Next Move: Practical insights on regulatory and policy developments in technology

Building trust in technology is complex work. Regulators and policymakers — keen to build new guardrails for a digital society — stand on largely unfamiliar ground. They often take different, sometimes contradictory, approaches because they have different missions and visions. At the global level, regulatory divergences reflect profoundly different value systems.

Through Next Move, PwC's monthly publication, we provide context to policy and regulatory developments in technology and offer guidance on how organizations can adapt.

In the June edition, we cover three tech developments:

State AI laws proliferate, altering the regulatory landscape

States are adopting AI laws at a quickening pace, most recently in Colorado, as federal legislation lags. This fractured approach to AI policy could lead to overlapping requirements for companies operating in multiple states. Affected organizations should develop a compliance strategy that can help manage these evolving, nuanced obligations.

FCC unveils cyber trustworthiness labels for consumer products

The FCC launched a voluntary labeling program to inform consumers of the cyber compliance of connected products like network routers, baby monitors and home security cameras. The move comes amid growing threats to these products and concerns from regulators and consumers alike. Manufacturers should consider participating to get ahead of mounting cyber risks and regulatory scrutiny.

Treasury warns firms of AI risks, urges sector-wide response

The Treasury Department issued a report on the unique cybersecurity and fraud risks posed by AI-powered attacks against financial institutions, while also noting AI's potential for bolstering defenses against these threats. Firms should develop a plan to help address their exposure, including by integrating AI into their cyber and fraud prevention programs.

Read our special editions on Artificial Intelligence

Next Move Special Edition: White House mobilizes bold push for responsible adoption of AI

In October, the Biden administration issued its long-awaited executive order on artificial intelligence (EO on AI) — a big step towards defining how the fast-moving technology will be used and regulated.

The EO calls for new standards, funding, training and enforcement to mitigate AI risks, while also paving the way for widespread adoption. To prepare, companies must understand the EO’s potential direct and secondary impacts, identify gaps and opportunities and address risk.

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Special Edition: EU’s AI Act advances, sparking a race to readiness

EU member state representatives unanimously approved the AI Act, setting the stage for its formal adoption in April. The approved language reflects a range of new provisions hammered out since the December compromise agreement. Providers, deployers, importers and distributors of AI systems in the EU market should begin preparing for compliance now.

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Christopher Pullano

US Advisory Principal, Banking and Capital Markets, PwC US

Joseph Nocera

Cyber, Risk and Regulatory Marketing Lead Partner, PwC US

Matt Gorham

Cyber & Privacy Innovation Institute Leader, PwC US

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