Which statement best describes the pros and cons of lack of regulation for cloud-based technology? Lack of regulation enables people to collaborate without the extra cost of paying a service provider; however, there is an increased opportunity for cybercrime. Lack of regulation speeds up the process of invention, but requires individuals to back up their own data. Lack of regulation encourages open innovation, but is not always secure. Lack of regulation encourages greater collaboration, but can lead to increased cost from price increases.