The Tech Giants' Influence Unveiled: Ken Cox's Call for Awareness and Regulation in the Industry

Tech giants have transformed the modern world, bringing a new era of connectivity and innovation that touches every aspect of our lives.

These powerhouses have been celebrated for their groundbreaking technologies and services that, among other things, redefine how business is conducted and how people connect with the rest of the world.

The Dark Side of the Digital Titans

However, behind the scenes, a darker side has frequently evaded public scrutiny: an intricate web of privacy concerns, monopolistic practices, and the immense societal influence held by these digital titans.

Ken Cox, a veteran entrepreneur and the president of the St. Louis-based internet services and data center company Hostirian, has long been aware of the other side of the tech industry coin and has dedicated a good part of his career to warning or educating the general public regarding the industry's (mal)practices, particularly when it comes to people’s sensitive information.

"The problems of data privacy need to be given much more attention as they are pivotal to our lives online," Cox says.

"There are generations of people today that still maintain a sense of trust when they click the famous 'terms and conditions', for example, but what a lot of them don't understand is that, by doing that, companies can use the data for profit."

Cox emphasizes that by freely sharing private information, ordinary people set themselves up for exploitation. In the last couple of years, there have been thousands of privacy breaches worldwide, with nearly 2000 reported in the US alone in 2022.

"Now, more than ever, we need to raise awareness and push for regulations that will be able to address this massive problem."

Furthermore, tech companies tremendously influence public discourse through their algorithms and advertising platforms, especially on news dissemination and certain political opinions.

Questions have emerged regarding the transparency of these processes and their potential for manipulation or bias in shaping public opinion.

This has also created specific ethical implications, including issues like algorithmic bias and the responsibility of these companies to address societal challenges such as misinformation, hate speech, and online harassment.

"I understand that none of these can be completely eradicated, but where we stand right now, unless people educate themselves thoroughly on the matter, there’s barely anything they can do to protect themselves efficiently," Cox believes.

Beyond the realm of information and privacy, the concentration of power in the hands of a few tech giants is also raising concerns about fair competition and market dominance. Certain companies have already been accused of monopolistic practices that stifle competition and limit consumer choice.

Moreover, their influence on smaller businesses is indisputable, as they have much more power to drown them out. In contrast, 41% of small business owners have said they have been negatively affected by differential pricing based on company size.

"Big companies have long been taking advantage of small businesses," Cox says. "Once upon a time, you could go outside and see all of these cool, unique shops, and now it's all about large chains at every corner. We as a society must start taking this power back before it gets completely out of hand."

The exploitative nature of big tech companies when it comes to work conditions has also been a subject of debate. Some reports have highlighted questionable labor practices within the industry, including long hours and high-pressure environments.

As Cox explains, as long as there are lax labor regulations or laws regarding worker safety, companies can continue to ignore workers' physical and mental well-being.

"I sometimes can't believe it's 2023, and we still have to discuss forced labor. It’s horrible, so I’ve been trying to show people that things can be done differently as long as we persistently fight."

Although the path toward a safer future in the technologically driven world is long and winding, Cox firmly believes that by providing comprehensive educational programs accessible to people from all walks of life, individuals can be equipped with the necessary knowledge and skills to make informed decisions, protect their privacy, and ensure the well-being of society as a whole.

While large corporations often wield enormous power and influence, Cox maintains that united individuals can drive change and hold these corporations accountable for their actions.

"Technology should be a tool for positive transformation rather than a source of inequality and harm. By advocating for transparency, ethical practices, and responsible use, we can steer the course toward a safer future," Cox says.