Scryb Applauds New Bipartisan $32B Roadmap for AI Policy from U.S. Senate; Driving the Market for Scryb’s AI Compliance Solution
Toronto, Ontario–(Newsfile Corp. – June 3, 2024) – Scryb Inc. (CSE: SCYB) (OTC Pink: SCYRF) (FSE: EIY) (Scryb” or the “Company”) is pleased to share that after several months of anticipation the U.S. Senate has released a $32 Billion “Bipartisan Roadmap for AI Policy” highlighting the support and critical need for AI regulation and governance solutions to catch up to industry. These developments further validate the expanding market opportunity and Scryb’s focus in providing robust AI governance solutions to industry, and mark another step forward in the U.S. administration’s long-standing commitment to AI governance, following Executive Order 14110 from October 2023.[1]
The framework marks a significant development related to Artificial Intelligence (“AI”) Regulation and Compliance in the United States. The recently unveiled U.S. roadmap for $32 billion, up from $1.7 billion, in funding for AI policy by 2026, further validates the critical need for robust AI governance solutions. From autonomous decision-making to idea generation, it is expected that AI will become a type of insight generator, or even become a managerial actor within organizations. As AI continues to evolve, it can also potentially take power away from humans and pose significant risks if not properly managed. Scryb’s ‘AI Trace-Box’ will support organizations in navigating these regulatory landscapes and requirements, supporting their compliance posture and fostering trust in AI systems.[2]
“Scryb is committed to harnessing AI’s full potential while minimizing risks. As AI adoption accelerates, the world needs robust management and governance solutions to address global challenges and safety concerns. We are encouraged by recent announcements surrounding increased AI regulation and governance requirements, which continue to support and further validates the value proposition for Scryb’s AI Trace Box venture,” said Yoav Raiter, CEO of Scryb Inc.
With autonomous decision-making, AI is unique in its ability to make independent decisions, posing risks if not properly managed. AI can also generate new ideas, potentially taking power away from humans and creating unforeseen challenges across industries. AI Trace-Box will offer proactive tools for compliance, aligning with guidelines from bodies like NIST and the newly approved EU AI Act. This product enhances the safety, trustworthiness, and management of AI systems, anticipating global trends in AI adoption and regulatory requirements.
AI Regulation, Requirements and Compliance Market
NIST leads AI best practice and guidelines in the U.S. and will implement security, trust and transparency requirements as AI adoption grows, as part of the Executive Order implementation. Given the complexity of AI risks, real-time monitoring is essential for effective governance. The White House Executive Order from October 30, 2023, tasked NIST to develop and release various AI safety and security guidelines, and many of these guidelines have been released already for public comments. These initiatives include developing AI Risk Management and Secure Software AI Development Frameworks (NIST SP 800-218A)[3] and establishing benchmarks for evaluating and auditing AI capabilities. The new EU AI Act, approved in early 2024, is the most comprehensive AI regulation to date, categorizing AI systems by risk and imposing stringent rules on high-risk systems before they enter the EU market.
AI software spending is projected to grow to $298 billion by 2027, with a CAGR of 19.1%.[4] AI services alone are forecast to be a $443 billion market by 2027, with a compound annual growth rate (CAGR) of 16.9% from 2023 through 2027.[5]
About Scryb Inc.
Scryb, a leading venture builder, specializes in the development and scaling of high-growth, disruptive businesses within the sectors of applied AI, digital health, cybersecurity, and biotech. The approach at Scryb centers on leveraging deep industry expertise to shape and drive the future of technology. Among its notable ventures is a cybersecurity company where Scryb maintains majority ownership. For further information about Scryb’s innovative projects and vision, please visit our website at http://scryb.ai.
Contact:
W. Clark Kent
President
Office. 647-872-9982neo
TF. 1-844-247-6633
Email: info@scryb.ai
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at https://www.sedarplus.ca/
[1] https://en.wikipedia.org/wiki/Executive_Order_14110
[2] https://cdn.sanity.io/files/3tzzh18d/production/f8329e56072d547dc061060f367ae7cabd0d0e8a.pdf
[3] https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-218A.ipd.pdf
[4] https://www.gartner.com/en/documents/4925331
[5] https://www.gartner.com/en/documents/4925331
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