Standards, Ethics, Legal Implications & Challenges of Artificial Intelligence

We are moving towards an era of automation and technological revolution with Artificial Intelligence (AI) at its core. There is no doubt that AI has created commercial value across various industries such as e-commerce, security, engineering, etc. Thus, the paradigm of AI is understood as something that is making our lives easier, but is it as simple as it looks? This paper looks at some challenges and risks of AI through the lens of ethics and law. The risks are multifaceted and bring about chaos in society if no strict measures are taken. By looking at various ethical and legal concerns we will look at the current ongoing legislation at the European Parliament regarding law and AI.