missouri Department Of Health and Senior Services, which issued a bulletin warning seniors of AI scams on the rise.
Read this story in full in our Integr8 Playbook “The Rise of AI: Shaping Industries Through Intelligent Innovation” here.
