Regulation is coming to social media very soon. There is a pile of factors which are driving pending regulation. They include the Facebook data scandal as well as the latest YouTube advertising controversy.
Let us start by saying that Facebook and YouTube did nothing illegal. Currently the social media space is not regulated. But this is about to change.
Why is this all about to change? The reality is Google, Facebook and YouTube have more data and information on us then in some degrees the government. When you think about it, that is scary. What happens if anyone of these companies are compromised or hacked? The ramifications become huge.
The only way to protect the consumer in the long run is to impose regulation. This regulation would include things like the following:
- Data types that can be saved.
- What type of data can be sold to other companies or individuals.
- Data retention periods.
- How data must be protected.
- Penalties for data breaches.
Data Privacy advocates will argue that regulation is necessary. Many people will also argue that regulation is not needed and the government needs to stay out. At StunningDigitalMarketing we believe the only way for things to stabilize is for regulation. This would protect the public in an industry that has turned in to the wild west.
Without regulation, the consumer will have no protection moving forward. This will impact the business of social media in the long run as potential customers will leave social media as they get frustrated with the lack of regulation.
In conclusion, regulation is coming. It is just a matter of time. In the long run the consumer will be better protected.