The 2010 Flash Crash: An Illustration of the Need for Responsible AI Governance
On May 6, 2010, a rapid sequence of events triggered the largest one-day stock market drop in history - the infamous 'Flash Crash'. This AI incident serves as a stark reminder of the potential risks associated with unchecked AI systems. By understanding this event, we can emphasize the importance of safe and secure AI, trustworthy AI governance, and Project Cerebellum's role in establishing guardrails for AI to prevent such incidents in the future. Are you ready to help shape responsible AI? JOIN US This AI incident maps to the Govern function in HISPI Project Cerebellum Trusted AI Model (TAIM).
Source
Data from the AI Incident Database (AIID). Cite this incident: https://incidentdatabase.ai/cite/28
Data source
Incident data is from the AI Incident Database (AIID).
When citing the database as a whole, please use:
McGregor, S. (2021) Preventing Repeated Real World AI Failures by Cataloging Incidents: The AI Incident Database. In Proceedings of the Thirty-Third Annual Conference on Innovative Applications of Artificial Intelligence (IAAI-21). Virtual Conference.
Pre-print on arXiv · Database snapshots & citation guide
We use weekly snapshots of the AIID for stable reference. For the official suggested citation of a specific incident, use the “Cite this incident” link on each incident page.