Magical Trade
Thursday, May 19, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

UK government to speed up criminal sanctions for tech bosses with new online safety laws

by
March 16, 2022
in Trade News
0
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers

Scared of getting a mortgage? A strategist on why a 1990s gadget gives her cause to be optimistic

scyther5 | iStock | Getty Images Plus

Executives at companies like Meta, Google, Twitter and TikTok could face jail time sooner than anticipated if they fail to cooperate with the U.K. internet regulator, Ofcom.

The U.K. government announced Wednesday that executives may face prosecution or jail time within two months of the new Online Safety Bill becoming law, instead of two years as it was previously drafted.

The Online Safety Bill will be presented to lawmakers in Parliament on Thursday and could become law later this year.

It aims to make it mandatory for social media services, search engines and other platforms that allow people to share their own content to protect children, tackle illegal activity and uphold their stated terms and conditions.

The government said Wednesday that a range of new offenses had been added to the bill that makes the senior managers at tech firms criminally liable for destroying evidence, failing to attend or providing false information in interviews with Ofcom, and for obstructing the watchdog when it enters company offices.

Facebook, Instagram, YouTube, Twitter and TikTok have all been criticized for allowing harmful content to be shared on their platforms. They say they’re doing their best to remove it, but many lawmakers aren’t satisfied.

“Tech firms haven’t been held to account when harm, abuse and criminal behavior have run riot on their platforms,” U.K. Digital Minister Nadine Dorries said in a statement. “Instead they have been left to mark their own homework.”

Dorries said the internet needs protections in place that aren’t dissimilar to a seat belt in a car.

“Given all the risks online, it’s only sensible we ensure similar basic protections for the digital age,” Dorries said. “If we fail to act, we risk sacrificing the wellbeing and innocence of countless generations of children to the power of unchecked algorithms.”

In addition to potentially prosecuting tech execs, Ofcom will also have the power to fine companies up to 10% of their annual global turnover if they fail to comply with the rules. To put that into context, Meta could be fined up to $10 billion based on its 2021 revenue figures.

New recommendations included

The Department for Digital, Culture, Media and Sport agreed to adopt 66 recommendations to the Online Safety Bill that were put forward by a joint committee last year. Recommendations included making online platforms responsible for activities including the promotion of self-harm online, extreme pornography and cyber flashing.

Damian Collins, chair of the joint committee on the draft Online Safety Bill, believes that the internet is something of a “Wild West” and hailed the adoption of the recommendations as a “huge moment” for the safety of internet users around the world.

“The joint committee on the Online Safety Bill set out a clear list of recommendations back in December, on how to make the bill stronger, whilst also protecting freedom of speech and the freedom of the press,” Collins said in a statement.

“I’m very glad to see that the Government has adopted so many of our recommendations, ensuring we really will make the U.K. the safest place to be online in the world. The era of self-regulation for Big Tech has finally come to an end.”

The bill must now go through a formal process that every bill must go through before it becomes an act. That includes giving U.K. lawmakers the chance to debate aspects within the legislation.

ShareTweetPin

Related Posts

An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers

by
May 19, 2022
0

An oil flare burns at Repsol's oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of...

Scared of getting a mortgage? A strategist on why a 1990s gadget gives her cause to be optimistic

by
May 19, 2022
0

Historic row houses in Colombia Heights neighborhood of Washington DC, USA amedved | iStock | Getty Images One strategist has...

The Dow Tumbled to Its Worst Day Since 2020. How One Stock Made It Happen.

by
May 19, 2022
0

Traders on the floor of the New York Stock Exchange last week. The Dow Jones Industrial Average had its worst...

Stock futures rise slightly after Dow’s worst day since 2020

by
May 19, 2022
0

Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City....

Asia markets sell off as Hong Kong’s Hang Seng leads losses, Tencent shares plunge nearly 7%

by
May 19, 2022
0

SINGAPORE -- Shares in Asia-Pacific slipped Thursday morning after heavy losses on Wall Street overnight. The Nikkei 225 in Japan...

Next Post

Robo Advisor VS Index Funds – Who Wins?

Thursday: Housing Starts, Unemployment Claims, Philly Fed Mfg, Industrial Production

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • These are the global stocks to own if stagflation hits, according to Credit Suisse

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net