IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Speed of technological change calls for better regulations, new study finds

By Catherine Knowles
Mon 27 Jan 2020
FYI, this story is more than a year old

A new study from the Economist Intelligence Unit (EIU) has revealed that the speed of technological disruption is making it difficult for regulators to keep pace, and there is a need for more balanced regulation of technology to protect innovation and societal benefits.

The research report, ‘A fine balance: Regulations and the societal benefits of disruptive technologies’ is sponsored by Philip Morris International (PMI).

It examines how best to balance the introduction of new regulation with the societal benefits of new technology and includes two case studies, one on the development and impact of regulation on electric scooters and the other on the introduction and use of blockchain technology in rural finance.

The report finds that disruption typically results from friction caused by the introduction of a new technology that makes accepted ways of doing things obsolete. This change can cause fear among segments of society around issues like job security and the loss of tradition.

Disruption is not a new thing, and technology that creates more efficient ways of doing things has helped the world progress for hundreds of years. However the pace of such change has become much faster, and regulators have found it difficult to balance societal concerns with societal benefits given the greater speed and the increased scale and scope of the impact from new technology, according to the report.

Starting with electric scooters, the report examines the impact and regulatory response following the introduction of the technology in developed nations like the UK and the US. It also investigates how regulators are approaching fears around the application of blockchain technology in rural finance.

Both case studies illustrate how realising the full benefits of these new technologies requires regulators to listen to stakeholder concerns, as well as the arguments for change from industry, and carefully examine the actual impact of such a technology before making any decisions that could have a long-term, negative impact.

The Economist Intelligence Unit managing editor in thought leadership and editor of the report, Chris Clague says, “Disruption is here to stay and it is important that regulators are able to keep pace, but also balance that speed with decisions that are based on consideration of stakeholder concerns and empirical evidence as opposed to a knee-jerk reaction.

“Regulations that result in an outright ban on technologies can stifle innovation, financial growth and societal benefit. Any regulatory change in response to disruption from a new technology should be based on a wide range of information and perspectives, as well the experience of others, to be both constructive and effective.”

Related stories
Top stories
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
SOTI
Australian consumers loyal to retailers who deliver speed and visibility
SOTI finds extensive order visibility and speed are the most important factors for turning one-off customers into loyal, long-term buyers.
Story image
Digital
Ivanti puts spotlight on power of employee digital experiences
The report revealed that 49% of employees are frustrated by the tech and tools their organisation provides and 64% believe this impacts morale.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Cybersecurity
Zero trust security adoption rises 27% in just two years
A survey of WAN managers has revealed that multi-factor authentication and single sign-on are the top zero trust features implemented.
Story image
Identity and Access Management
Ping Identity named a Leader in Access Management
Ping Identity has been named a leader in the 2022 KuppingerCole Leadership Compass report for Access Management. 
Story image
Cloudian
Cloudian, Vertica to deliver on-premise data warehouse platform
"We’re enabling our customers to capitalise on a leading object storage platform and maximise the value of their digital assets.”
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Dicker Data
EXCLUSIVE: Why women in IT makes good business sense - Dicker Data
The Federal government wants to bolster female participation in the tech industry to at least 40% by 2030. Here's how one homegrown Australian company has already reached that goal.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Story image
Awards
Microsoft names A/NZ Partner of the Year award winners
The awards recognise partners across the globe for their innovative use of Microsoft technologies to help customers succeed.
Story image
Cloud Security
Palo Alto Networks bolsters cloud native security offerings
Latest Prisma Cloud platform updates help organisations continuously monitor and secure web applications with maximum flexibility.
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Manufacturing
Sutton Tools deploys Infor M3 CloudSuite for manufacturing
Sutton Tools has also implemented the Infor OS cloud operating platform, including Infor Intelligent Open Network and Mongoose.
Story image
Macquarie Data Centres
Macquarie deal to pioneer CO2-cutting data centre tech in Australia
Macquarie Data Centres has signed a multi-year deal with ResetData, an Australian first provider using Submer data centre technology. 
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Citrix
The best ways to attract young talent during labour shortages
New research from Citrix reveals hybrid working and ventures into the metaverse are top of mind for Gen Z workers.
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Hybrid workforce
Why hybrid working is here to stay and how to ace it
Citrix's new report reveals hybrid workers are more productive and engaged at work than their office and completely remote counterparts.
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Digital Transformation
What CISOs think about cyber security, visibility and cloud
Seeking to uncover the minds of CISOs and CIOs across Asia Pacific, my company recently asked Frost & Sullivan to take a snapshot of cloud adoption behaviour in the region.
Story image
Online shopping
Consumers want speed, visibility in return for brand loyalty
72% of Australian shoppers want complete online order visibility and 63% are loyal to retailers who deliver goods the fastest.
Story image
Migration
SNP unveils next generation of CrystalBridge software platform
Data is a key pillar of every customer-centric organisation, as it relies on agile decisions to become increasingly sustainable and intelligent.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Microsoft
SAS wins Microsoft ISV 2022 Partner of the Year award
"We formed the SAS and Microsoft strategic partnership with a shared goal of making it easier for customers to drive better decisions in the cloud."
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Sustainability
Vertiv releases updates on ESG initiatives, sets sights on future
Vertiv has released its inaugural environmental, social and governance (ESG) report, the company’s first public report of its ESG activities.
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
State Library of Victoria
State Library of Victoria entrusts Oracle support and security to Rimini Street
“Our finance team are very happy with the support and security that Rimini Street provides, which keeps our assets and our customers secure."
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Mergers and Acquisitions
SAS acquires Kamakura to propel risk technology innovation
Underscoring SAS growth in the domain-specific solutions space, the acquisition will enable SAS to greatly enhance the breadth of its risk solutions portfolio. 
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Infrastructure
Oracle Cloud Infrastructure expands distributed cloud services
“Distributed cloud is the next evolution of cloud computing, and provides customers with more flexibility and control in how they deploy cloud resources."
Story image
Compliance
Stock security features inadequate in face of rising risk
"Organisations must proactively find ways of identifying unseen vulnerabilities and should take a diligent, holistic approach to cybersecurity."
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
Voice recognition
Renesas and Cyberon expand services with voice recognition
“We are honoured to collaborate with Renesas to simplify the development of embedded voice recognition functions."
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Internet of Things
ManageEngine wins big in IDC MarketScape assessment
ManageEngine's Endpoint Central service has been recognised as a leader by IDC MarketScape in several categories including Internet of Things device deployments and UEM software for SMEs.
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image