This Week: “Risk And Responsibility In A Hyperconnected World”.

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The WE (World Economic Forum) estimates that by 2020 there will be 50 billion networked devices, pretty much allowing us to connect anywhere, anytime and with anyone. Further, they go on to state that in an internet minute 204 million emails are sent, Amazon makes $83,000 in sales, and revenues for mobile network operators will top 1.2 trillion USD. As the opportunities to use technology to great advantage show no signs of slowing down (in all sectors; government, private and public), the issue of security and privacy is becoming more and more paramount, creating a kind of double-edged sword around the need for more transparency vs protection of information.

While we happily share access to our personal data with the “promise of highly tailored dynamic content that reflects our  delivering the information we want before we ask for it, and our devices eventually knowing us better than we know ourselves” (PSFK), we also take a big leap of faith that our information will be kept secure. According to a new report from WE and McKinsey & Company (Risk And Responsibility In A Hyperconnected World: Implications For Enterprises), the implications of cyberattacks or security breaches on “intellectual property, regulatory compliance, privacy, customer experience, product development, business continuity, legal jurisdiction and more could materially slow the pace of technology and business innovation with as much as $3 trillion in aggregate impact”.

Rather than this cause alarm, it highlights the need for major institutions and businesses to take robust and coordinated security measures.

Image: www.curvereport.com

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