The current product market in any industry has seen unprecedented technological input. Kitchens have sophisticated appliances that can sync to your phone and create shopping lists. Home security systems can connect you visually and audibly to a person on your porch even though you are a thousand miles away.
Your fitness tracker will send you a signal informing you that haven’t gotten enough exercise. Drones are conducting military options and robots are delivering FedEx packages. By the year 2020, it is estimated the number of devices connected to the Internet of Things (IoT) will be in the tens of billions. In spite of the impressive, if not daunting changes these technologies will bring, there is a whole new set of risks.
How Fragile is Cyber Security?
You might not care if someone hacks your Fitbit and finds out you only got six hours of sleep last night, but what if someone is able to hack into a minivan carrying a family to the movies. What if someone is able to hack into a power plant and shut down the grid for several cities or half of a state?
These are devastating hacks that could cost lives, but there are financial losses also associated with backing. It is estimated that the data breaches that will continue to be experienced across the world will cause losses that cost trillions of dollars.
By the same token, the positive opportunities that technology presents offer good news for both consumers and producers. By 2025, it estimated the 43% of the global economy, or $11.1 trillion each year, will be the result of the purchases of IoT devices.
With this growth comes increased internet usage, with 54.5% of the population expected to be communicating online by the year 2020. The opportunities will be there, but so will the risks. Addressing them now is crucial to maintain the safety and security of individuals and their data.
Internet use has raised many questions from both individual and collective perspectives. How should the internet deal with the terroristic nation-state? Is unlimited internet opportunity supporting criminal networks?
What kind of legislation needs to be drafted to address the data floating around the digital economy? What kind of liability is established with users in both first-party or third-party civil or criminal offenses?
Comprehensive solutions are still absent from these conversations, but that doesn’t mean the consumer shouldn’t be aware of the areas that can be controlled or monitored. Consumer education is the best way to address many of the challenges that technology presents.
Risk Management Isn’t Enough
As a cybersecurity expert, Hari Ravichandran understands, establishing a limited offence and a more robust defence against cyber-crime is not enough to prevent tragedy from occurring as technology continues to change lifestyles and industries.
Companies that have relied on risk management practices will find themselves in an outdated and ineffective form of cybersecurity, and woefully ill-prepared for the digitized world that surrounds them. Building resilient firms that are continually adapting the challenges of cyberspace and offering solutions is the new direction of cybersecurity.
Creating these companies means understanding the immense scope of cyber governance and who is responsible for conducting it. At the corporate or business level, this means a top-down approach that identifies and protects the most critical asses of company and comprehending the full weight of a breach in every aspect of consumer, employee, industry, and economic interest.
This resilience means complying with international regulations regardless of operating geography and being transparent about company blind spots and weaknesses. It means investing in financial resources that will adapt to the trends and techniques in securing a company from cybercrime.
Developing resilience faces the threat of cyber infiltration holistically, and as a challenge to the entire organization. It doesn’t just impact the IT department or the consumer who’s personal information was hacked.
Responsible Consumers Need Responsible Creators
As consumers are going to believe what the marketing strategy announces, it important that all company leadership teams understand the weight of their decision to make the most of new technology.
They can’t just look at technology for what it offers consumers and the company’s bottom line. A deep evaluation of the business context of the operation, as well as the impact and risk exposure it brings to the organization, is needed.
There are regulatory issues that move between both national and international business exchanges, and there are cultural issues that impacted by increased digital advancement. During 2018, protective legislation went into effect in the European Union that imposes punted measures on both the EU market and those companies that provide goods or services to them when a breach or data security issues arise.
They clearly outline measures for data storage and transmission with everything from healthcare records to finances and personal information. Increased regulatory control can help force companies to be more proactive in protecting against cybersecurity concerns.
It is clear that some areas of technology have become a Pandora’s box of surprises. Consumers are on the losing end when companies around the world fail to protect them from risks of operating in a digitized economy.