Generative Artificial Intelligence in Finance

14Privacy Laws and Leak of Financial Data in the Era of Generative AI

Nitish Kumar Ojha^* and Sanjeev Thakur

Amity University, Noida, Uttar Pradesh, India

Abstract

The epitome of current technology in the field of artificial intelligence (AI) as a subset is OpenAI which creates unique content with the available divergent data on the Internet; however, it is posing a big risk of privacy while exposing the personal data of users to everyone. The risk of privacy is so high that states are making strict rules for the use of social media as well as its usage by OpenAI for generating divergent content. The use of social media has always been plagued by widespread misuse of users’ personal information by leading companies. Groups like Meta Inc., Twitter Inc., and even ABC Inc. have faced international and national scrutiny over the illegal use of such information for monetary and popularity gains. This misuse has increased to such an extent that these companies have to face court proceedings from time to time. This chapter discusses the different compliance-based issues related to personal data in social media or available or another platform that is available openly. This chapter also presents the logical discourses that are presented in favor of these companies and their counter-logic, particularly from a jurisprudence point of view. ChatGPT is an artificially intelligent application that is able to make better use of the personal information of multiple users to deliver answers ...