Only three months short of its first year anniversary on May 28, it’s time to take a look at EU’s GDPR by numbers. Enforced to protect European users from unethical and illegal commercial practices, the internet privacy law has so far led to three major fines for privacy infringement.
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Businesses are struggling to develop cyber resilience to fend off attacks as they seek to create flawless operations and to scale systems. Efficient cybersecurity in an advancing digital economy is no easy goal, as many factors are at play, including third-party risks and increased attack surface, as a result of extensive interest in IoT deployments. This is why corporates and governments need to work together to set up priorities to help enable digital transformation and build trust through proper safeguards on consumer data privacy.
Cybercriminals have unwittingly created an impressive, and legal, money-making opportunity – cyber insurance. The cyber insurance market is about to become huge, as experts believe companies will double their spending by 2020 to some 8 billion – 9 billion dollars compared to last year’s average of 3.4 –billion 4 billion, Munich Re, the world’s leading German reinsurance company, recently announced.
Critical national infrastructures such as the energy sector, public transportation, commercial facilities, government and defense, and medical services, among others, have been under attack in recent years, following a large volume of security vulnerabilities and a lack of encryption.
With speech recognition and voice-activated personal assistants slowly making their move into the corporate world, companies will have to adjust their security and digital strategies, infrastructure and customer interactions.
Security executives fear cyberattacks will heavily target critical infrastructures in the near future, but they don’t seem to be doing much about enforcing security policies that also cover IoT devices. Despite the major threat they pose, connected devices have so far been overlooked in security policies. It appears that in general, in spite of the increasing awareness of high-profile cyberattacks and threats, enterprises tend to look the other way rather than invest properly in a cybersecurity strategy.
In 2015, Russian hackers shut down Ukraine’s electrical grid after infecting the infrastructure with malware. It was only a matter of time until they would target the US power system. As of 2016, US critical operational infrastructures have been under siege by "Russian government cyber actors," as described by the Department of Homeland Security and the FBI.
Government CIOs have a full agenda for 2018, including top investments in cloud services (19%), cybersecurity (17%) and big data analytics (16%), according to Gartner’s 2018 CIO Agenda Survey. The predictions are based on interviews with 3,160 CIOs from 98 countries, including 461 who work in government institutions.
2018 is the year that IoT, as well as artificial intelligence and robotics, will drive digital innovation and completely transform business models, found a Forbes Insights survey of over 500 senior executives from different countries.
We’re on the verge of a complete transformation of healthcare, as traditional telecare is about to be dethroned by connected care, according to a research report from Berg Insight. As telecare applications and devices collect and store large amounts of data concerning patients’ health, physical location and daily movement, companies in this segment will have to deal with the challenges of the General Data Protection Regulation (GDPR).