Apple CEO Tim Cook said yesterday in an interview that he thinks that regulation of the high-tech sector and of social media is “inevitable” to protect private data. It seems that Tim Cook is cautiously advocating GDPR for US.
In the interview in the TV broadcast ‘Axios on HBO’, Cook says that Congress will soon draw up rules. “I think it is inevitable that there is a certain level of regulation. (…) I think Congress and the administration will approve something someday. ”
“In general, I am not in favor of regulation,” he said during the interview, according to Business Insider. But in terms of data protection “you have to admit that something is not working”.
In the past Cook expressed himself as a proponent of self-regulation, but since the scandal with Cambridge Analytica he thinks otherwise. “I strongly believe in the free market. But we have to acknowledge (…) that this has not worked here “, he said in the broadcast.
Meanwhile Europe implemented GDPR rules on privacy and it seems that they are at least a working model for the regulations to come. It would be beneficial to share some general principles with European law. Current situation with GDPR have forced some US web sites and services to deny access for European visitors.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.
