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EU to set up ChatGPT taskforce amid privacy concerns

AI-WideThe European Union’s privacy watchdog has launched a ChatGPT taskforce in response to rising privacy concerns involving the artificial intelligence (AI) platform.

The European Data Protection Board (EDPB) will run the task force, which it says is designed to “foster cooperation and to exchange information on possible enforcement actions conducted by data protection authorities”.

The move comes after several national data protection authorities within the EU have taken their own steps to limit the use of the platform, which is owned by OpenAI and recently received multi-billion dollar backing from Microsoft.

Italy has issued a temporary ban on ChatGPT over data privacy fears, while Germany’s data protection commissioner announced that it might follow suit. Meanwhile, the Spanish data protection authority is launching an investigation, and the French data protection regulator has reported a number of privacy complaints related to ChatGPT.

The platform has seen a massive uptake since its commercial release late last year. However, it continues to divide opinions, including within financial services.

While the likes of JP Morgan have banned the use of ChatGPT internally, other Wall Street firms, such as Morgan Stanley, have run various tests on the platform within its wealth management division. And last week, Bloomberg stated that it had developed its own large language model, BloombergGPT, using natural language processing and its own financial data archive.

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