The widespread growth of OpenAI's ChatGPT and other artificial intelligence (AI) platforms has shown the potential of AI for businesses and investors. ChatGPT is a machine-learning model that allows users to ask questions and receive answers in a conversational manner. Although ChatGPT has gained much attention, other types of AI have been in development and use for some time.
The rapid rise of AI raises concerns about legal and privacy frameworks, with the possibility of new laws, regulations, and policies. However, existing data privacy laws already regulate many aspects of AI. Data protection laws already regulate the collection, use, disclosure, cross-border transfer, and processing of data about identifiable individuals and provide data privacy rights for individuals.
Furthermore, rushing to adopt new regulations may hinder innovation and prevent the realisation of AI's benefits for individuals, the economy, and society.
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