Cos using GenAI should follow self-regulation to unlock potential: Mastercard CEO
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Mastercard CEO Michael Miebach on Friday said Generative Artificial Intelligence (GenAI) offers 'tremendous opportunities' and companies should follow self-regulation to unlock its potential.Miebach also suggested that companies using GenAI should follow four key principles -- transparency, privacy and security, accountability and integrity -- before a full fledged regulation comes in for the sector. When there were concerns of data security and privacy, digital finance companies had adopted a self-regulation model, he said. “Mastercard very simply said you are a customer, you control your data, you benefit from your data and it's the industry's job to keep it safe. Can we do the same thing with AI. As an industry can (we do) a self regulation and that (can) lead into regulatory ...