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Why does EU AI Act matter in your business? · The FIT4Privacy Podcast | Exploring ISO Standards AI Privacy | Grow Skills Store

• 0:00
  Why does EU AI Act matter to your business?
• 0:03
  Just like the EUGDPREUAI Act applies to a company
• 0:07
  irrespective of where they are based as long as they are
• 0:10
  serving EU resident or EU citizens.
• 0:13
  So no matter where you are based, even if you are based in
• 0:16
  US, China, India, Philippines, wherever, if your company is
• 0:19
  providing a service or a product which is AI based to citizens in
• 0:24
  the EU, the EU AI Act applies. It's the same as EUGDPR and if
• 0:30
  it applies, the question is what are the necessary actions you
• 0:34
  have to take? But before that, what is EUAI
• 0:37
  Act and why do you need it? So EUAI Act is EU's attempt to
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  regulate AI. We all know AI comes with a lot
• 0:46
  of risks, and there are risks to humans and society.
• 0:50
  To mitigate those risks, they have formulated a set of
• 0:53
  requirements called EUAI Act, which came into force.
• 0:58
  In. August 2024 Like GDPR, the
• 1:01
  timelines are gradual and we will talk about them in a
• 1:04
  minute. But why did they publish this?
• 1:06
  EUAI. Act.
• 1:07
  Well, according to EU, they want to make AI safer and relevant
• 1:12
  for society. They want to make it secure for
• 1:14
  public use. They want companies to identify
• 1:17
  and mitigate AI risks. They want to make AI
• 1:20
  responsible. That means ensure that a human
• 1:23
  remains in control. They want to reduce the negative
• 1:26
  impacts of AI. They want to protect privacy of
• 1:29
  individuals and increase transparency in the use of AI.
• 1:33
  So there are five reasons why EU has passed the EU AI Act.
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  One, they want to make AI responsible.
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  That is a human in loop, a human in control of all AI.
• 1:44
  They want companies to identify and mitigate AI risks.
• 1:47
  They want AI to be safe for public and commercial use.
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  They want to reduce the negative impacts of AI on environment and
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  people. And they want to protect privacy
• 1:56
  of individuals while increasing transparency.