While there remain unknown risks and benefits from the use of AI for economies and societies, there is a need to start regulating the use of AI and this will require a balanced approach that can develop as the technology develops, IT services company Datacentrix Group CEO Ahmed Mahomed said this week.

"It is early [in the development and use of AI], but we have to start at some point. It is imperative to start by developing the framework now so that regulators can consider various aspects of the technology and its applications," he said during the company's 2024 showcase at Monte Casino, in Fourways, Gauteng, on August 22.

Ethical considerations in the use of technology have been of concern for decades across various technology formats.

Business is not blinkered and is not delegating the ethical concerns around applications to others; however, it must keep pace with technology changes to flourish, which means a balanced approach to regulation is needed, he added.

"AI is the ethical considerations of technology use and applications, but on steroids. There is a compelling argument for why we need to keep ahead of the curve: businesses must adapt to the rapid pace of change and there are applications of AI that can be used for dubious activities."

In reaction to the pace of change across the world, 81% of CEOs have taken action to fundamentally change their business models and made bold moves to adapt to AI and global challenges, such as climate change.

"Although the legislative framework has not caught up yet, businesses and countries need to start at some point," he said.

Regulations in a new area must allow innovation to happen. Resistance to mobile telecommunications from fixed-line operators did not prevent the change, highlighted ICT investment company Convergence Partners chairperson and founding partner Andile Ngcaba in a separate presentation.

Using illustrative examples of AI uses in different industries, he stated that the ethical considerations and technical uses of AI were different in different industries, and that they should not all be regulated in exactly the same way.

Further, Ngcaba suggested that governments were interested in various AI sovereignty issues, supporting international AI collaboration and cooperation between nations, and developing a framework to address the ethics of AI applications.

"A Minister would be interested in advocating for global AI governance from an industry-neutral perspective and ensuring international cooperation and not deepening geopolitical issues.

"In terms of global AI governance, governments are in a unique position to bring together various industries' inputs to craft policies. However, governments must consult with industries and not write AI regulations without input from them.

"This is a complex issue and we do not want over-regulation or unnecessary regulation because we want this new era to explore. We should focus on market creation, not market protection," he said.

However, global cooperation was necessary to set boundaries in AI use, such as in warfare or for nefarious purposes. Therefore, regulations were necessary to frame the way AI was used, Ngcaba said.

"Countries should not develop AI strategies without talking to other countries. They have to consider what the world is doing and pursuing and not take an isolationist approach. They can look at projects such as data sharing and collaboration on AI projects. Sovereignty does not mean isolation," he noted.

Further, various organisations, including the International Standards Organisation and the AI for Good Foundation, are looking at how global ethical standards for AI can be developed. They have also developed generic rules that countries can adopt that address some of the challenges, such as AI bias or computer-vision ethical considerations, Ngcaba said.