EU’s Draft AI Act: Most Irish Executives Unaware of Extensive New Rules!
In a shocking revelation, a survey conducted by the Institute of Directors in Ireland has found that the majority of senior executives are clueless about the scope of the EU’s draft Artificial Intelligence Act. This act will introduce a regulatory framework for artificial intelligence, including rules for developers and users of AI systems, as well as a ban on AI systems deemed dangerous for humans.
The legislation, expected to be enacted either late this year or in 2024, will have a sweeping impact across various sectors. However, a whopping 75% of senior executives surveyed have no idea how extensive these new rules are. What’s more, over half of them don’t even have board-approved AI and cyber security measures in place at their firms.
Although many organizations in Ireland have embraced AI systems, the survey reveals that 41% of respondents are not yet using AI but plan to explore its potential. Additionally, a significant 19% have absolutely no plans to use AI.
Of the organizations already utilizing AI, 71% reported using it to enhance operational efficiency, while 34% employ it to develop insights for product and service development. Furthermore, 38% utilize AI for customer engagement purposes.
Chief Executive of the Institute of Directors in Ireland, Caroline Spillane, emphasized the need for an AI framework that supports safe and reliable use. She highlighted the desire among respondents to learn more about the technology’s impact on Irish businesses, as well as the ethical considerations that must be taken into account when adopting AI.
It’s important to note that once the new laws are enacted, there will be an 18-month transitional period. Non-compliance could result in hefty fines of up to €30m or 6% of the provider or users’ global turnover. Legal experts predict that this legislation will have a significant impact, similar to the effects of GDPR.
So, what do you think about the EU’s new AI rules? Are you aware of how they might affect your business? Leave a comment below and let us know your thoughts on this groundbreaking development!
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