Tag: data governance

UK and US Announce Partnership on Science of AI Safety

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On 1 April 2024, the UK and US signed a memorandum of understanding on the science of AI safety. This partnership is the first of its kind and will see the two countries work together to assess risks and develop safety tests for the most advanced AI models.

Following their announcement of cooperation at the AI Safety Summit in Bletchley Park last November, the UK and US have formally agreed to align their scientific approaches to AI safety testing, with plans to perform at least one joint testing exercise on a publicly accessible model. The partnership will take effect immediately and will see the two countries work together to tackle the safety risks posed by next-generation versions of AI. The agreement will facilitate collaboration between the UK AI Safety Institute (formed last November) and the US AI Safety Institute (which is still in its initial stages) and will include the sharing of vital information and research on the capabilities and risks associated with AI systems, together with the exchange of expertise through researcher secondments between the institutes.

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UK AI Regulation Bill Proposes New AI Regulator

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While the focus of attention in the world of AI has been the EU AI Act: EU AI Act Agreed – Discerning Data in recent weeks, there have also been some other noteworthy legislative developments. On 22 November 2023, the Artificial Intelligence (Regulation) Bill (the “Bill”) was introduced to the UK Parliament and passed the first reading in the House of Lords. The Bill seeks to establish a central AI authority (“AI Authority”) to oversee the UK’s regulatory approach to AI. The proposal for an AI Authority comes after the UK Government formally announced a UK AI Safety Institute at the global AI Safety Summit at Bletchley Park (summarised here).

Whilst the Bill largely reflects the approach of the UK Government, this is a Private Members’ Bill (“PMB”). PMBs are legislative proposals introduced into one of the UK Houses of Parliament by ‘backbench’ members (members who are not Government Ministers). Most PMBs fail to pass unless the UK Government steps in to support their progress through the legislative process.

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EU AI Act Agreed

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Late on Friday (December 8th), the European Union Commission, Parliament and Council concluded its “trilogue” negotiations for the EU Artificial Intelligence Act. The summary below is based on the information available to date. It will be some time before the definitive text is finalized and released since it will have to go through various committee stages and its legal language finalized in multiple languages.

Prohibited AI Applications

The following applications of AI will be prohibited:

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Fact Sheet: NYDFS Cyber Regulations

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The New York Department of Financial Services’ Cyber Requirements for Financial Services Companies, 23 NYCRR 500 (“Cyber Regulations”) went into effect on March 1, 2017. The Cyber Regulations are intended to require financial companies to assess their internal cybersecurity risks and develop a cybersecurity program to protect customer information and their IT systems, as well as respond, recover, and report cyber threats. The Cyber Regulations establish a comprehensive set of proactive cybersecurity standards for companies to follow, involving everything from appointing a designated Chief Information Security Officer (CISO) to submitting an annual compliance notice, and conducting penetration testing and vulnerability assessments.

Here is an overview of some key terms, requirements and deadlines under these new regulations.

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