Forbes, November 2, 2023
It’s been a huge week for oversight of AI. President Joe Biden unveiled a broad executive order aimed at curbing the risks and “seizing the promise” of the technology. The regulation will require government oversight of AI models that could pose a risk to national security. These standards, which govern the data that is being collected and how it is being secured, will be developed by the National Institute of Standards and Technology. The order also mandates guidelines and standards for the use of AI by the federal government. Each department needs to outline how they plan to bring the technology into their operations, as well as how the technology’s security is being protected.
“I’m determined to do everything in my power to promote and demand responsible innovation,” Biden said as he signed the executive order.
Experts quickly weighed in on the meaning of the executive order. In short, the federal government will concentrate on ensuring privacy, equity and civil rights are protected through the use of AI technology, so startups working in that space should concentrate on making sure their tech in those areas is solid.
Several tech CEOs were immediately on board with the executive order, having been actively working with governments to proactively develop regulations for the fast-growing technology. But some fear the executive order could stifle innovation. Heavy regulations could benefit larger and better capitalized companies, who have the funding and ability to meet them, some said. It might be much harder for newcomers to meet a new set of regulations.
However, companies using AI technology to improve their efficiency and operations need to do more to protect themselves. A study from risk management software company Riskonnect found only 9% of companies are prepared to deal with the risks posed by AI. And just 17% have conducted trainings or briefings to let their teams know about threats the technology poses.
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