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1/17, 12:12 PM (Source: TeleTrader)
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Apple's Cook calls for tighter data privacy laws

Apple Inc. Chief Executive Officer Tim Cook called on United States lawmakers on Thursday to pass "comprehensive" federal regulations on data privacy, stressing the significance of the consumer protection issue. In an op-ed published in Time Magazine, Cook urged tech companies to collect less consumer data as well as to make rules on data collection public and easily accessible.

The executive pointed out that one of the biggest challenges in privacy protection is that "many violations are invisible," stating that a number of retailers sell information on their customers to "data brokers," companies which exist only to collect and sell personal data. Cook stated that these companies must register with the Federal Trade Commission for the purpose of transparency.

"Meaningful, comprehensive federal privacy legislation should not only aim to put consumers in control of their data, it should also shine a light on actors trafficking in your data behind the scenes," Cook noted. "Technology has the potential to keep changing the world for the better, but it will never achieve that potential without the full faith and confidence of the people who use it," he added.

Apple shares were down 0.8% during premarket trading.

Breaking the News / SS