Banking on AI policies

Artificial intelligence (AI) has been reshaping our world and has integrated itself into our daily lives.

- JOSE TEODORO "TG" LIMCAOCO

The biometric security on our phones, the grammar-checking tools we use to write emails, and the personalized recommendations on media streaming platforms are powered by AI.

Generative AI, in particular, has been thrust into public consciousness. IBM defines generative AI as AI "that can create original content—such as text, images, video, audio, or software code—in response to a user's prompt or query."

Many of us are now familiar with how generative AI works. As shown by a recent World Bank report, the Philippines ranked 4th in global ChatGPT use. As of March 2024, ChatGPT monthly traffic from the country reached 94.38 million visits, accounting for 4.03 percent of the app's global traffic. The report attributed this to the strong business process outsourcing (BPO) sector and the country's information and communications technology (ICT) presence. But while AI can be beneficial for work, school, and creative pursuits, the proliferation of these tools has also raised concerns about potential issues.

The duality of AI

Is AI a double-edged sword? This is the exact question that Asian Institute of Management Prof. Philip Kwa posed during his presentation at the BPI Cybersecurity and Consumer Protection Conference last July 31, 2024. In his talk about the cybersecurity implications of AI, he talked about how AI can be used to strengthen cybersecurity measures by identifying patterns and anomalies that could signal potential threats, speeding up incident response and recovery and using AI-powered threat intelligence. However, AI can also be used for cybersecurity threats. These may include the use of AI to automate malware campaigns, generate phishing messages, and create realistic deepfakes.