Despite growing enthusiasm for AI, a new survey has revealed more than three-quarters (78%) of companies in the UK are failing to implement measures to protect against AI-related breaches, as over 60% are forging ahead with adopting more AI in their companies.
The research, conducted by leading compliance software and eLearning firm, VinciWorks, finds 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.
The new Labour government’s surprising decision to drop a promised AI bill from the King’s Speech has left companies struggling to get to grips with the complex compliance requirements on AI, particularly those coming from the EU.
A vast majority of companies (over 61%) believe 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,” said Nick Henderson-Mayo, Director of Learning and Content at VinciWorks. “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.”
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