London: The Association of Chartered Certified Accountants (ACCA) has called for the UK’s proposed AI cyber security code to serve as a foundation for a universal regulatory framework. This initiative comes in response to the UK government’s consultation on AI cyber security, led by the Department for Science, Innovation and Technology.

According to Association of Chartered Certified Accountants, the proposed code should incorporate both innovation and necessary safeguards to remain relevant against the dynamic backdrop of AI technology challenges. ACCA emphasized the importance of adapting the code to continuously address the evolving cyber threats that AI presents. They expressed support for the government’s principle-based approach to the consultation, underscoring the unpredictability in current AI applications and their profound impact on ACCA members and partners.

Glenn Collins, Head of Technical and Strategic Engagement UK at ACCA, stressed the potential benefits of AI in enhancing business productivity for small and medium enterprises (SMEs), which comprise a significant portion of their membership. However, he noted the financial and skill-related challenges these enterprises face in achieving cyber readiness. Collins advocated for measures that protect SMEs from cyber risks while enabling them to leverage AI technologies effectively.

Narayanan Vaidyanathan, Head of Policy Development at ACCA, highlighted the utility of the proposed code for entities providing third-party verification or assurance of AI systems. He pointed out the necessity of a robust standard for such checks, which would include safeguards against cyber risks, thereby fostering a trusted AI ecosystem.

The ACCA also called on the government to address the skills gap in cybersecurity through an expanded and more flexible ‘Growth and Skills Levy,’ allowing for short-term accredited training that could enhance AI-related cybersecurity skills. This proposal suggests increasing the allocation of unspent levy funds from 25% to 40%, potentially unlocking significant resources for workforce development in this critical area.