Tech News: 5 Things to Know in Australia Today

Tech News: 5 Things to Know in Australia Today

Good morning. Let’s get into the tech news.

1. ASIC says AI regulation might not be sufficient

Australian Securities and Investment Commission Chair Joe Longo has said in a speech that Australian AI regulation in its current form might not be sufficient. “the responsibility towards good governance is not changed just because the technology is new. Whatever may come, there’s plenty of scope right now for making the best use of our existing regulatory toolkit,” Longo said at the UTS Human Technology Institute Shaping Our Future Symposium. To safeguard Australia’s financial system and positive outcomes for investors and consumers alike, the Chair claims AI could be of some help, “But, as yet, no clear consensus has emerged on how best to regulate it.”

2. Former Liberal MP joins sci-fi city project

Former Turnbull government Assistant Minister for Innovation Wyatt Roy has joined the board of Saudi Arabia’s Neom region (located in the northwestern Tabuk Province) as the head of innovation, to help build out sci-fi living environments blending in with nature, particularly famous for a gigantic wall-like structure called ‘The Line’ (no affiliation with Johnny Cash). It was first announced in 2022, and apparently it’s being built, along with a bunch of other concept-art-heavy projects. “We need a complete rethink to solve today’s most pressing challenges, from climate change and water scarcity to lifestyle, education, mobility, and urban sustainable development,” Roy said on LinkedIn. “The combination of NEOM’s scale of ambition with its starting point as a near-blank canvas feels like such a unique opportunity to up that pace.”

3. Zuckerberg gives impromptu apology

Meta CEO Mark Zuckerberg has given an impromptu apology at a U.S. Senate hearing on child safety, directly to the victims of online child exploitation. “I am sorry for everything that you have all gone through,” Zuckerberg said to a packed room of advocates and parents with photos of their children, as reported by Bloomberg. “It’s terrible. No one should have to go through the things that your families have suffered.” CEOs of Snap Inc., TikTok, X, and Discord were also being questioned by the senate committee.

4. Europcar denies data breach, analysts unsure

Europcar has denied a data breach, as reported by Bleeping Computer, with the data of a supposed 50 million users leaked onto the dark web. The car rental company claimed that the data in the leak was inconsistent with its own records, and that the sample data is likely AI generated (with the company noting “addresses don’t exist, ZIP codes don’t match, first name and last name don’t match email addresses, email addresses use very unusual TLDs,” in a statement to Bleeping Computer). However, safety analysts aren’t entirely convinced. “A bunch of them [the email addresses] are real and it’s easy to check,” Haveibeenpwned creator and Microsoft Regional Director Troy Hunt said, noting that these email addresses appear in previous data breaches. “We’ve had fabricated breaches since forever because people want airtime or to make a name for themselves or maybe a quick buck. Who knows, it doesn’t matter, because none of that makes it “AI” and seeking out headlines or sending spam pitches on that basis is just plain dumb.”

5. Musk won’t get $US56 billion payout after all

A court in Delaware has ruled that Elon Musk shouldn’t get a 2018 $US56 billion pay packet from Tesla. “The incredible size of the biggest compensation plan ever—an unfathomable sum—seems to have been calibrated to help Musk achieve what he believed would make ‘a good future for humanity,’” court documents read. “This court has awarded rescission as a remedy for breach of fiduciary duty.” On Twitter (X), Musk said “Never incorporate your company in the state of Delaware.” We’ve got the world’s smallest violin out for him today.

BONUS ITEM: That’s not how that works.

Have a lovely day.

Image: NEOM

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