You can focus your attention on nearly any industry at this time, and it is most likely evolving into something hardly anyone understands. Even though people have been using social media platforms for more than one decade, it is still not clear as to how these platforms affect childhood development. Billionaires such as Tim Cook and Bill Gates have stated multiple times that they control screen time in the household and use devices considerably less than the average consumer. In the wake of Facebook being dragged repeatedly in public for disingenuous practices, governance risk and compliance has never been more critical. Protecting consumer data and using the information garnered for the best interest of the user must be highlighted moving forward.
Protecting Consumer Data
The number of times you have read the entire terms and conditions provided by a technology company most likely amounts to zero. To use all of the services that most people enjoy daily, they are required to agree to specific terms that are often not read. With this being the case, there are a lot of companies who have been found guilty of misusing consumer data for ulterior motives. Since the world has become so data-centric, consumers are quite naïve when it comes to how data is manipulated and sent off to countless advertisers. Algorithms often have a better understanding of your thought patterns than you do. Technology companies must establish sound corporate governance policies to ensure the responsible use of data.
Google and a host of other technology firms are under fire for anti-trust infractions, and these processes are just beginning. Over-regulation will inevitably stifle innovation in a time where nations race to gain competitive advantages in the technological sector. However, as the Fourth Industrial Revolution inches closer, technology needs to have corporate governance policies that do not go against the will of the people as they often do now.