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A Call for Regulation: Artificial Intelligence Raises Concerns and Calls for Suspension of Development

Summary

Introduction According to a recent risk study conducted by AXA SA, an insurance company, governments around the world are not adequately prepared to address the challenges posed by artificial intelligence (AI), leading experts to call for a temporary suspension in […]

A Call for Regulation: Artificial Intelligence Raises Concerns and Calls for Suspension of Development

Introduction

According to a recent risk study conducted by AXA SA, an insurance company, governments around the world are not adequately prepared to address the challenges posed by artificial intelligence (AI), leading experts to call for a temporary suspension in its development. While AI holds immense potential for society, concerns over its misuse and the existential threat it may pose to humanity have prompted calls for regulation and a pause in its exploration.

The Concerns

Only 7% of nearly 3,500 risk experts from 50 countries believe that public authorities are ready to face the challenges of AI, as stated in AXA’s 10th annual Future Risks Report. The private sector fares slightly better, with only 16% of experts claiming that corporations are equipped to handle this challenge. AI ranked fourth among the world’s risks, yet it generated the least confidence among respondents regarding their preparedness to tackle it. The fear of AI potentially posing an existential threat to humanity is the greatest concern. Almost two-thirds of experts and 70% of the general population believe that the world should take a pause in the exploration of AI and other disruptive technologies, with Asia and the United States being the most supportive of a suspension.

Regulation and Benefits

While recognizing the benefits of AI for society, it is crucial to establish clear rules to prevent the abuse of these benefits. Tomas Buberl, the CEO of AXA, emphasized the need for proper regulation during a discussion at the Massachusetts Institute of Technology. Global efforts to combat climate change serve as a potential model for AI regulation, as Buberl supports a global framework for AI and its regulation.

Other Major Concerns

Apart from AI, experts have identified climate change, cyber security, and geopolitical instability as their greatest worries, ranking second and third, respectively.

Government Measures

President Joe Biden issued an executive order on Monday, setting new standards for AI security and privacy. Companies like Microsoft Corp. and Alphabet Inc. will be required to test the security of their powerful AI models and deliver the results to the government before public release. This order coincides with Vice President Kamala Harris’s plan to regulate AI, which will be discussed further during an upcoming AI risk summit in the United Kingdom.

Conclusion

In the face of the risks associated with AI, calls for regulation and a temporary suspension of development are growing. While AI holds immense potential, concerns regarding its misuse and the lack of preparedness among governments and corporations cannot be ignored. The establishment of a global framework for AI regulation, inspired by the efforts to combat climate change, is seen as crucial for harnessing the benefits of AI while ensuring its responsible and safe usage.

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