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We are at a stage of time where technology is turning into what we are used to seeing in movies. One of the technologies is fully functional artificial intelligence (AI). Different software are quickly integrating AI to follow human instructions and provide desired outcomes. A recently released AI movement is ChatGPT, which everyone is discussing and using.

ChatGPT is an AI chat robot that answers almost every question or completes instructions within a few seconds. Some love it, and some fear it; both emotions make sense – as users can use the AI chatbot for good and bad.

ChatGPT risks are a growing concern to many, especially businesses. You may be using it to write a work summary or create a gym plan, but groups are using it to cyber-attack, create fake information and other disruptive ways.

Businesses worldwide must be aware of and understand ChatGPT risks and have strategies to deal with the possible outcomes. Hence, the article will explain the main ChatGPT risks and potential negative consequences.

What Is ChatGPT?

Unless you live under a rock, you must have heard of ChatGPT. You may have even used it, but what is ChatGPT?

ChatGPT is an artificial intelligence (AI) chatbot developed by a technology company called OpenAI. OpenAI launched the chatbot to the public in November 2022. The bot has a fantastic ability to reply and interact like a human. It provides information and assistance on specific topics. There is almost no topic that the AI software doesn’t know about. 

ChatGPT is a large language model (LLM) that has been fed countless amounts of data till 2021 and surprisingly learns some of its human dialects from the popular platform Reddit. Moreover, the software is so well-trained that it can predict your sentence before reading it all.

The public can use the chatbot for personal and business use. The main professional uses include writing & debugging code, writing articles, translating, idea generation and more. Well, these are all the good things.

AI can be used for countless purposes, which include some malicious activities. ChatGPT risks can seriously change how professionals and the public view the chatbot. The AI bot is still very new to the world, and these risks must be understood before it is too late.

Main ChatGPT Risks for Businesses

ChatGPT Cyber Attacks 

One of the most significant ChatGPT risks is how cybercriminals can use it for cyber-attacks or assist in AI attack coding. One cannot just ask the bot to attack a business or create malicious code. Hackers and experts always find a way to use new technology to assist their cyber-attacks, and it’s the same with ChatGPT.

Cybercriminals have already found a way to bypass the bot’s safeguard to generate cyber threats. These criminals use ChatGPT AI to help create convincing phishing emails, text messages and social media posts to convince people to provide sensitive information or install malware.

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Additionally, OpenAI servers store all the data inputted by users, which can be the target of cybercriminals. The platform warns people not to input personal data, but many users still input sensitive data to ensure they get the best for their work or personal use.

As ChatGPT grows, it might turn into a massive cyber-attack weapon. Attackers will learn to use the bot codes on fake websites. The AI bot will, unfortunately, help even inexperienced hackers develop their coding and make their amateur cyber attacks into something more dangerous.

Targeted victims will feel like they are communicating with another trusted human and provide the information they have been asked for.

The ChatGPT risk will affect many businesses and increase the number of successful attacks. Even if your boss is asking for website login details, just to be safe, call them first. Therefore, everyone must be aware and take precautions before clicking email links or sharing information.

Copyright Infringement Claims 

When ChatGPT generates information, it is not considered original or owned by the user. As it is not an original creation of the human mind, it will not be protected by copyright law. The information could be generated from anywhere and may consist of copyright-protected information or virtual content. Therefore, using ChatGPT to create content or advertise can result in copyright infringement lawsuits

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For example, a copywriter uses ChatGPT to create a blog post, and the artificial intelligence chatbot generates content with protected text or audio. The owner of the content can sue the business using their content. The AI bot will not inform the user whether the content is protected; hence, most professionals may assume they can use and promote the generated information.

ChatGPT claims they are trying to implement a policy that only allows the bot to generate non-protected public information. However, experts do not believe this statement and think it is complex to get all topic information licenced.

