As countries worldwide begin to discuss AI regulation, business leaders are grappling with how new rules will impact them.
With the impending EU AI Act on the horizon, businesses operating in Europe must understand how to comply with the regulations. These rules not only outline specific obligations regarding AI use cases but also enforce penalties for non-compliance with authorized AI systems.
The rise of deepfakes and malicious AI cyberattacks has led to data breaches, prompting decisions like these to provide public reassurance.
Embracing safe enterprise innovation
Blackstone CEO Steve Schwarzman has highlighted the concerns surrounding the dangers and anxieties associated with AI technology. He notes a growing trend among business leaders to support broader AI regulations, emphasizing the importance of addressing these issues in the present rather than leaving them for future generations.
“The people who are scared of the technology are the ones inventing it,” Schwarzman remarks during the Asia Pacific Financial and Innovation Symposium in April 2024.
While some companies may resist new regulations, citing potential hindrances to innovation, it is crucial for AI-developing businesses to find a balance between creation and risk management to fully leverage the benefits of the technology.
Furthermore, the rapid pace of AI advancement raises concerns about the relevance of AI legislation, with fears that regulations introduced too hastily may become outdated and ineffective in the long run, posing additional challenges for businesses.
In the UK, the government is revisiting its proposed AI regulations, which could impose restrictions on the development of large language models (LLMs) like OpenAI’s ChatGPT.
“While all countries will eventually need some form of AI legislation, we are taking a cautious approach to ensure a thorough understanding of the risks before implementation,” a government spokesperson informs The Financial Times.
“Rushing into regulations could lead to measures that quickly lose efficacy and become outdated.”
