A recent report from the U.S, Chamber of Commerce Foundation seeks to address the long awaited changes in how the FTC and other agencies regulate privacy policies. The report, authored by James c. Cooper of the Antonin Scalia Law School at George Mason, argues that regulators are lacking empirical cost-benefit analysis on their reports for data and privacy. Cooper claims that, “The policies developed in these reports are based almost solely on anecdotes and worst-case hypotheticals,” he writes. “The result is a regulatory framework that is woefully ill-equipped for the task at hand.” As the tech industry continues to push the boundaries of how data can be used to spur innovation, regulators have to more carefully consider the tradeoffs this involves. An approach that is based more heavily on economic factors such as the tradeoffs and cost-benefit analysis of privacy versus what consumers get in exchange for their data would allow for more data driven innovation while calming consumer concerns.
Now is as important as ever to make sure regulations on data usage are fair and equitable for businesses and consumers. Technologies such as data analytics, technology interoperability, data-driven innovations, and other cutting edge breakthroughs are changing the lives, industries, the economy for the better. The U.S. Chamber of Commerce’s Technology Engagement Center (C_TEC) and the Greater Pittsburgh Chamber of Commerce are teaming up to host an event on Friday, March 31, at 1:30 p.m. at the Energy Innovation Center, to showcase Pittsburgh data driven companies and how they are bringing jobs, and growth to their city.
Read the full report by James Cooper here.