The impact of uncontrolled AI is significant and more severe than one might imagine.
- Lately, the Dutch Prime Minister and his entire cabinet had to quit because of an algorithm which unfairly accused people of welfare fraud.
- Samsung banned ChatGPT among its employees after a sensitive code leak happened.
- Navy Federal Credit Union was recently subjected to a lawsuit over allegations of racial bias in their mortgage lending practices. In fact, you can search over 2000 reports of AI harms at https://incidentdatabase.ai/.
In nutshell, uncontrolled or unregulated AI is a recipe for disaster. It leads to financial loss, reputation damage, and flawed business decisions.