Tuesday, July 27, 2021

g-f(2)395 THE BIG PICTURE OF BUSINESS ARTIFICIAL INTELLIGENCE (7/27/2021), CNBC, Europe’s proposed A.I. law could cost its economy $36 billion, think tank warns


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Alert, Europe’s proposed A.I. law could cost its economy $36 billion, think tank warns
  • The Artificial Intelligence Act — a proposed law put forward by the European Commission, the executive arm of the EU — will be the “world’s most restrictive regulation of AI,” according to the Center for Data Innovation.
  • The Center for Data Innovation is a part of the nonprofit, nonpartisan Information Technology and Innovation Foundation, which is backed by the likes of Amazon, Apple, Microsoft and NBCUniversal, parent company of CNBC.
Alert, The Artificial Intelligence Act limits AI development and impose significant costs on EU businesses and consumers
    • “It will not only limit AI development and use in Europe but impose significant costs on EU businesses and consumers,” the organization said in the report.
    • The Center for Data Innovation argues that a small or mid-sized enterprise with a turnover of 10 million euros would face compliance costs of up to 400,000 euros if it deployed a high-risk AI system. Such systems are defined by the commission as those that could affect people’s fundamental rights or safety.
    • “That designation sweeps in a broad swath of potential applications — from critical infrastructure to educational and vocational training — subjecting them to a battery of requirements before companies can bring them to market,” the center said.
    • It argues that the “compliance burdens” will cost European businesses 10.9 billion euros per year by 2025, or 31 billion euros over the next five years.

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                Alert, Europe’s proposed A.I. law could cost its economy $36 billion, think tank warns
                • The Artificial Intelligence Act — a proposed law put forward by the European Commission, the executive arm of the EU — will be the “world’s most restrictive regulation of AI,” according to the Center for Data Innovation.
                • The Center for Data Innovation is a part of the nonprofit, nonpartisan Information Technology and Innovation Foundation, which is backed by the likes of Amazon, Apple, Microsoft and NBCUniversal, parent company of CNBC.
                Alert, The Artificial Intelligence Act limits AI development and impose significant costs on EU businesses and consumers
                  • “It will not only limit AI development and use in Europe but impose significant costs on EU businesses and consumers,” the organization said in the report.
                  • The Center for Data Innovation argues that a small or mid-sized enterprise with a turnover of 10 million euros would face compliance costs of up to 400,000 euros if it deployed a high-risk AI system. Such systems are defined by the commission as those that could affect people’s fundamental rights or safety.
                  • “That designation sweeps in a broad swath of potential applications — from critical infrastructure to educational and vocational training — subjecting them to a battery of requirements before companies can bring them to market,” the center said.
                  • It argues that the “compliance burdens” will cost European businesses 10.9 billion euros per year by 2025, or 31 billion euros over the next five years.

                        Category 2: The Big Picture of the Digital Age

                        [genioux fact deduced or extracted from CNBC]

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                        Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).

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                        • Inherited from sources + Supported by the knowledge of one or more experts.


                        Authors of the genioux fact

                        Fernando Machuca


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                        ABOUT THE AUTHORS


                        Sam Shead


                        Sam Shead, CNBC.com

                        Sam Shead (@Sam_L_Shead) is CNBC’s technology correspondent based in London.


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