AI Compliance: Opportunities and Risks of a Billion-Dollar Market

The British government forecasts that the market for trustworthy AI could grow sixfold by 2035, reaching up to 6.5 billion pounds. Companies are under pressure to manage the potential and risks of this technology. Global regulatory authorities are increasingly introducing new frameworks and compliance standards. Those who wish to integrate or build on AI effectively must prioritize trust and data protection. This year alone, the European AI legislation draft was presented, several U.S. states are working on their own laws, and the UK's Technology Secretary announced new security legislation. The importance of policies for the development of new products cannot be underestimated. Mistakes in this area can be costly. Comprehensive data protection practices are crucial to avoiding potential pitfalls. Early regulatory actions often focused on data protection. During the development and implementation of AI products, data protection should be considered at both stages. Transparent communication strategies and adherence to relevant data protection laws strengthen the trust of users and regulatory authorities. According to Ben Lyons of Darktrace, it is crucial for products to be designed responsibly from the outset. As regulations are expected to become stricter and more precise, it is important to demonstrate the trustworthiness of one's AI. Business founders should secure their intellectual property rights through appropriate contracts and clarify the use of third-party IP. Evaluating the value and origin of training data is crucial for sustainable success. Understanding the context of the data used is essential. A balanced data base minimizes discriminatory outcomes and maximizes benefits for companies and users.