What has come to be called The Fourth Industrial Revolution is now well under way. Artificial Intelligence (AI) will bring widespread social and economic changes in the next two decades. There will be many benefits but we will have to adapt to the widespread use of this new technology. At the very least each of us will need to work out how deal with ‘deep fakes’, AI fraud, and chatbots taking jobs that used to be exclusively done by humans. Serious risks are already evident. For governments and regulators the challenges are even larger. So far very few provisions have been made to deal with the impacts of AI or to protect those who may be displaced, exploited, unemployed, or otherwise disadvantaged. We need to completely rethink employment and taxation models and consider legislative controls on the new ‘Information Barons’. Of course, any effective regulation will need to be world-wide.