Expert Reaction On “Big Tech Needs More Regulation” – Mark Zuckerberg

The reality is that industry regulations help organisations correctly manage growing volumes of data to the necessary standards, whether that be personal or financial. Whilst in many cases, a breach of these rules leads to fines that can damage business revenues, the deterrent serves an important purpose of ensuring companies are fully accountable. In many cases, financial services organisations have invested heavily, in teams of lawyers and bolstering internal procedures, in order to uphold compliance standards, such as those outlined in General Data Protection Regulation (GDPR) and the latest Anti-Money Laundering (AML) directives. However, recent history has shown that, increasingly. this is not enough. Moving forward, big tech companies, banks and fintech organisations should recognise that legislation often requires the necessary software in place to analyse risk, automate assessments and ensure that data is correctly managed to recognised industry standards at all times.  Read Less