21 May 2024 will be remembered forever in the history of AI On this very day, the European Union (EU) passed the world’s first risk based AI regulation, aka the world’s first AI law. In this very article, we will try to understand what the regulations proposed by this world’s first risk based AI regulation law are and how this law will affect AI companies.
Quick Summary on World’s first Risk Based AI Laws.
1)From now on all AI systems operating in european Union will have to undergo scrutiny before public release .
2)This includes mandatory risk assessment, transparency about data usage, and human oversight for systems used in critical infrastructure or medical devices.
3)Also this act bans applications that threaten citizen rights, such as Biometric categorization based on sensitive characteristics Untargeted scraping of facial imagesEmotion recognition in workplaces and schools Social scoring Predictive policing is based solely on profiling. Global Impact of the World’s First Risk Based AI Regulations Whenever it comes to technology laws, , EU has also been at the forefront .
4)Be it mandating type C on all devices launching in the EU or bringing the world’s first AI law, the EU has been the first to think of consumers.
5)This AI law has tried to balance innovation with safety, ensuring that AI systems developed within the EU are both cutting-edge and aligned with European values and standards.
6)It will force other countries to launch their own AI laws so that companies become more responsible while at the same time keeping users safe.
7)By seeing this law , other countries will also get information on it, thus helping them to make their own region based AI laws.
Risk based AI regulation overview.
The European Union gave its approval for the world’s first AI regulation, aka AI Law, on May 21 May 2024, with expectations that it will be implemented within the next few months within the European Union . This law is also being seen as the world’s first Risk based AI regulation, ,as the law has tried to regulate AI systems based on their risk levels.
According to the newly introduced AI laws, if any company is found to be violating this law, it can be fined up to €35 million, or 7% of a company’s global revenue, whichever is higher. Also, for the implementation of this AI law , €1.5 billion has been committed , in addition to the €600 million already mobilised. The European Union has tried to make AI companies more responsible towards the public by introducing this law.
Also Read: Apple acquires another startup for its AI project.
What is Risk based AI regulation?
As the name suggests, ” Risk Based AI regulation” , the regulations are imposed depending upon the amount of risk that particular AI system holds. AI systems with high risk will have to face the strictest regulations, while `AI systems with low risk will be given more flexibility in terms of regulations.
How will the risk be determined?
Risk determination will be done on various parameters, like , what data is demanded by the AI application from the user or what are the potential use locations of the AI system. For example, those AI systems that are going to be used in face recognition, defence systems, etc will be kept under high risk AI applications. While AI systems like recommendation systems, etc will be kept under low risk AI applications.
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Implications of AI regulations
From now on, all AI systems operating in the European Union will have to undergo scrutiny before public release . This includes mandatory risk assessment, transparency about data usage, and human oversight for systems used in critical infrastructure or medical devices.
Also, this act bans applications that threaten citizen rights, such as
1)Biometric categorization based on sensitive characteristics
2)Untargeted scraping of facial images
3)Emotion recognition in workplaces and schools
4)Social scoring
Predictive policing is based solely on profiling.
Global Impact of the World’s First Risk Based AI Regulations
Whenever it comes to technology laws, , EU has also been at the forefront . Be it mandating type C on all devices launching in the EU or bringing the world’s first AI law, The EU has been the first to think of consumers. This AI law has tried to balance innovation with safety, ensuring that AI systems developed within the EU are both cutting-edge and aligned with European values and standards. It will force other countries to launch their own AI laws so that companies become more responsible while at the same time keeping users safe. Various countries, like India, the USA, etc, are also trying to finalise their AI laws. By seeing this law , other countries will also get information on it, thus helping them to make their own region based AI laws.
