As companies slowly ramp up the depth and breadth of their AI adoption, one of the most difficult challenges they face is managing third-party risk. Most companies contemplating AI adoption…
On July 29, 2024, the Standing Committee on Ethics and Professional Responsibility of the American Bar Association (“ABA”) published Formal Opinion 512, providing guidance on the ethical use of generative…
Debevoise’s Data Strategy and Security group recently assisted four leading trade associations that represent the financial services industry in preparing a joint comment letter in response to the Cybersecurity and…
This is the second post in our two-part Debevoise Data Blog series covering the U.S. Treasury Department’s report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector (the “Report”). In…
Online customer service chatbots have been around for years, allowing companies to triage customer queries with pre-programmed responses that addressed customers’ most common questions. Now, Generative AI (“GenAI”) chatbots have…
Many public companies are starting to face increased risks of securities class action litigation based on statements about their use of AI that are alleged to have been false or…
As will be discussed in our November 28, 2023 webcast, on November 1, 2023, the New York Department of Financial Services (“NYDFS” or the “Department”) announced the adoption of the…