Opportunities presented by AI and Machine Learning (ML) technologies are sometimes overshadowed by risks. As AI adoption accelerates, global business leaders and regular consumers voice concerns over data protection and uncontrolled decision-making processes.
Businesses are adopting new technologies without considering the risks
The global law firm, Dentons, conducted a survey of business leaders’ use of AI, and the associated risks, as well as opportunities, presented by these technologies. The results of the global survey show that, while businesses recognize the many benefits of AI—such as saving time through process automation, rapid generation of information, and reduction in human error regarding information processing—some concerns need to be addressed.
Eighty-one percent of global business leaders cited the protection of personal data as a significant concern, but 55% of companies have data protection policies for both personal and non-personal data. Only 19% of companies have a strategy or guidelines regarding the use of AI—meaning that the technology is being implemented without considering the risks, the relevant applicable legislation, or the internal controls needed to ensure proper implementation and management.
Eighty percent of business leaders surveyed reported uncertainty about the department or individuals responsible for decisions and omissions made by AI systems, while 57% harbor concerns about the potential for discrimination arising from the actions of AI systems.
Moreover, companies expect regulators to provide protection mechanisms on the use of AI in relation to privacy (61%), consumer protection (52%), criminal liability (46%), and intellectual property (45%).
“AI has become part of everyday life and businesses are riding a wave of optimism as they pursue growth strategies that incorporate the implementation of these fast-developing technologies. However, global business leaders are beginning to ask serious questions about where the responsibility for good governance, regulation, and compliance sits. We urgently need to start a dialogue on the controls needed to protect businesses, customers, shareholders, and communities,” said Giangiacomo Olivi, Dentons’ Co-Head of Europe Data Privacy and Cybersecurity, Intellectual Property and Technology.
Privacy continues to be a critical issue for individuals, organizations, and governments
Privacy continues to be a critical issue for people, organizations and governments around the world, the Cisco 2021 Consumer Privacy Survey illustrates.
According to the study, consumers want transparency and control over business data practices. Nearly half (46%) of survey respondents feel they cannot protect their personal data, and the main reason given is that companies are not explicit about how they use this data. Perhaps unsurprisingly, almost a third have become “privacy activists”, including changing companies or service providers. In addition, 25% have asked organizations questions about their data, and 17% have requested changes or elimination of their data.
On the other hand, data privacy laws are viewed positively around the world, but awareness of these laws remain relatively low. Sixty percent of respondents felt that data privacy laws in their country have a positive impact, compared to only 4% who reported an experience of negative impact. However, only 43% are aware of these laws.
Despite the pandemic, 62% of consumers say they want very few or no privacy restrictions. At the same time, they support organizations’ efforts to create safe work environments, and 60% agree with employers requiring employees to have a vaccination certificate.
The majority of respondents believe that organizations have a responsibility to use AI ethically, and 56% are very concerned about how it is currently used.
Private investment in AI doubled in 2021, as the new technology becomes more affordable
The private investment in AI in 2021 totaled around $93.5 billion—more than double the total private investment in 2020—while the number of newly funded AI companies continues to drop, from 1051 companies in 2019, and 762 companies in 2020, to 746 companies in 2021 according to the Artificial Intelligence Index Report 2022 released by Stanford University.
The report states that AI is becoming more affordable and increasing in performance. Since 2018, the cost to train an image classification system has decreased by 63.6%, while training times have improved by 94.4%. The trend of lower training cost and faster training time is prevalent across other MLPerf task categories such as recommendation, object detection, language processing and preference for a more widespread, commercial adoption of AI technologies.
As AI utilization and adoption gain momentum, more and more people are taking concrete actions to protect their privacy, while businesses pay more attention to decision-making processes through artificial intelligence (AI). Despite a diversity of perspectives, one thing remains undeniable and constant: AI is the future.
