MIGHTY REGULATIONS, MIGHTIER COMPLIANCE
The world had never regulated companies, virtual in its basic nature, no brick and mortar, global in spread, physical in impact, seemingly unaware of physical world regulations, having created a new asset category called Data and got into its ultimate exploitation churning billions of dollars out of it. They were treated with kid gloves the world over for the prosperity and employment they brought. With Edward Snowden’s revelation pulled off the lid not only on the Intelligence agencies but also on the host of companies which rule the world. Most of these companies fall in the top ten and enjoy immense clout.
Honeymoons don’t last forever and after Cambridge Analytica / Facebook / US Elections saga, the world woke up to the dire need of regulating these companies. They have become a law unto themselves. Unregulated in the Cyber Space, these companies have been able to ward anti-trust laws too. Anti-trust laws also known as competition laws are statutes to protect consumers from predatory business practices and ensure fair competition in a open market economy. There companies have been monopolies in the sectors they created like Social Media.
The clamour for regulations is increasing across the globe, as big IT companies are not changing their basic technical architecture and the business model. Rest has been cosmetic and lip service has reigned supreme. The mighty General Data Protection Regulations of the European Union seems to have made only a symbolic impact on the brazen companies. Unfazed with public criticism Zuckerberg rejected calls to break up the world’s biggest social network.
Law has still to catch up statutes on the detailed activities these companies do. Facebook faces a myriad of regulatory and legal questions surrounding competition, digital privacy, censorship and transparency in political advertising. With no hard coded laws supported by evidence enough to see through judicial scrutiny, Zuckerberg said no to submit to independent, third-party audit on censorship. Mightier compliance effort needs to happen. But first the legal mechanism has to be in place.
REGULATIONS AND ITS STRICT COMPLIANCE WILL DECIDE THE FATE OF USERS GLOBALLY IN THE DAYS TO COME.