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Generative AI risks loom as businesses increase investments

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Summary

A new report from QuantumBlack, AI by McKinsey, has found that despite known risks associated with generative AI, most businesses are not taking steps to mitigate them. The majority of respondents cited inaccuracy and cybersecurity as the two biggest risks associated with the tech, yet only one-third are actively trying to reduce security risks and slightly less are addressing inaccuracies. Despite this, many businesses are still increasing their investments in AI technology due to advances in generative AI. It is important for businesses to create guardrails and have a structured process in place to identify and address the risks associated with generative AI, as well as continually monitor it and adapt their policies for newly identified risks and opportunities.

Q&As

What are the risks associated with generative AI?
The risks associated with generative AI are inaccuracy and cybersecurity.

What percentage of organizations are working to abate generative AI risks?
Just one-third of organizations are working to abate generative AI risks.

What should businesses do to create guardrails for setting technology loose within workflows and operations?
Businesses should create guardrails before setting technology loose within workflows and operations by creating beta users and specific teams to think about how generative AI applications can go off the rails.

How have businesses increased investments in AI due to advances in generative AI?
Businesses have increased investments in AI due to advances in generative AI technology by planning to increase investments in AI overall.

How do organizations need to evolve policies and guardrails to address newly identified risks and opportunity areas?
Organizations need to evolve policies and guardrails to address newly identified risks and opportunity areas by having a structured process in place to identify and address these broader risks.

AI Comments

👍 This article provides valuable insight into the potential risks of generative AI technology and encourages businesses to create policies to protect against them.

👎 This article does not provide enough detail on how businesses should address the risks associated with generative AI technology.

AI Discussion

Me: It's about generative AI and the risks that come with businesses increasing investments in the technology. Even though the risks are known, most businesses aren't taking the necessary steps to mitigate them. Plus, they're still bullish on the tech's potential despite the risks.

Friend: That's concerning. What kind of risks are they talking about?

Me: The report cited inaccuracy and cybersecurity as the main risks associated with generative AI. They also mentioned that companies need to create guardrails before setting the technology loose within workflows and operations. Plus, they need to anticipate risks and have a structured process in place to identify and address them. Finally, they need to evolve their policies and guardrails to address newly identified risks and opportunity areas.

Action items

Develop a structured process to identify and address risks associated with generative AI.
Create guardrails for generative AI technology before implementing it in workflows and operations.
Monitor the accuracy of generative AI models over time and adjust policies and guardrails accordingly.

Technical terms

Generative AI: Generative AI is a type of artificial intelligence that uses machine learning algorithms to generate new data from existing data.
Risks: Risks are potential losses or damages that may occur due to a certain action or event.
Inaccuracy: Inaccuracy is the state of being incorrect or inaccurate.
Cybersecurity: Cybersecurity is the practice of protecting networks, systems, and programs from digital attacks.
Guardrails: Guardrails are measures taken to protect against potential risks or dangers.
OpenAI: OpenAI is a research laboratory focused on artificial intelligence.
GPT-4: GPT-4 is a large language model developed by OpenAI.