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Mr M Mudd's avatar

In an era defined by relentless cyberattacks, massive data breaches, and the pervasive reach of social media and now, artificial intelligence, trust in online services is collapsing. The current approach – relying on lengthy legal notices, often ignored by users, and levying occasional fines – simply isn't working. The problem isn't a lack of awareness; it's a lack of enforceable standards and real accountability.

The solution? Look to the financial services industry (FSI) for inspiration. The Financial Action Task Force (FATF), established by the G20, has successfully combatted tax evasion, money laundering, and terrorist financing through a combination of rigorous standards, continuous monitoring, and personal accountability for senior management. We need a similar framework for the digital realm.

An "Internet Action Task Force" (IATF), modelled after the FATF, could be empowered to:

• Establish and enforce internationally agreed-upon ISO technical standards for data security and integrity. This would move beyond vague promises and create concrete benchmarks for online service providers.

• Implement continuous oversight and regular audits of online platforms. Just as banks are subject to regular scrutiny, tech companies should face ongoing assessment of their data protection practices.

• Hold senior management personally responsible for data protection failures. This would create a powerful incentive for executives to prioritize data security.

• Impose meaningful penalties for non-compliance. Fines are a start, but when some transgressors have revenues approaching that of small nations, regulators should also have the power to impose trading suspensions on publicly traded companies, and even pursue delisting in cases of egregious violations. For privately held companies, a licensing regime with the threat of suspension or revocation would be essential.

. We need a robust framework, inspired by the financial industry's proven track record, to restore trust in the digital world and protect individuals from the growing threats to their online privacy and data security. The future of online trust depends on it.

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