I came across a quote yesterday (don't have the source, sorry):
The marching orders of technology are “If we can do it, it’s right” and “If we can do it, we do it” which resolve to “it’s right if I do it.”
That's pragmatism, the philosophy of "it's morally right if it works." Problem is, that's not a rule on which to base technological advances. It's pragmatism that creates technology for survelliance systems, machines of torture, and biological weapons to kill off dissidenters.
If not pragmatism, then what philosphy should technology follow? There are plenty to chose from. How about Teleological ethics -- morality is determined by the result.
Or what about Rule Utilitarism -- apply rules to determine future consequences if everyone does the action. This is the philosphy often used in science fiction.
For some, it's Egoism that rules them -- the action is moral if it results in the greatest good to myself. Or how about the even more self-centered Ethical Egosim -- I must do what is in my best interest. This is the ethics used by many software companies, who turn a blind eye to what their products are being used for.
Moving away from ourselves, there's Deontological ethics -- I consider the motive behind the action (usually power, money, sex), and not the consequences. ("Deont" means obligation.)
There's the possibility of letting someone/thing else take the responsibility. Divine Command says the action is moral because it is the will of a god. Natural Law says nature determines morally-correct actions (it's okay when a cheetah takes down an antelope, or when an animal eats a nearly-extinct plant).
Or we can involve others in the decision. The Categorical Imperitive states actions are moral when they could be part of a universal law, such as be nice to people. Social Contract says an action is moral when agreed to by society, although now-a-days it tends to be imposed on society by judges.
There's several more approaches to determining if certain technological possibilities are moral. As the list shows, there's more to thinking as simply as "let's do it because we can."