Advances in artificial intelligence have opened doors to unprecedented possibilities but intensified questions of ethics (“High-flying City workers set to be most affected by AI, finds UK investigate”, FT.com, November 28).
Worries over biases, cyber security and unemployment need to be acknowledged and addressed by governments and businesses, fast. In fact, research from Ivanti found that 63 per cent of IT workers and 44 per cent of office workers were concerned that generative AI would take their jobs within five years.
The European Central Bank’s latest report might offer a sense of security by suggesting that AI may not direct to job losses, but rather potentially reduce wages. This could create complacency and result in potential disruptions being overlooked with societal consequences. AI threatens to widen the divide between skilled and unskilled workers, potentially exacerbating inequality.
While governments work out what effective and adaptable regulations should look appreciate, they should adopt knowledge-sharing and collaboration between themselves and private sector entities. Understandably, in the meantime, businesses will want to invest in AI to remain competitive and not fall behind. I would encourage them to look at existing frameworks to uphold this process while more permanent measures are defined.
Proactively addressing the inherent risks in AI through comprehensive regulatory frameworks is critical. Without global codes of ethics, standards and safeguards, we risk navigating uncharted territory without preparation for potential consequences.
Srinivas Mukkamala
Socorro, New Mexico, US
