The European Union is closer to introducing major laws to regulate artificial intelligence.
The European Parliament passed a draft law known as the AI Act during the summer, which would put new restrictions on the riskiest uses of the technology.
It would severely curtail uses of facial recognition software, while requiring makers of AI systems to disclose more about the data used to create their programs.
Here in Ireland, a survey by the Institute of Directors reveals 75% of business leaders are not aware of the extensive scope of the proposed landmark legislation.
The survey by the national membership body for directors and business leaders, assesses the adoption of AI technologies, industry sentiment and the attitude towards AI as a business tool among its members.
It revealed that 41% of respondents reported that their organisations are not yet using AI but that they are planning to explore the concept in the future, while 19% have no plans to explore the use of AI.
Of those who use AI, 71% reported that they use it to enhance operational efficiency within their organisations, 34% use it for development of insights to support product/service development while 38% replied that they use it for customer engagement. Over 60% of Irish directors still do not use Artificial Intelligence in any way in their organisations.
It also found that more than half do not have a board-approved AI and cyber security strategy in place.
62% of respondents ranked data privacy and security as areas of most significant risk from the use of AI.
Additionally, 58% of those surveyed pinpointed ethical use as a risk in deploying AI within their organisation.
IoD Ireland CEO Caroline Spillane said the results underscore the transformative potential of AI across business in Ireland, but also the desire on the part of our members for an AI framework that supports its safe and reliable use in every-day business to drive performance.
"We are encouraged to see such a high level of interest and engagement from our members on this issue," Ms Spillane said.
"There is a clear desire emanating from the respondents in this survey to learn more about this technology and how it will affect Irish business in the future, but also the ethical consequences that must be considered when adopting this technology.
"IoD Ireland will be using this new research to tailor guidance, education and learning with the aim of supporting the integration of best-in-class AI governance into the overall governance architecture of companies."
