Friends Fiduciary Supports Digital Rights Regulations

February 8, 2022

The European Union has taken steps to regulate digital services, including the Digital Services Act, however investors believe more is needed to protect the digital rights of users. Many information and communications technology (ICT) companies have now built their business model on “surveillance-based online advertising using algorithmic systems, with advertising revenues accounting for the majority of such ICT companies’ profits.” This global system of commercial surveillance does not add value to users, societies, or the larger economy and ultimately violates privacy by “processing large amounts of user data, often without explicit consent.” In addition, ICT companies are also tasked with removing potentially unlawful online content within short time frames, resulting in the companies having the power to censor what can or cannot be said by users. Due to these and other increasing concerns FFC supports digital regulations that respect user privacy and the right to free speech, with such regulations requiring ICT companies to “moderate and curate their user’s content in a fair, consistent, and transparent manner” while also providing a way for “redress for adversely impacted users or people.” We believe rights-respecting regulation that protects the digital rights of users is good for business, the economy, and society.