President Biden’s Government has released an Executive Order on ‘Safe, Secure, and Trustworthy Artificial Intelligence,’ while Bletchley Park has been chosen as the venue for the first AI Safety Summit, hosted by the UK Government. All of this new activity is raising important issues industry needs to pay careful attention to.

Four key questions on AI
This development reinforces how AI has become integral to our daily lives, transforming industries, economies, and societies, but is also raising significant ethical, societal, and security concerns.

From this, four key questions need careful consideration:

1. Can we develop a coordinated response to AI?
2. How effective can government regulation of AI and associated ethical implications be?
3. What should the expectations of an AI summit be?
4. Who will the potential winners and losers be in an AI-regulated landscape?

Is there a need for a coordinated response to AI, and what is happening?
The need for a coordinated response to AI is undeniable. It transcends geographical boundaries, making international cooperation crucial.

AI poses global challenges to data privacy, cybersecurity and even impacts employment and the economy. A coordinated effort is necessary to set international standards, share best practice, and address these common challenges.

Initiatives like the Global Partnership on AI (GPAI) and the OECD AI Principles are aiming to foster international collaboration.

However, the extent to which this is actually happening varies. While there have been notable efforts at cooperation, there is still room for improvement. Many nations continue to develop AI technologies independently, and political tensions are hindering international collaboration. A more concerted global effort is required to realise the full potential of AI and mitigate its risks.

Can government regulation make a difference?
Government regulation is an essential tool in addressing the ethical implications of AI, which has potential to act as a double-edged sword. It offers transformative benefits, but also presents significant risks. Regulation can provide a framework that ensures AI is developed and deployed in ways that prioritise human values, safety and fairness.

Regulation can further address issues like bias in AI algorithms, data privacy, and the responsible use of AI in critical sectors, such as healthcare and finance. However, effective regulation must balance the need for oversight with innovation, avoiding stifling technological progress. It should be adaptable and responsive to the rapidly evolving AI landscape.

While government regulation is a crucial piece of the puzzle, it should be complemented by industry self-regulation, ethics standards, and interdisciplinary collaboration. An inclusive approach that involves stakeholders from various fields is necessary to create a comprehensive ethical framework for AI.

Expected outcomes from the AI Safety Summit?
This summit offers a platform for stakeholders to discuss, collaborate and set the agenda for AI development and regulation. Expectations for this type of event typically revolve around the following key outcomes:

• Policy agreements: On ethical guidelines, standards, and international cooperation, helping to harmonise AI practices globally
• Showcasing innovation: Of the latest AI innovations and technological breakthroughs, providing insights into the future of AI
• Collaboration initiatives: Between governments, industry and academia, fostering an ecosystem of innovation and responsible AI development
• Inclusive dialogue: Including diverse voices, from government officials and tech leaders, through to ethicists and civil society representatives – all ensuring a balanced perspective on AI's future
• Public awareness: An AI summit can raise public awareness of AI's implications, increasing transparency and understanding among the general population.

Winners and losers?
AI regulation will impact various stakeholders differently. The winners and losers in the regulation landscape will be contingent on specific regulations and their implementation. We predict the following:

Winners

• Consumers: Stricter data privacy regulations will empower individuals to have more control over their personal information and increase trust in AI-powered services
• Ethical AI developers: Companies that prioritise responsible AI development will benefit from regulation that levels the playing field by discouraging unethical practices
• Government oversight bodies: Regulatory agencies will gain increased importance and resources, creating new jobs and expertise in AI regulation
• Society: Regulation that ensures safety, fairness, and accountability in AI can lead to a more equitable and just society.

Losers

• Unethical AI Developers: Companies that cut corners on ethical considerations, data security and accountability may face financial penalties and reputational damage
• Small start-ups: Excessive or poorly designed regulations can create barriers to entry for small startups, hindering competition and innovation
• Economies focused on AI: Regions that are heavily reliant on AI development and deployment may experience a temporary economic setback if regulation is overly-restrictive
• Innovation: Overly burdensome or stifling regulation can potentially slow down innovation, impacting industries reliant on rapid technological advancements.

AI is at a critical point and a coordinated response at the international level is essential to address the global challenges it presents.

Regulation is only as good as its implementation. We have many regulations, but unfortunately all-too-often they are toothless or ignored. Things need to change before AI use moves beyond our control.

Government regulation plays a crucial role in managing the ethical implications of AI, but it must be balanced with innovation and industry collaboration. As we engage in AI summits and discussions, we should also ensure that the interests of all stakeholders, from consumers to developers, are considered to shape a responsible and prosperous AI future.