On May 24, 2024, the European Union passed the groundbreaking AI Act, the world's first legislation to regulate artificial intelligence.

The Act categorizes AI systems into risk levels and imposes strict rules on high-risk AI, requiring organizations to register on a central database and undergo fundamental rights assessments.

Penalties for non-compliance can reach €35 million or 7% of global revenue, impacting organizations using AI in the EU and those handling EU customer data globally.

As AI adoption in European businesses rises, organizations must ensure compliance with the new law.

The focus now shifts to effective implementation and enforcement to benefit AI technology and its users, setting a global precedent for future AI laws.

Meanwhile, the US government emphasizes AI implementation through initiatives like the Executive Order on AI, prioritizing industry collaboration for safe AI adoption.

To accelerate ethical and secure AI use, stakeholders should prioritize security in AI processes and utilize external resources and established standards for AI measurement and policy.