This year will see a surge in digital regulation and enforcement. AI has a significant impact on business strategies as well as legal practices. Privacy and cyber laws are rising. Ensuring the safety of children online is currently a paramount concern. Delayering, decarbonization, and a need for connectivity affect digital infrastructure investments and deals. Rapid legal changes, new tech, and global unrest will create challenges and opportunities. They will be tricky. In 2024, we observe five emerging trends in AI, data, cybersecurity, digital infrastructure, and new technologies. Bet20 is a critical player in navigating these shifts.
Devika Kornbacher
The issue of safeguarding children from online dangers has come into focus. There is agreement on the need to act, but there is a divide on what that protection should look like. Legal changes occur at the federal and state levels in the United States. More organizations than ever will face issues with age checks, parental consent, and data collection. They must navigate a patchwork of laws.
Jonathan Kewley
AI and deepfake technology may influence the upcoming worldwide election in 2024. Half the world will be voting in it.” “Governments, regulators, and tech companies face a challenge. They must ensure trust and safety. They must also pursue the vast opportunities AI will create in drug discovery, public services, and innovation.”
What’s ahead for 2024?
As AI drives innovation across sectors, it will change the law. This will shape how the public and private sectors use, develop, and invest in AI. 2024 we will see new AI laws beyond the EU AI Act and Biden’s Executive Order. We’ll also see more guidance from global cooperation and various AI efforts. Simultaneously, there will be a focus on encouraging voluntary initiatives and promoting industry best practices. Amid shifting requirements, markets, and a regulatory spotlight, AI is risky. Companies and investors must be diligent and plan when using or investing in it.
Dessislava Savova
“By 2024, we can expect a significant tightening of AI regulations and compliance after businesses and regulators adjusted to the AI capability jump last year.”This year, the EU AI Act became law. The USA’s Executive Order started to bite. China’s AI rules will shape the APAC region and beyond. Companies need a clear strategy and roadmap prioritizing governance, risk management, and literacy. A lot of businesses will be in a difficult position. To prosper, they must be ready to fulfill a range of responsibilities.
Violetta Kokolus
Companies will take measured steps forward as the initial buzz surrounding generative AI wanes. They will shift from testing to implementing new AI solutions. They will seek big partnerships to drive innovation.” More laws may increase legal certainty. Yet, many questions about legal theories remain. They are still contested.
With this, companies will make complex contracts to cut legal risks. “Businesses should prioritize acquiring additional contracts to guarantee dependability, protection, and equity.”
Stavroula Vryna
Regulators scrutinize access to massive datasets with intense attention. They want to see how it may affect new AI markets. “As AI algorithms continue to advance, the significance of dataset scale diminishes. One can view data’s role in AI as an integrated whole. Key factors are data quality, diversity, and accuracy. They are vital for successful AI products. This shift may help companies of all sizes innovate and compete in AI.”
James McPhillips, Partner
“In 2024, we know one thing for sure about AI: there are many uncertainties. Developments will be rapid, dramatic, and unexpected.” New companies and products that were before unimaginable will be developed and launched. Keep in mind the following passage: “Restructuring is necessary for a range of corporate processes, including contract management and regulatory compliance.” The landscape of the business world and international regulations surrounding AI is constantly developing. They govern how firms develop, buy, and use AI. We are on the brink of a new era with AI. It offers both opportunity and risk.
Data
The expansion of privacy regulations is growing in both quantity and breadth around the world.These laws often share core concepts. Yet, they differ. This requires careful benchmarking and strategies for compliance in many jurisdictions. In 2023, there were some positive developments about international data flows. One of the key elements discussed was the EU-US Data Privacy Framework. But, the trend is towards stricter and fragmented data protection rules. These affect data transfers, legal bases for processing, documentation, and incident reporting. We must consider this alongside various and overlapping cyber regimes. Lawmakers are also paying more attention to data governance issues beyond privacy. A recent example of a law regulating data-driven industries is the EU Data Act. It was enacted.
Cyber
A rise in new and updated laws means stricter cybersecurity obligations. They are now more numerous and broader in scope. They increasingly impact critical IT service providers, often with formidable associated enforcement regimes.
To safeguard rights, we need to to employ sophisticated risk management techniques. Key tools include employee training, supplier due diligence, audit rights, and robust contracts. They will play a crucial role if there is an incident or a failure with a third-party supplier.
Digital Infrastructure
We need better connectivity and more data. Tough markets and geopolitical risks persist. Investing in digital infrastructure is popular. The emphasis lies on data centers, space technology, and the development of smart cities.They want new ways to generate and send power. With more rules and stricter checks, anyone in digital infrastructure must be careful. The focus is now on sustainability and security.
The Evolving Tech Ecosystem
Emerging technologies’ power and importance continue to command legislators’ and regulators’ attention. Laws to regulate digital markets and online spaces will start to bite. They are related to technology ecosystems and supply chains. There will be more scrutiny of cross-border M&A and foreign direct investment. Competition, national security, and industrial policy concerns are the reasons for this.
