Facebook CEO Mark Zuckerberg wants more regulation of Big Tech – even if it hurts his own company.
Writing a column for the Financial Times, Zuckerberg said that while more regulation would hurt Facebook in the short term, it will be better for everyone over the long term.
“I don’t think private companies should make so many decisions alone when they touch on fundamental democratic values,” Zuckerberg said.
“We have to balance promoting innovation and research against protecting people’s privacy and security.”
However, Zuckerberg believes that more regulation could also have unintended consequences on smaller businesses that don’t have the means to do in-depth data analysis and marketing.
“If regulation makes it harder for them to share data and use these tools, that could disproportionately hurt them and inadvertently advantage larger companies that can,” said Zuckerberg.
“Still, rather than relying on individual companies to set their own standards, we’d benefit from a more democratic process.”
Facebook to improve its security
Facebook recently committed to improving its security protocols during a lawsuit which blame the tech giant for a data breach that exposed the personal data of 29 million users in 2018.
It said it would enact more frequent checks for suspicious user activity patterns, the company said.
Facebook was accused of negligently allowing hackers to exploit software bugs which allowed them to obtain login access to user accounts.