Aminu Maida, the Executive Vice Chairman of the Telecom Regulatory Commission, addressed the difficulty of finding the right balance between mitigating risks and fostering innovation in AI regulation. Speaking at the 2024 World Consumer Rights Day event, Maida stressed the importance of collaboration among stakeholders, including academia and technology developers, in shaping effective AI regulations.
He highlighted the intricacies of AI regulation, noting the struggle of legislative bodies worldwide to keep pace with technological advancements while ensuring security and trust. Maida emphasized the necessity for a collaborative approach, advocating for the involvement of all stakeholders to devise optimal regulatory frameworks.
In the era of AI and IoT cybersecurity, Maida underscored the significance of breaking silos and fostering collaboration among academia, industry, government, and society. He emphasized the importance of ethical considerations in AI development and regulation, urging developers and regulators to prioritize ethics and inclusivity in AI algorithms.
Maida acknowledged the transformative impact of AI on industries and society but cautioned against overlooking the legal and regulatory challenges it poses. He stressed the need for a meticulous examination of existing laws, the formulation of new regulations, and ethical considerations to ensure that AI benefits society while upholding fundamental rights and values.
Regarding this year’s World Consumer Rights Day theme, ‘Fair and Responsible Artificial Intelligence (AI) for the Consumer,’ Maida emphasized the importance of using AI responsibly to foster consumer trust and prevent potential issues. He defined responsible AI as ethical use throughout its lifecycle, encompassing considerations such as bias, privacy, transparency, and accountability.
Maida urged AI developers to prioritize transparency in disclosing data, algorithms, and models used in AI systems. This transparency ensures that AI decisions can be understood and rectified, promoting fairness for all individuals, regardless of their backgrounds.
