The EU AI Act: What you need to know
Blog post from Elastic
On December 8, 2023, the European Union introduced the EU AI Act, the first comprehensive AI regulation, which categorizes AI applications based on risk level, with stricter governance for higher-risk categories like medical devices and law enforcement. This legislation, expected to be voted on by early 2024 and enforced by 2025, extends its influence globally, affecting any organization deploying AI systems impacting EU residents. It addresses open-source AI development, emphasizing a balanced approach to foster innovation while maintaining transparency. Non-compliance can result in fines up to 7% of global sales, highlighting the EU's commitment to enforcement. The Act's global impact may serve as a blueprint for future AI regulations worldwide, encouraging responsible and ethical AI development. Organizations are advised to prepare by aligning their AI use cases with the Act's risk levels and establishing internal governance processes, while maintaining full data visibility.