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Regulation must be adaptive to technology

Advancements in technology are moving at a very rapid rate and regulators need to exercise caution when it comes to creating a regulatory framework, lest they stifle innovation, experts at the World Economic Forum 2017 said.
Speaking at a panel session on the concluding day of the event, Nita A. Farahany, professor of law and philosophy and director of the Duke Science and Society, Duke University USA, said there are significant downsides to rigid regulations, especially when it comes to technology.
"Technology is changing at such a fast pace that there is a danger of us losing all the valuable information that can be gained from modern technology," she said. "We need to create an environment where people will be comfortable with sharing information."
Highlighting some examples of modern technology that have the potential for gathering lots of valuable information, she said: "There are neuro sensors today that allow us to gain an insight on what people are thinking and feeling, and there might be a future where companies might ask their workers to wear them in order to improve performance and efficiency."
However, she agreed that the vast majority of people aren't comfortable wearing such devices because they feel it is an intrusion and an invasion of privacy. "Yet, there are several benefits that can be gained from wearing these devices, such as medical insights. Early diagnosis can lead to individuals seeking treatment early, which will be especially helpful to people with preventable diseases," she pointed out.
For regulators tasked with ensuring that users and their rights are protected, there is a need for dialogue to create an adaptive form of regulation. A lack of regulation is out of the question, but rigid regulation will just end up stifling progress; hence minimum protections at the very least are required, experts agreed.
Leslie Warren Maasdorp, VP and CFO, New Development Bank, Shanghai, said greater cooperation will be needed at all levels, especially when it comes to creating a global framework of regulation regarding technologies.
Tim Dixon, co-founder, Purpose Europe, United Kingdom, said the important thing is that people need to be given control, and this is only possible through cohesion. "Today you see people from different backgrounds coming together and interacting with each other in a way that wasn't seen before. Building strong and resilient societies require governments to ensure there are spaces where people from different cultures can come together," he said.
Experts at the event also noted that a lot of discussions have be centred around fake information and news, and it is becoming increasingly common to see screenshots of Whatsapp conversations or tweets being shared. Many users don't even know if the majority of these are true or not. Verifying the information on such posts, they said, is also getting increasingly difficult.
In addition, experts stressed that users now have to know if there is an agenda behind the sharing of such information. Sometimes, it is more than just defamation; there is a lot of money involved in certain information being viewed, they said. Facebook and Twitter are not the only social media sites or organisations that need to be vigilant when it comes to cybersecurity; collaborations between different entities are now necessary to protect users.
- rohma@khaleejtimes.com