UK proposes New Cyber Security and Resilience Bill to Boost the UK’s Cyber Defences
During the King’s Speech on 17 July 2024, the newly appointed UK Prime Minister announced the UK Government’s intention to introduce a new Cyber Security and Resilience Bill to strengthen the UK’s defences against the global rise in cyberattacks and to protect the UK’s critical infrastructure. In background briefing notes published together with the King’s Speech, the UK Government stated that the new Cyber Security and Resilience Bill will “strengthen our defences and ensure that more essential digital services than ever before are protected.” According to the briefing notes, the Cyber Security and Resilience Bill intends to address the concern that the UK has not kept up-to-date with recent legislative advancements made by the EU in the cybersecurity space, resulting in the UK being “comparably more vulnerable.” Although the form of the proposed Cyber Security and Resilience Bill has yet to be released, the UK Government has indicated that it plans to introduce the bill in the coming months.
Artificial Intelligence Tops Agenda for Global Competition Authorities: EU, UK, and U.S. Issue Joint Statement
On July 23, 2024, the competition authorities of the EU, the UK, and the U.S. issued a joint statement on competition in generative artificial intelligence (AI) foundation models and AI products (Joint Statement). Since the emergence of generative AI, each of the authorities has been individually ramping up its work in order to understand better the potential risks to competition that AI may pose. The Joint Statement may herald a more joined-up global approach with respect to scrutiny of competition in AI.
An Artificial Intelligence, Privacy, and Cybersecurity Update for Indian Companies Doing Business in the United States and Europe
Pivotal shifts have occurred in global data privacy, artificial intelligence (AI), and cybersecurity from executives facing more pressure to monitor their organizations’ cybersecurity operations, to an unprecedented wave of consumer data privacy laws and rapid advancements in AI technology use and deployment. Indian organizations should establish best practices to address these new (and emerging) laws, regulations, and frameworks.
One Step Closer: AI Act Approved by Council of the EU
On 21 May 2024, the Council of the European Union approved the EU Artificial Intelligence Act (the “AI Act”). This is the final stage in the legislative process and comes after the EU Parliament voted to adopt the legislation on 13 March 2024. This final vote clears the path for the formal signing of the legislation and its publication in the Official Journal of the EU in the coming weeks. The AI Act will then enter into force 20 days after such publication with staggered transition periods of 6 to 36 months.
ICO Publishes Its Strategic Approach to Regulating AI
On 30 April 2024, the UK’s Information Commissioner’s Office (“ICO”) published its strategic approach to regulating artificial intelligence (“AI”) (the “Strategy”), following the UK government’s request that key regulators set out their approach to AI regulation and compliance with the UK government’s previous AI White Paper (see our previous blog post here). In its Strategy, the ICO sets out: (i) the opportunities and risks of AI; (ii) the role of data protection law; (iii) its work on AI; (iv) upcoming developments; and (v) its collaboration with other regulators. The publication of the ICO’s Strategy follows the recent publication of the Financial Conduct Authority’s (“FCA”) approach to regulating AI.
Top 10 Questions on the EU AI Act
The EU AI Act will be the first standalone piece of legislation worldwide regulating the use and provision of AI in the EU, and will form a key consideration in AI governance programs. The AI Act will have a significant impact on many organizations inside and outside the EU, with failure to comply potentially leading to fines of up to 7% of annual worldwide turnover.
Regulatory Update: National Association of Insurance Commissioners Spring 2024 National Meeting
The National Association of Insurance Commissioners (NAIC) held its Spring 2024 National Meeting (Spring Meeting) March 15 through 18, 2024. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Spring Meeting. Highlights include proposed updates to the regulatory review process for affiliated investment management agreements, continued discussion of considerations related to private equity ownership of insurers, and continued development of accounting principles and investment limitations related to certain types of bonds and structured securities.
EU Formally Adopts World’s First AI Law
On March 13, 2024, the European Parliament formally adopted the EU Artificial Intelligence Act (“AI Act”) with a large majority of 523-46 votes in favor of the legislation. The AI Act is the world’s first horizontal and standalone law governing AI, and a landmark piece of legislation for the EU.
UK and Australian Governments Sign “world-first” Online Safety and Security Memorandum of Understanding
On 20 February 2024, the UK Government and the Australian Federal Government co-signed a historic Online Safety and Security Memorandum of Understanding (MoU) signifying the bilateral cooperation between the two countries to help boost their respective online safety regimes. Notably, this is the first arrangement of its kind, with the MoU intending to encompass a wide range of digital online safety and security issues. These include illegal content, child safety, age assurance, technology facilitated gender-based violence, and addressing harms caused by rapidly evolving technologies, such as generative artificial intelligence.
U.S. Department of Justice Signals Tougher Enforcement Against Artificial Intelligence Crimes
U.S. Deputy Attorney General Lisa Monaco signaled robust future enforcement by the Department of Justice (DOJ) against crimes involving, and aided by, artificial intelligence (AI) in her remarks at Oxford University last week and reiterated shortly thereafter at the Munich Security Conference.
