A new survey by Sydot finds that EU business leaders are broadly in support of EU AI legislation but have major concerns about how to comply.
In a survey of 501 business decision makers from companies using AI across Europe, more than eight in ten agreed that AI governance and ethics are important, with 65% saying responsible use of AI is important to their business.
A further 41% say that one of their top priorities right now is ensuring proper AI governance within their organisation. Similarly, six in ten believe that AI legislation would help put in place robust standards and ensure fair use and practices of AI solutions.
But business leaders have concerns: Only a third say they are not worried at all. Three in 10 believe the law will affect the competitive landscape when it comes to AI development, favoring large tech companies, while 18% say the law will stifle innovation for companies across the region.
Meanwhile, 29% are concerned the law is too confusing and its guidelines are hard to follow.
“The EU AI Law marks an important milestone in the development of AI regulation. It not only sets a precedent for how AI will be governed within the EU, but also has the potential to serve as a model for the rest of the world,” said Veera Siivonen, CCO and Partner at Saidot.
“But it's clear that a lot of uncertainty remains for businesses.”
EU AI bill still not ready
Although EU AI legislation was passed earlier this year, Saidot research warns that many businesses are still struggling to prepare for the legislation.
Around a quarter of UK businesses are not yet ready, partly because of lingering confusion over obligations.
One in six business leaders say they still don't fully understand what the regulation entails, while 30% say their organisation doesn't currently have the skills or expertise in place to ensure compliance.
But despite this, two-thirds of leaders believe they will achieve compliance within the next 12 months.
“Obviously there's still a lot of uncertainty for businesses,” Siivonen said.
“Now that the bill has officially passed a plenary vote in the European Parliament, it should become clearer what to expect from the legislation. To succeed in the future, businesses will need to have responsible governance processes in place while keeping up with the latest AI advancements.”
