The article emphasizes the pressing need for regulatory frameworks to catch up with the rapid pace of AI technology, particularly generative AI. As organizations increasingly incorporate AI into their modernization strategies, they face a significant compliance challenge amid a growing number of proposed regulations—over 1,000 anticipated globally within the next year. Missteps, such as AI hallucinations and biases, highlight the necessity for effective regulation to prevent privacy violations and discrimination, pushing regulators to act decisively, especially in sensitive sectors like healthcare and finance.
Regulators are rushing to catch up, with over 1,000 proposed AI regulations worldwide anticipated between Q1 2024 and Q1 2025, according to Gartner.
AI applications, particularly generative AI, often produce hallucinations—incorrect or fabricated answers—which raise concerns about the accuracy and reliability of these technologies.
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