The US President, Joseph Biden, has issued a sweeping Executive Order focused on making Artificial Intelligence (AI) safer and more accountable. The order covers various aspects of AI development, deployment, and regulation, including algorithmic bias, privacy preservation, and cybersecurity measures. It mandates that government agencies create specific areas of AI regulation within the coming year and encourages open development of AI technologies, fostering innovations in AI security, and building tools with AI to improve security. However, the order is not a legally enforceable set of rules but rather serves as a structure for future regulations. The impact on businesses will depend on how they incorporate best practices following the guidance from the Executive Order, particularly in areas such as cybersecurity, application security, compliance, and audit teams. The order raises several questions, including whether open source AI models will be required to register, what triggers reporting requirements, and how bioweapons provisions impact organizations working with biological data. Ultimately, it is essential for businesses to err on the side of caution and have more restrictive policies and procedures in place regarding AI systems to avoid being caught out by evolving regulations.