New disruptive technologies are quickly changing the way we do business in every industry, ushering in a new era of transformative changes and innovations. These are the kind of innovations that lead to the appearance of new products and services and also potentially make other technologies or processes obsolete. As digital technology is evolving, risks attached to these new technologies are also growing with more sophistication and complexity than ever before.
Disruptive technologies like Artificial Intelligence, Blockchain and IoT have attained new heights in the cybersecurity landscape. This is creating a worldwide investment frenzy that is driven by the proliferation of these new technologies, the need for updated security measures and the fear of disruption by tech-enabled competitors.
The advancements in AI, for example, have been phenomenal. AI coupled with Machine Learning has driven the creation of smart autonomous security systems that are capable of learning on their own. These AI algorithms are capable of pattern recognition and can flag threats that do not fit the guidelines of what their programming considers normal. But, this also poses a serious risk to cybersecurity, hackers’ have also taken advantage of AI and now cyber-attack are more sophisticated and can be autonomous.
The rapid adoption of these disruptive technologies can both facilitate attacks and defend against them at a scale, speed and level of sophistication never seen before. Security researchers have recently discovered vulnerabilities in medical IoT devices that can be exploited by hackers.
The future of cybersecurity with these new disruptive technologies might seem scary but it isn’t bleak. Organizations must continuously revisit their cybersecurity measures to address the increasing complexity of cyber risk with the adoption of IoTs, blockchain and other new technologies.
The new era of digital transformation means a tremendous amount of data is collected, stored, analyzed and shared by organizations. In order to remain competitive whilst also providing value to their users, organizations need to acknowledge and treat data as a valuable asset, identifying opportunities presented with disruptive technologies and mitigating potential risks.
Users expect to have full control over their personal data so public scrutiny is on a rise, breaches, unpermitted data usage or sharing now have devastating reputational and legal risks involved. Organizations can take advantage of new technology to boost their credibility by focusing on safeguarding critical data using AI-enabled controls and advanced surveillance methods.
Regardless of the new risks, disruptive technologies enhance risk management and unlock possibilities never thought of before. The Future of Cyber Security Risk Management and the Impact of New Technologies is extensive, Oluwaseyi Oni, the Head of Information Security Office at First City Monument Bank, will be speaking about this and how the advancements in global technology will affect the Africa cybersecurity landscape at the African Cybersecurity and Fraud Prevention Forum, May 6th – 7th, 2020 in Lagos, Nigeria.