Tech giants risk reputation, warn business leaders – FT.com Reply

data_privacy_1Large technology companies will experience the same collapse in reputation as banks have endured in recent years unless they rapidly change their policy approach, business leaders have cautioned.

Their warning was directed at the influential heads of technology companies, such as the Silicon Valley giants, who were told they needed to recognise that self-regulation will not be sufficient to stave off mounting public alarm about issues such as privacy.

“Self-regulation, no matter what you do, is just not going to be good enough [for tech companies],” said Paul Achleitner, chairman of the supervisory board of Deutsche Bank. Addressing the Davos economic forum, he pointed out that a self-regulatory approach had been previously employed by banks — but notably failed to quell a political backlash against their over-reach.

via Davos 2015: Tech giants risk reputation, warn business leaders – FT.com.

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