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The benefits of AI for business are huge. However, there are also significant risks, ranging from data privacy to deep fakes, job displacement to adversarial attacks. To enjoy the benefits while mitigating the risks, business owners need to work with enterprise managed service providers and other experts to make informed decisions about how to best use AI.

That starts by understanding some of the emerging threats. Below are our top seven:

1. Biased datasets

AI models are trained on specific datasets. The problem is that those datasets may be inaccurate, incomplete, or narrow in scope. Relying on AI models trained on that data can result in discrimination, a biased workplace, and a host of potential liabilities.

By acknowledging these risks, however, businesses can reduce harm and strive for a more equitable environment. A good first step is to ensure that datasets used to train AI models are diverse and representative.

2. Data privacy

As businesses increasingly rely on data to train their AI models, it's important to remember that privacy laws and consumer expectations must be respected. Unfortunately, the two aren’t always aligned. Failing to respect both may result in significant financial and legal challenges as well as reputational damage. For example, even if a company's use of data is technically lawful, that use may violate consumer trust and damage customer loyalty.

3. Job displacement

One of the major benefits of AI is that it can automate regular tasks. However, if unchecked, this automation can lead to mass job displacement, which disrupts the social and economic order. Therefore, organizations should carefully consider how AI will impact their workforce and industry. Then, they can reskill and retrain employees to better adapt to new roles emerging in the age of AI.

4. Deep fake content

AI-generated deep fakes can create realistic yet fake content of people doing and saying things they never said or did. This fraudulent content can lead to reputational and financial damage. Organizations must be aware of the potential for deep fakes to be used maliciously and work with experts to detect and prevent them.

5. Misleading chatbots

Chatbots are an amazing technology that allows businesses to have conversations with customers at scale. However, they’re far from perfect. As users of ChatGPT know, chatbots can “hallucinate” or generate false information that’s incredibly convincing and difficult to detect. Businesses that use chatbots for customer support need to be aware of this to reduce the risk of deceiving customers by unintentionally providing misleading or inaccurate information.

6. Adversarial attacks

Adversarial attacks manipulate an AI system by introducing small changes to input data. Whether done unintentionally or by malicious actors, this causes the AI output to be incorrect. Ultimately, this could lead to financial losses, reputational damage, and other negative impacts. To be on the offensive against this threat, business owners need to protect their AI systems through robust cybersecurity measures.

7. Intellectual property

Using generative AI tools to create text, images, and videos can be incredibly helpful. However, it comes with intellectual property risks. At the moment, these risks are still being debated in the legal world. It’s unclear who exactly owns the IP for generative AI content. To avoid getting wrapped up in a costly lawsuit, business owners should respect the rights of content creators and seek legal advice for any doubts about the ownership of content generated by AI.

Keeping the above seven risks in mind can help you enjoy the massive benefits of AI while mitigating the potential downsides.