This paper tries to explain from a multidisciplinary approach the theory of regulation in relation to Information and Communication Technology (ICT). The paper will also seek to discuss the advantages and disadvantages of relying on competition in the marketplace to regulate the ICT sector and the circumstances under which markets fail to provide desired outcomes.
It is known that each moment, new technological advancements are made in ICT. This effectively results in relatively new systems fast getting outdated. These rapid changes have necessitated the working staff to continuously seek more knowledge in order to keep pace with the times.
Those who cannot adapt to new ways as a result lose their jobs. The financial sector is one such sector that must continuously adapt to new ways in order to prevent and fight frauds that could easily be executed online. Developments in ICT have seen the introduction and successful use of credit and debit cards, automated teller machines, security equipment and advanced surveillance equipment all of which rely on computer technology.
Traditional regulatory frameworks have become increasingly inadequate for the rapid challenges such as convergence witnessed in ICT sectors in ...