The $80 billion threat of fake news
Social media has transfixed the world. But the near-limitless freedom of expression and mass communication it provides have made its users vulnerable to misinformation and the platforms susceptible to misuse.
As a result, the term “fake news” has entered public consciousness and vernacular the world over. The threats posed by fake news are real — and they are here to stay.
According to new research from the University of Baltimore and AI and cybersecurity company CHEQ, fake news articles spread on the internet cost the world economy roughly $78 billion a year.
The general consensus among experts is that fake news has reached a dangerous level and now has the capacity to directly affect company share prices — in some cases overnight.
A panel at the Arab Women Forum, held in Dubai on May 17, examined the risk posed to businesses by disinformation campaigns resulting from geo-economic rivalries or cyber-bullying.
Participants on the panel included Arab News Editor-in-Chief Faisal J. Abbas; Khalid Abdulla Janahi, the group chief executive officer of Dar Al-Maal Al-Islami Trust; Hussein Freijeh, general manager of Snap Inc. for the MENA region; and Thomas Hughes, executive director of Meta’s oversight board.
Speaking ahead of the event, Hughes told Arab News that social media companies have a role to play in combating fake news.
“Content moderation policies have to be crafted in a way
that reflects the kinds of standards we want to set globally,” he said.
“As the (oversight) board cannot hear every appeal, when we select cases, we are thinking about what kind of precedent our decision might create, and we prioritize cases that have the potential to affect lots of users around the world, are of critical importance to public discourse or raise important questions about Meta’s policies.”
He added that Meta — formerly known as Facebook — has already issued more than 100 recommendations and committed to implementing the majority of them.
But conflicts like those raging in Ukraine and Ethiopia, according to Hughes, add fuel to the fire of fake news.
Conflict and instability “unfortunately, go hand in hand with rises in mis- and disinformation — although this issue is very much global,” said Hughes.
According to Abbas, while much of the discourse on fake news is focused on social media, disinformation has existed for far longer than Facebook, Twitter and WhatsApp.
“It is important to remember that fake news was not created with the invention of social media, it goes back to the beginning of time,” he said. “It has taken many shapes, ways and forms — everything from writings on the wall, brochures, magazines, newspapers, radio, and television.”
He added: “The latest reincarnation is social media. However, with the advancement of technology, the tools are now available for everybody and the barriers to entry have been put down. Most importantly, the speed of spreading has increased and this is what makes (fake news) more dangerous than ever.”
The Arab News editor-in-chief said: “I firmly believe that the role and the importance of journalists is as important as ever. However, we cannot do this without proper artificial intelligence tools. What technology ruined, only technology can fix.”
Journalists can play a key role in tackling fake news, according to Hughes, which is why many of Meta’s board members have worked in the traditional media in the past.
“They feel passionately about these issues and about ensuring that more is done to protect journalists and free speech, while also working to protect people from harm.”
Journalists are as important as ever, but we cannot beat fake news without proper artificial intelligence tools.