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Artificial intelligence (AI) is a set of technologies that work together to allow computers to detect, understand, act, and learn at human-like levels of intelligence. Perhaps this explains why everyone seems to have a different concept of artificial intelligence.

AI isn't just one thing. Artificial intelligence in its most basic form refers to systems or computers that mimic human intelligence in order to complete tasks and may iteratively improve itself based on the data they collect.

Data science is an interdisciplinary discipline that combines skills from subjects such as statistics and computer science with business knowledge to assess data from a variety of sources.

Is Artificial Intelligence A Threat?

Artificial Intelligence has been a hot topic since many years. Many movies interestingly increased the buzz amongst us commoners where we would directly associate it with a robot and expect it to behave like humans.

A machine with human intelligence in a machine = artificial intelligence. This not the whole truth. AI has made tremendous progress. it will enable us to produce numerous items that benefit the world. It is a problem that the current civilization has been developed by greed and selfishness. So, the conceptions and customs that have been firmly formed in our mind is blocking the true wisdom.

THE IMMEDIATE RISK: JOB AUTOMATION

Though artificial intelligence has numerous benefits if implemented in day to day life by making work easier and faster. But it is also becoming a cause for unemployment. AI will replace certain types of jobs.

According to a 2019 Brookings Institution study, 36 million people work in jobs with “high exposure” to automation, meaning that before long at least 70 percent of their tasks — ranging from retail sales and market analysis to hospitality and warehouse labor — will be done using AI. “The reason we have a low unemployment rate, which doesn’t actually capture people that aren’t looking for work, is largely that lower-wage service sector jobs have been pretty robustly created by this economy,” renowned futurist Martin Ford (left) told Built In. “I don’t think that’s going to continue.” it’s true that AI will create jobs, but it will cause unemployment in other sector.

PRIVACY, SECURITY AND THE RISE OF 'DEEP FAKES'

Deepfake plays into confirmation bias like a duck to water.
Deepfake comes from “deep learning” and “fake”. It’s an AI-based technology used to create fake videos and audio that look and sound real.
The ease and accessibility of deepfake have opened a new realm of social engineering attacks for which your current cybersecurity system may not be prepared.

Deepfake relies on the same hacking principle: human error – more specifically error of judgment. The human aspect involves training employees to understand the difference between real and fake while protecting their identities on the internet.

In a February 2018 paper titled “The Malicious Use of Artificial Intelligence: Forecasting, Prevention, and Mitigation,” 26 researchers from 14 institutions (academic, civil and industry) enumerated a host of other dangers that could cause serious harm — or, at minimum, sow minor chaos — in less than five years.

AI BIAS AND WIDENING SOCIO-ECONOMIC INEQUALITY

Artificial Intelligence Has Caused A 50% To 70% Decrease In Wages—Creating Income Inequality And Threatening Millions Of Jobs.
According to a new academic research study, automation technology has been the primary driver in U.S. income inequality over the past 40 years.

McKinsey estimates that AI may deliver an additional economic output of around US$13 trillion by 2030, increasing global GDP by about 1.2 % annually. This will mainly come from substitution of labour by automation and increased innovation in products and services.

AUTONOMOUS WEAPONS AND A POTENTIAL AI ARMS RACE

Military competition in AI does still pose certain risks. These include losing human control and the acceleration of warfare, as well as the risk that perceptions of an arms race will cause competitors to cut corners on testing, leading to the deployment of unsafe AI systems.

The deployment of autonomous weapons will be accelerated by an inevitable arms race that will lack the natural deterrence of nuclear weapons. Autonomous weapons are the AI application that most clearly and deeply conflicts with our morals and threatens humanity.

STOCK MARKET INSTABILITY CAUSED BY ALGORITHMIC HIGH FREQUENCY TRADING

There are many risks of Algorithmic High-Frequency Trading.

• Amplification of Systemic Risk
• Ripple Effects
• Huge Investor Losses

With the Flash Crash and Knight Trading "Knightmare" highlighting the risks of algorithmic HFT, exchanges, and regulators have been implementing protective measures. In 2014, the Nasdaq OMX Group introduced a "kill switch" for its member firms that would cut off trading once a pre-set risk exposure level is breached. While many HFT firms already have "kill" switches that can stop all trading activity under certain circumstances, the Nasdaq switch provides an additional level of safety to counter rogue algorithms.

Mitigating the risks of AI

While there is no one-size-fits-all approach, practices institutions might consider adopting to mitigate AI risk include oversight and monitoring, enhancing explainability and interpretability, as well as exploring the use of evolving risk-mitigating techniques like differential privacy, and watermarking, among others.

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