Big quote: "We all have to be intellectually honest, and we have to admit that what we’re doing isn’t working. Technology needs to be regulated. There are now too many examples where the no rails have resulted in a great damage to society."

Most businesses tend to fear government regulation - the game industry is a perfect example of that. Publisher Electronic Arts even went so far as to push back against global anti-loot box laws, though the company eventually gave up the fight.

However, the tech industry has been a bit of an exception to the norm as of late. Facebook CEO Mark Zuckerberg has called for regulation of the platform in the past (and social media sites in general), and now, Apple chief Tim Cook is following suit.

"We all have to be intellectually honest, and we have to admit that what we’re doing isn’t working," Tim Cook said at the Time 100 Summit, according to The Verge. "Technology needs to be regulated. There are now too many examples where the no rails have resulted in a (sic) great damage to society."

Apparently, Cook was primarily referring to data privacy here. The CEO feels that in order for consumers to keep their data secure, world governments will need to step in to provide them with more control over said data. The EU's GDPR, Cook says, is a "step in the right direction," but not a perfect solution.

"We are advocating strongly for regulation - I do not see another path at this point,"

"We are advocating strongly for regulation - I do not see another path at this point," Cook added, seemingly implying that the industry has lost its goodwill. Users and governments have largely been relying on tech companies to regulate themselves, but as massive data breaches become the norm, the industry has clearly failed in that duty.

It is worth noting that Apple has less to lose by calling for regulation than some of its competitors. Whereas tech giants like Google rely on the collection and monetization of data to survive, Apple's income comes primarily from selling its products; not its users' personal information. Indeed, Apple has actively fought against those business practices over the years - many of the company's apps, services, and products have strong privacy features built-in.