While the tech world is abuzz with talk of the intelligent (IoT) devices that are supposed to revolutionize homes, another IoT revolution is underway in the workplace. Companies are turning to connected devices to improve day-to-day business functions but they have little choice but to embrace the technology that has become as ubiquitous as it is indispensable to life in 2017.
Cyber attacks can interrupt business operations, hurting companies’ bottom lines, and can infringe upon the privacy and other human rights of consumers and the general public. Right now, there isn’t much regulation around companies’ cybersecurity practices.
Managers must think in new ways about data, communications, business law and even the ethics of trading off potential corporate benefits against risks to consumers’ privacy. At stake is not only a firm’s reputation but also, potentially, legal liability for failing to follow emerging industry standards.
Companies now need to move away from reactive, defensive approaches to cybersecurity and toward more actively managing risk. This effort would seek not just to meet standards, but to exceed them. With ongoing, systemic cybersecurity risk management, companies can stay ahead of the curve, protecting their customers and society in the process