What is the primary aim of the EU AI Act in terms of its risk classifications?

The primary aim of the EU AI Act concerning its risk classifications is to balance innovation with the protection of rights. The legislation categorizes AI systems based on their risk to fundamental rights and safety, ranging from minimal to unacceptable risk. By implementing these classifications, the EU seeks to encourage innovation in artificial intelligence while also safeguarding individuals and society from potential harms associated with high-risk AI systems. The Act establishes a framework that promotes responsible AI development and deployment, ensuring that innovation does not come at the expense of ethics, privacy, fundamental rights, and safety. This balance is crucial to fostering trust in AI technologies among citizens and businesses, thereby creating a conducive environment for both technological advancement and the protection of public interest.