Over-regulated internet could damage world economy say web leaders
Written by James West
IT leaders must urgently address online security and privacy concerns to ensure the internet continues to drive business growth and prosperity.
Speaking at G8 summit in France, the leaders of Google and Facebook said proposals championed by French President Nicolas Sarkozy to tighten control of online privacy would undermine the principles that have made the internet an integral part of the world economy.
Google CEO, Eric Schmidt, argued that heavy-handed intervention is unnecessary because a free market self-regulates as it naturally strives to deliver what customers want.
Mark Zuckerburg, the founder of Facebook, delivered a stark warning to world leaders attending the summit, stating that an over-regulated internet would limit trade and stunt economic recovery. Regulation should be as light as possible, but he argued that IT professionals must take collective responsibility for addressing issues such as security, which can damage the reputation of the internet as a vital business tool.
“The internet is really a powerful force giving people a voice. The flipside is there are unsolved problems involving security, piracy etc. A balance between regulation and freedom would eventually emerge,” said Zuckerburg.