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The emergence of collaborative AI tools like Hebbia the advanced AI tool for legal professionals recently recognized as LegalTech GenAI Solution of the Year at the 2024 LegalTech Breakthrough Awards. It uses advanced machinelearning to extract insights from documents and break down complex tasks into manageable workflows.
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On October 16, 2024, the New York Department of Financial Services (the “NYDFS”) issued an Industry Letter providing guidance on assessing cybersecurity risks associated with the use of AI (the “Guidance”) under the existing 23 NYCRR Part 500 (“Part 500” or “Cybersecurity Regulation”) framework.
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She asks them about the biggest impacts they foresee AI and other innovations having on the legal industry in 2024. We’re only a couple of weeks in so I know we retired 2023 We’re jumping into 2024. Marlene Gebauer 10:16 I think we should learn how to pronounce his name first. Greg Lambert 0:14 And I’m Greg Lambert.
Creating model diligence questions and contract terms will help standardize AI third-party risk management, but companies will still need to determine: Which kinds of AI vendors are covered ( e.g. , does the program apply to vendors who leverage AI on their own systems to provide goods and services to the company?);
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