Infringement claims are among the few ChatGPT risks that could lead to lawsuits against a business. The lawsuit will ruin the brand’s reputation and cost them a significant amount financially. Unfortunately, even if it is their fault, the AI platform will not protect users during such claims. Hence, one must use the generated content as a source or edit it– do not copy the information directly.

Fake News or Pictures

It is crucial to understand not all the information generated by ChatGPT is liable or even real. There have been many cases where the information was inaccurate and harmed a professional’s reputation. For example, an Australian mayor plans to sue the AI platform for defamation. The chatbot claims that the mayor has served time in prison for bribery- which is nowhere near the truth.

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A picture says a thousand words; most of us believe when we see things. However, AI platforms like ChatGPT may change this belief and create a false reality

ChatGPT, combined with other platforms, is being used to create fake images and articles. A humorous example of fake AI pictures is Pope Francis in a puffer jacket, which shocked the world. There are many more cases of AI-generated images that have spread fake news. Many businesses and professionals will suffer due to such ChatGPT risks.

It can lead to severe reputation damage for companies and maybe even cause lawsuits. Businesses will always have to be ready to defend themselves and track if there is even the slightest chance of fake AI news or pictures defaming them. Some damages are irreversible, even if they are due to fabrications.

Company Operation Risks

Various companies have begun to allow ChatGPT and other artificial intelligence technology to assist with work and operations. These operations include summarising, turning notes into presentations, research, and more. However, when staff misuse ChatGPT, mistakes are bound to happen.

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Operation issues are a big part of ChatGPT risks. The issues can include inputting company secrets to generate presentations or abusing AI for all the work. For example, a Samsung employee inputted secret codes and meeting notes into ChatGPT for code debugging and presentations. Employees are informed not to share confidential information with anyone, but it now also belongs to OpenAI.

Such operation risks can ruin company efforts and be dangerous if any cybercriminal hacks into the AI bot server. The platform is excellent for helping with work, but it becomes a huge business issue when employees depend on it. Especially as companies cannot retrieve inputted data, no matter how big the brand is.

Artificial Intelligence (AI) is still not a Human. 

Businesses and employees must remember that AI is not human. ChatGPT may perform jobs like a human and sometimes better, but a final human touch is absent. Furthermore, the information and content are all off the internet – there are always chances of it being biased or inaccurate.

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ChatGPT risks include businesses overusing the platform and losing the human factor of their content. This is because the ChatGPT platform lacks critical thinking and cannot create complex codes (for now). If a company uses the platform for all its code or content, it will reflect on its ranking.

Google is already finding ways to detect AI content and lowering the ranks of websites. If Google succeeds in differentiating AI-generated content, it will significantly affect website traffic, SEO and customer perception.

Hence, businesses must again not depend on ChatGPT; human involvement is crucial for success.

Can Insurance Protect Companies from ChatGPT Risks?

So, how can a business manage these risks associated with artificial intelligence technology like ChatGPT? Thankfully, insurance is a great asset to help companies when faced with challenging situations regarding ChatGPT risks.

Cyber insurance is one of the best and necessary for every business online. Cyber insurance will financially cover the outcome of any cyber-attacks, which includes ChatGPT cyber-attacks. In addition, the insurance will provide cover to recover data, remove malware, and inform the affected parties.

Another crucial insurance for business is professional indemnity (PI) insurance. The insurance will cover ChatGPT lawsuits that result from fake news, fabricated pictures or anything that puts the company in legal danger. 

Finally, another liability insurance bigger businesses must have is director and officer (D&O) insurance. The insurance protects directors and managers from liability claims. A business needs funds to defend and prove innocence legally, even if the news is false. The insurance helps directors and managers ensure they are not wrongly accused and charged.

These policies are just a few main insurances needed to protect against most ChatGPT risks. As a business, you never know when ChatGPT will be a threat against you and your company.



To Learn More about protecting your business from ChatGPT risks in Hong Kong & Asia, contact Red Asia Insurance.