Despite growing enthusiasm for artificial intelligence (AI), a new survey has revealed that 78% of companies are failing to implement measures to protect against AI-related breaches, while over 60% are forging ahead with adopting more AI in their companies.
The research, conducted by VinciWorks, finds that compliance concerns remain a hurdle despite AI’s growing appeal. With more companies using or planning to adopt AI in the near future, the potential for a serious compliance breach has become much more significant and highlights the need for robust compliance frameworks.
Over 61% of survey respondents believe that their business will be affected by the EU’s landmark AI Act; and just 22% think it won’t. Despite Brexit, the EU’s AI regulation, which came into effect in August, will impact UK companies using AI and could see fines imposed that are nearly double that of the General Data Protection Regulation (GDPR).
AI offers significant potential for businesses, but serious risks for companies who don’t take AI compliance seriously. It’s not only the AI Act companies have to be aware of, but misusing AI can result in GDPR penalties too, along with a myriad of other breaches, from equality to employment law. Businesses must approach AI with a dual focus: innovation and responsibility.
Nick Henderson-Mayo, Director of Learning and Content at VinciWorks
The VinciWorks survey polled 343 compliance professionals on their viewpoints on the UK’s approach to AI regulation.
