The convergence of IoT, Big Data and Cloud Computing technologies is opening up a very large number of possibilities in terms of new digital products and services. The topic has been attracting a vast amount of media and investor interest over the past few years and, for once, this is not just hype: This is a rare technology convergence event that will affect all industry sectors, and will have a profound transformational impact on the economy at large and on our lifestyles. Over time, from connected objects and smart homes, to digital public services and smart cities, it will simply create a new digital society.
But for the short-term, at the intersection of technologies and in the midst of the proliferation of (often immature) use cases, the privacy of consumers has become vulnerable. And fundamental cybersecurity principles – if ignored – will lead to breaches and data losses that may damage further consumer confidence.
Data in general (and personal data in particular) is becoming the true currency of these digital services, but ruthless monetization can only engineer consumer rejection and destroy trust.
Until some form of self-regulatory balance is found, security and privacy failures are likely to create significant disruption and unpredictable tensions around those services, and will just destroy value.
Corix Partners, a Boutique Management Consultancy Firm focused on Security Strategy, Organisation & Governance, together with a panel of experts, have analysed the mechanics behind value destruction and what large corporates can do today to circumnavigate those pitfalls, stay in the long-term game and remain ahead of competition.