As technology becomes more critical and vital to companies business leaders are beginning to question the reliability and liability. Insurers now require audits and demand complienace with set practices before issuing a policy. Corporate boards are realising that so-called tech professionals have zero training or professional requirement, consultants have even less and the analysts are wannabe’s that can’t do the actual work. Can tech become a professional market and what would that look like ?
This episode is about the need for regulation in the IT industry. It’s a lively debate between two experts, Greg and Jonah, who take opposing opinions and discuss them.
Greg argued that the IT industry lacks discipline and control, with best practices often being defined by a few individuals or self-interested vendors. He believes that there should be regulation or control over decision-making, especially when it involves significant financial investments. Greg drew an analogy to regulated professions like medicine and civil engineering, emphasizing the qualifications and regulations that doctors and engineers have, which are lacking in the IT industry.
On the other hand, Jonah disagreed with Greg and explained that his company conducts primary research to identify best practices based on measurable success, rather than personal opinions. He believes that the demand for better IT practices should come from shareholders and the entire organization, rather than being imposed by external parties. Jonah cited the example of the crypto industry, which initially operated without regulation but is now being forced to employ qualified professionals due to its integration into the traditional banking system.
The speakers also touched on the importance of justice and liability in the IT industry. They agreed that there should be consequences after incidents or breaches to incentivize better practices in the future. However, they debated whether regulation guarantees effectiveness and how to define best practices in a way that can be tested in a court of law.
In my opinion, both sides made valid points. On one hand, regulation could bring more structure and accountability to the IT industry, ensuring that best practices are followed and reducing risks for businesses. On the other hand, innovation and emerging technologies might be hindered by heavy regulation, and industry-driven best practices could be more adaptable to the rapidly changing landscape.
What do you think? Should the IT industry be regulated, or should best practices be defined by measurable success and industry-driven initiatives? Is there a middle ground that could balance the need for regulation and innovation?
I’d love to hear your thoughts and opinions on this topic! Feel free to share your insights and join the conversation. Let’s dive into this fascinating debate together!
P.S. If you want to engage with the podcast hosts and share your opinions directly, you can visit their website and fill out a form on the community page. They’re eager to hear from you, and they promise to respect your privacy and not collect or share any personal information. Happy discussing!