Tech regulators need to move fast and mend things

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Future Technology ForumThis week we confirmed the determination of global regulators to act, hosted by the UK Government. The question is not whether or not regulators will adopt Big Tech, but how they will adopt it. And the risk is that they lose their strategic initiative by fighting too many battles.

The purpose of the private forum is to exchange ideas and collaborative research, including EU competition committee Margrethe Vestager, US Federal Trade Commission chair Lina Khan, and UK competitive market bureau chief Andrea Coscelli. It was that. -Coordinate action.In the session I attended Chatham House rules, Four big themes have appeared.

First, almost all speakers acknowledged that technology is essential to tackle the world’s largest challenges, such as pandemics and climate change. In addition, the issues of digital exclusion and data poverty had to be addressed. Half of the world’s population remains unconnected to the Internet, robbing them of economic opportunities. Even in developed countries, the digital divide with gaps can withstand. As a rule, we need more technology. But it only increases the importance of finding a better way to maximize profits while minimizing harm.

Second, regulators feel increasingly forced to respond to growing public distrust of technology. This means countering the risks of economic concentration, false information dissemination, privacy breaches and algorithmic bias.There was a lot of support Bestagher’s public claim Perfection is that you should never be an enemy of good. She said it’s better to reach 80 percent now than “100 percent never”.

Third, the conceptual and practical challenges facing regulators are difficult. How can they wrestle with huge and transforming multinationals? For example, Amazon is an online and offline retailer that operates the world’s largest digital marketplace. But it’s also a huge cloud computing company, virtual assistant provider, livestreaming platform, publisher, and big movie studio. Healthcare ambition.. This requires inter- and cross-border coordination between national regulators. “We are working on a global monopoly for the first time. It’s a very asymmetrical play. We need to increase the power on our side of the table,” said one regulator.

Fourth, regulators need to anticipate events as well as respond to them. Until recently, many regulations have been evidence-based and have analyzed what has already happened. It needs to be more and more foresighted, Predict what will come. This is especially true in fast-moving areas such as artificial intelligence and the Internet of Things. Regulation needs to shape innovation. “We need to come up with a fast, dynamic, reversible policy. We need to imagine the flexibility of the system,” said one speaker.

Many of these are good and wise. Even tech companies agree on many principles, no matter how enthusiastic they defend their particular interests. But I remember the uneasy conversation I had with senior executives, one of the biggest tech companies, in the summer. Recognizing the importance of many of the individual issues raised above, he admitted that he was not nervous about the extraordinary systematic forces his company had accumulated. He said they were now confusing many of the government’s traditional functions, just as tech companies were confusing most industrial sectors.

For example, Meta, formerly known as Facebook, knows more about 2.9 billion users than most governments know about citizens, and may be a good way to verify their identities. The company has set up its own quasi-regulatory oversight committee to clarify the boundaries of freedom of speech. Despite recent setbacks, Meta is also working on launching its own digital currency.

It’s worth reading to see where this story ends all, The latest dystopian novel by Dave Eggers. Imagine how the omniscient technology monopoly is affecting every aspect of life.

The pandemic may have highlighted the importance of governments in responding to emergencies, but it also shows that many governments have become desperately dependent on technology companies in the following areas: .. Contact tracing, Data processing and Cloud computing.. Unless the government proposes its own game on technology on a large scale, the government will continue to be watched over by its provider forever. As one regulator lamented, “it’s hard to trust what you can’t learn.”

The author is the founder of Sieve, News site for European start-ups

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The post Tech regulators need to move fast and mend things appeared first on California News Times.

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