Former Obama Adviser: Big Tech and the Government Aren't Doing Enough
*By Madison Alworth*
Irish regulators have officially launched an investigation into Facebook's latest data breach ー one which could affect 50 million user accounts and is thought to be the single biggest hack of the company's network yet.
The country's Data Protection Commission will now decide whether to fine the social media giant, a penalty that could amount to as much as $1.63 billion.
For Dipayan Ghosh, a former adviser to President Obama and an ex-privacy policy exec at Facebook ($FB) itself, it's a move that should be emulated by U.S. authorities too.
"We do need the U.S. to be bringing forth these regulations for the digital age, because if we leave it to our international competitors, to jurisdictions outside of the United States, it's likely that they will set rules for Silicon Valley, which is an American industry, in a ways that is actually in their interest," Ghosh said in an interview with Cheddar this week.
Ghosh, currently a Pozen Fellow at Shorenstein Center on Media, Politics, and Public Policy at the Harvard Kennedy School, recently published a report titled, ["Digital Deceit: A Policy Agenda to Fight Disinformation on the Internet"](https://www.newamerica.org/public-interest-technology/reports/digital-deceit-ii/executive-summary/?mod=article_inline), in which he argued that tech companies are not only unequipped to properly regulate their content and users’ data, but they’re largely unwilling to do so.
"I think it's long and gone for the industry to take voluntary measures to move by itself and do something for the little guy, for the individual, for the consumer, for the voter," he said. "We have seen the industry have lots of opportunities to do that in the past, and it simply has not taken the right steps to protect the public interest."
Ghosh noted that big tech has been operating much like the Wild West, but U.S. lawmakers are getting wise, and the race to set regulation is on.
But the data breach is only one problem facing the company. News of the hack came only days after the departure of Instagram co-founders [Kevin Systrom and Mike Krieger](https://cheddar.com/videos/instagram-co-founders-call-it-quits) from Facebook. Their exit signals a larger issue at the social media giant — and the timing is significant.
"For its founders to leave after a few years is incredible news. We imagine Facebook as a fantastic, huge technological force and innovative organization," Ghosh said. "And for these two key individuals to be leaving the company at this stage is pretty incredible. It suggests that they want to strike out new and find new opportunities for innovation."
Facebook has been struggling with one bad headline after another for months ー from the Cambridge Analytica scandal, to questionable ad targeting, to misuse of its platform around election. The stock had been able to withstand most of that until this summer. Since its last earnings report in July, shares have lost a full quarter of their value.
For full interview [click here](https://cheddar.com/videos/big-tech-has-big-problems).
Meta, the parent company of Facebook, turned heads on Tuesday when it announced it will block some ad-targeting, specifically those of a political and religious nature.
This is one of the most direct moves the company has made in order to minimize ad-targeting by advertisers on its platforms. Hastie Afkhami, Head of Digital at S-3 Group, joins Cheddar News to discuss the impact of this move.
Sotheby's is getting into the crypto game. The auction house announced it will now be accepting bids in increments of ETH, marking the first time that an auction will field live bids in crypto. This announcement comes just a week ahead of Sotheby's contemporary art auction 'The Now Evening Auction' for two works by Banksy: Trolley Hunters and Love is in the Air. Alex Branczik, Sotheby's Chairman for Modern & Contemporary Art joined Cheddar's Opening Bell to discuss what went into this move.
Autonomous tech developer Embark made its Nasdaq debut on Thursday via a SPAC merger, making its CEO Alex Rodrigues, the youngest chief executive of a publicly-traded company at the age of 26. He joined Cheddar's "Between Bells" to discuss what led to the IPO and what it means for the trucking industry as it looks to navigate ongoing supply chain issues. "I think there are really three major benefits to autonomous trucks. You think about the benefit from an efficiency perspective, from a safety perspective, and from an environmental perspective," Rodrigues noted.
AppHarvest CEO Jonathan Webb joined Cheddar's "Opening Bell" to talk about the company's Q3 earnings, stating sales data showed the indoor farming tech firm remained on track with its 2021 outlook. Webb also discussed a new campaign called "Fight The Food Fight," to encourage consumers to support a more resilient, sustainable food system.
SpaceX and NASA have collaborated on another successful launch sending four astronauts to the international space station. The international crew will stay in orbit aboard the ISS for six months.
On this episode of Cheddar Innovates: Yat Labs Co-Founder breaks down how a 'Yat' is changing the way people think about their online identities; Scythe Robotics CEO explains how it's bringing innovation to the landscaping industry with its autonomous, all-electric mowers; Founder of California Cowboy discusses how its creating clothing designed for creating in-person connections with others with features like a beverage pocket, bottle opener, and conversation cards; Cheddar gets a look at Curiosity Stream's 'Beyond the Spotlight' biography series.
Jack Morrison, CEO and co-founder Scythe Robotics, joins 'Cheddar Innovates' to discuss how it's bringing innovation to the landscaping industry with its autonomous, all-electric lawn mowers, and how this is addressing the labor crisis in the landscaping industry.
Naveen Jain, Co-Founder of Yat Labs, joins 'Cheddar Innovates' to discuss how a 'Yat' is changing the way people think about their online identities, and why artists like Questlove and G-Eazy are backing this idea.
Mike Proulx, VP and research director at Forrester, joined Cheddar to talk all about Disney's lackluster Q3 earnings after the company reported a slowdown in Disney+ subscriber growth. Proulx discussed a Forrester study that found 45 percent of U.S. adults subscribed to streaming services because of the pandemic but 26 percent had plans to cancel a service over the next two years. "We're always going to look at growth, and we also have to look at engagement," he said. "But both of those metrics come down to having either original or exclusive content that will offer value to the subscriber base."
