In the last 25 years, the world biggest tech monopolies were created including Facebook, Google and Amazon. In the years that followed, a generation of tech entrepreneurs jumped into to the vacuum of regulation left by governments looking the other way and created the most valuable corporations in the world using personal data collected from individuals to generate profit.
Having now being aware of the risks involved, politicians and regulators are faced with a number of problems including: how to reign in the power of these organisations; how to restore healthy competition; how to ensure that personal data entrusted to big tech is used responsibly and in accordance with the terms on which it was provided; how to prevent the spread of harmful content through their platforms; and how to regulate political campaigning on their platforms.
These problems are generating a ‘techlash’ by governments around the world, with proposals for breaking up the big tech monopolies mixing with calls for tough regulation.
Against this stand the tech giants themselves, and in particular Facebook, and whilst not necessarily suggesting that the scale of these problems can be met by self-regulation alone, they are keen to have a hand in drafting the new rules.
FRA Partner Rob Mason and Director Simon Taylor argue this further in their article in Global Investigations Review (GIR) ‘Too Big to Care? What should ‘Big Tech’ learn from banking?’.