All tagged Chamber of Commerce
The future of tech regulation continues to be in flux, and lawmakers and regulators alike are asking for input from industry stakeholders on how it should evolve. On Tuesday, the U.S. Chamber of Commerce brought together leading voices from Congress, the Treasury Department, and regulatory agencies to discuss the regulatory landscape of financial technology. It was a wide-ranging and nuanced discussion that went far beyond fintech to explore how to broadly encourage beneficial technological innovation, from blockchain to data-driven markets to digital identity solutions.
With the proliferation of connected devices and services, policymakers are looking at creative ways to address threats, including through stronger collaboration and information disclosures. But stakeholders are pointing out barriers like legal liability and regulatory uncertainty, and calling for more creative solutions. As the federal government advises the President on next steps, liability protection is an issue to watch.
Connected phones, connected cars, connected thermostats. In the near future, many of the everyday things we use will connect to the Internet. This will make our lives easier. Your car will know if someone is in your blindspot; your pacemaker will send data to your doctor; and you can monitor your front door from the other side of the world.
Let’s say you manufacture a connected oven, and the six o’clock news runs a story in which researchers claim they can remotely access and turn on the broiler. Anyone exploiting such a vulnerability would be committing a felony, but luckily, no exploit happened. But before you know it, you are slapped with a class action lawsuit claiming economic injury because some consumers would not have bought the oven if they knew it was “defective”—i.e., that it was susceptible to potential third party “hacking.”
Policymakers considering the Internet of Things (IoT) and security confront a dizzying array of potential devices, services, use cases and consumers. Commentary jumps from connected fridges to medical devices to industrial sensors, sometimes with scant recognition that end users’ expectations are going to differ wildly across settings and evolve over time.
Wiley Rein today helped the Chamber of Commerce’s C-TEC advocate for pro-innovation policies that can advance the Internet of Things. In comments filed in an NTIA proceeding about the role of IoT in the economy, C_TEC urges the government to:
- Promote data–driven decisions and consistent, broad definitions that recognize the diversity of IoT;
- Promote global, voluntary and open industry-led standards, supporting interoperability and the free flow of information;
- Promote security through partnerships, education, and reduction of liability risk; and
- Remove barriers to infrastructure deployment and avoiding regulation and fragmentation.