As 2014 draws to a close, It is essential to look back on financial and other implications for companies in dealing with digital security and privacy, particularly as IoT implementations are likely to grow. There are rays of hope for 2015, despite the pessimism-privacy is not dead.
A Look in the Mirror
This past year, the world experienced such a high volume of brutal cyber attacks (which are showing little sign of decreasing) that they have become seemingly commonplace. These many privacy breaches of a wide variety of companies make it more important than ever to take action to protect personal and corporate information online. This must be done in order to support an open society and to protect users’ flow of digital information the way they intend it. That is what the Internet of trust is all about-for individuals and enterprises alike.
Increasing Costs of Digital Security and Privacy
It is important to understand that digital security and digital privacy are two different things: digital security is necessary to ensure digital privacy. As criminals become more sophisticated and the need for digital trust and privacy increases, a new industry, cyber insurance, has risen to help companies weather the very real consequences of cyber attacks. The extreme consequences of attacks on corporate data could lead to a jump in cyber insurance premiums. This is just with the amount of data companies currently hold. What will happen when premiums take into account the increase in the amount of data companies hold due to IoT implementations? At this rate, cyber insurance is likely to become a necessity for small and mid-size companies. How many can afford it, and what can companies expect regarding policies?
What Companies Can Do
To successfully achieve digital privacy and security, companies are already taking a number of newsworthy steps. Companies can:
-Restructure and Reorganize to focus on IoT security.
-Put policies in place to address fundamental security practices.
Looking Forward to 2015
As more and more people and companies continue to use connected devices, how is it best to go about securing, making trustworthy, and managing access to networks and massive sets of data for a connected society? Where do trusted intermediaries fit in to this approach? This will be the primary focus of 2015.
As 2014 comes to a close, despite the pessimism, there are in fact rays of hope in the continuing struggle to protect digital security and privacy amongst the concerns. For starters, these concerns are bringing about necessary change: government and industry authorities are recognizing the value of and are calling for more digital-and mobile application-privacy and security. Furthermore, it’s encouraging to see the American technology industry take a principled stand to ensure people that privacy is not dead.
Privacy is not dead.