Ethical issues of AI have become a huge concern dominating government, media, and academic discourse. This chapter sheds light on some of the most pressing ethical issues that result from the adoption of AI-powered tools. Increasing inequality, widening social and economic gaps, compromising privacy and data protection, outsmarting humans and impacting human rights, lack of accountability, liability and reliability, and lack of empathy and sympathy are considered the most pressing challenges that need to be addressed concerning AI and big data. This chapter also provides insight into strategies that are currently in place to overcome adverse implications of AI in the public and private sectors. Providing insight into these ethical challenges along with the governing solutions makes a significant contribution to the ongoing discourse and urges for bringing forth sustainable solutions that are necessary for the ethical application of these technologies in different fields.