Artificial Intelligence (AI) is everywhere around us today. From Siri and Alexa, to Amazon and everything in between, we now live in a world increasingly powered by algorithms. In most cases, that’s a good thing — using Siri can make it simpler and easier to plan your day and even to run your household, for example. But does AI pose a risk to your business?
What can AI do in your business?
In your business, AI can make it possible to reach your ideal audience, segment that audience based on a wide range of factors, build brand recognition, and more. However, it’s not all golden. There are some risks AI poses to your business. Understanding those risks is crucial.
What are the risks posed by AI?
While AI has largely been praised for its unique abilities and improvements, it can also lead to problems:
- Manipulation: The Cambridge Analytical debacle that occurred in 2016 is still creating ripples years later. This is an example of one downside of AI – it can be used to manipulate public opinion, pretending to be factual, accurate information when it is at best half-truths. AI can reach almost anyone through social media and other digital channels today to spread propaganda and even alter the fates of entire nations, much less individual businesses.
- Invasion of Privacy: The EU made headlines around the world when it ushered in some of the most stringent digital privacy protection rules in history. In part, this was due to digital technology’s rise, including AI. More and more, AI is being used to track and analyze people’s online behavior, and this can, in turn, lead to a significant invasion of privacy. A business found to be invading the privacy of its customers or clients through AI would immediately suffer from a dramatic erosion of trust to the point that it might not recover.
- Discrimination: AIs track, parse, and store information that allows businesses to make more informed decisions. However, that data may lead to an increased ability to discriminate against certain individuals. For instance, insurance companies might use AI to discriminate against individuals with specific genetic risks, despite the fact that they may never develop a particular disease. Employers might discriminate against potential hires based on their social value.
- Security: AI allows many benefits, but it also increases your exposure to cybersecurity risks. Without the right safeguards in place, that business-empowering tool could become an inroad for hackers, exposing company data or even customer financial and personal information.
- Liability: What is your liability should something go wrong with the AI? As the world increasingly shifts away from human work and toward machines (including AIs), you will face growing liability challenges when it comes to AI-caused damage.
What can you do to limit the risks of AI?
Ultimately, these are just a few of the risks that AI poses to your business. The right IT partner can help you mitigate these risks, though, ensuring that your business is able to reap the rewards that artificial intelligence offers. For more information, contact us online or call 212-642-0980.