The rapid and exciting evolution of Artificial Intelligence (AI) will bring with it many tools we can use to improve and enhance our lives. But we must also beware: amongst the many risks that AI presents, it also provides “promise” and opportunity to those who would misuse it.
“Since the technologies of the 21st century [like AI] are far more powerful – and potentially far more destructive – than those of the 20th century, we have less room for error. In the 20th century, we can say that humanity got a C-minus in the lesson of using industrial technology. Just enough to pass. In the 21st century, the bar is set much higher. We must do better this time.” ~ Yuval Noah Harari (Globe & Mail, September 7, 2024).
Olympian prophecies
Recently, the myths of the ancient Greeks seem to be making a comeback in popular culture. New York Times’ best-selling books on the topic, even one focused on kids called “Greeking Out – Retellings of Classic Greek Myths,” seek to introduce and make the myths, and the characters, gods and demi-gods who inhabit them, more accessible to modern readers. Netflix has released the series KAOS, a unique and rather “modernized” take on the ancient gods, the prophecies of the Fates, and particularly the story of Orpheus and Eurydice. In an age where our very notion of accepted “truth” and knowledge is challenged almost daily, it’s perhaps not surprising to see the resurgence of interest in the fascinating and insightful stories and parables of a civilization over 2,000-years-old.
The appeal and genius of the ancient Greek myths is what they tell us about ourselves – even the gods act more like humans than deities, revealing our foibles, pettiness and weaknesses, but also are strengths, nobility and courage. And the prophecies appeal to our sense of knowing the future, while providing some degree of understanding and control over that future.
For those of us in the investment counselling business, “prophecies” are a daily part of our world, whether concerning where the economy or markets are headed, or what a new company and/or technology might deliver onto us. One of the most recent and prevalent of these “prophecies” surrounds AI. Since the end of 2022/beginning of 2023, it seems as if not a day goes by that we are not inundated with discussions on, prognostications for and predictions of what AI will do to us and for us. From solving world hunger to generating medical breakthroughs, or from turning us into mindless drones to delivering us unto despotic robots (thank you “Terminator”), speculation and mythmaking is in full swing on the subject.
Promethean promise
“Plus-side” AI prophecies tell us that it will help us be more productive and impactful in many roles and jobs. AI promises to eliminate redundant, dangerous and mindless jobs, while also creating new and exciting opportunities and career paths. From this view, AI promises many positive outcomes and, if even half of them come to fruition, this technology has the potential to change our world in profoundly good ways. While it will take time to determine and assess its various impacts, and many mistakes and hard learnings will be suffered over time, if AI remains a controllable tool to be used for the betterment of mankind, it’s hard not to be optimistic over what these pundits are prognosticating.
Cassandrian “cyber” perils
We have no doubt AI will, over time, revolutionize our world, bringing tremendous change to how we function, feel, think, work and live. RBC PH&N Investment Counsel’s investment management partner, RBC Global Asset Management, leverages the power of AI to make smarter and more timely decision on how to invest. How markets and economies work will increasingly be directly impacted by AI – and are very much already doing so today. Our own decisions and thinking are already influenced (sometimes dramatically so) by social media, which actively uses AI to determine what we see and consume – and often think.
And that is the challenge – AI can be immensely positive, but its powers extend well beyond what technology breakthroughs have historically delivered. Its ability to potentially mimic or even go beyond the human capacity to think, makes the need to control this technology imperative. In short, if we are not careful, AI can also be a dangerous tool in the hands of those who would exploit it for nefarious reasons.
And this is particularly true of cybercrime. AI can help cybercriminals be better at what they do, allowing them to be more deceptive and effective in their scams. From replicating emails, texts, and websites, to creating fake voices and false images that sound and look like people we know and trust, AI’s efficiencies and capacity, combined with its potential human-like thinking and “creativity,” can also be used to solve problems for the other side: the scammers that stalk the internet and social media looking for victims to exploit and steal from.
Balancing the two-sided nature of AI
Scams, frauds and theft have been around far longer than even the Greek myths, and humans have used technology for good and evil for millennia. As always, as your Investment Counsellors, we will endeavour to find the opportunities with AI to deliver value and build wealth for our clients. Balance is a key part of our ethos, and it will continue to guide us, whether with AI or any other developments in our world.
Our duty of care and our commitment to you extends beyond being investment advisors. As your counsellors and the stewards of your wealth, we take seriously our commitment to ensuring your protection against those that might try to take your wealth. And RBC Royal Bank is hyper-vigilant and deeply committed to protecting your online security, working 24/7 to ensure your wealth and information are protected – even using AI to do so.
As always, speak to us if you have concerns about your cybersecurity. If you haven’t done so already, consider using our RBC Wealth Management Online platform to protect your accounts, information, and to securely communicate with us. Together we can work to defy the dark prophecies and instead enjoy the positive side of the AI “cyber coin.”
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