GTconsult - Blog #IoTGTconsult - Blog #IoThttps://www.gtconsult.com/blogs/tag/IoTWed, 01 Apr 2026 02:59:06 -0700http://zoho.com/sites/<![CDATA[Is cyber security still just a fad?]]>https://www.gtconsult.com/blogs/post/Is-cyber-security-still-just-a-fad

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This is the last week of Cyber Security Awareness Month, and hopefully you have navigated it with any incident.

 

Risk management plays an important role in the financial services industry. Insurers and credit providers take a serious look at risk and invest a lot of time and capital in developing models that will address the identified risk. It gives them an idea of where they are and where they need to be. Its true benefit can be seen in achieving identified deliverables.

 

Risk management also plays a significant role in the technology industry. However, because of the nature of the evolution of this risk, models need to be fluid and have to be extremely adaptable.

 

Serious complexity

Let’s revisit the financial services industry for a second. The reason why risk management plays an important role in this industry is that it is an effective way to address risk. This is only true because the risks that the industry faces haven’t changed much over the past ten years. The reason why risk management in the technology space becomes a challenge is because cyber security is seriously complex.

 

The article points out that consumers, businesses, and entire systems all over the world are under threat on a daily basis. Valuable personal and financial information is exposed and ready for the taking. Simple tasks like using a credit card, a phone, or a computer provide an opportunity to take our money, our identities, and your ways of life. Data breaches are capable of rendering large, powerful companies vulnerable.

 

As the world evolved and became more technological, attacks evolved along with the new developments.

 

A new window to climb through

The article points out that when humans learned to domesticate animals and grow food, larger settlements were established and societies started to flourish in multiple locations across the world.

Sedentary societies then placed value not only in food and clothing, but in things such as cattle, crops, land, houses, and machinery.

 

Commerce was created, value was placed on a new concept - money. Goods were then exchanged for precious metals such as gold, silver, and bronze in the form of coins and paper money years later.

 

The article adds that the value of money prompted societies to create impenetrable fortresses and sophisticated vaults to keep valuables away from the hands of criminals.  As societies became more complex, both crime and remediation efforts evolved along with them. Before the rise of computers, trespasses were much easier to prevent. All we had to do was keep a door locked. The internet has given a new window to climb through for digital assets.

 

This tells us that security has also evolved alongside attacks to give rise to holistic security. Today, digital assets have the highest value. Our neighbourhood is now the entire globe. In response to this new type of cyber criminal, organizations have developed an equally evolved security system.

 

Be prepared!

The article points out that, because of our daily interaction with connected devices, computers, smartphones, and tablets, it’s important that everyone - from the CEO and software developers to suppliers and employees - to be aware. Everyone can play an important part in keeping information safe.

 

The article adds that ransomware has become a headache for businesses and individuals alike. This type of attack can hold data hostage via encryption, which is the process of converting data into unreadable code to prevent access, until the victim pays a large amount of money to get the description keys. Organizations can fall victim to ransomware through drive-by downloads and phishing emails. Millions of people around the world reported encounters with ransomware.

 

While attackers are finding new, innovative ways to threaten the security of an organization, holistic and complete security will give enterprises a chance to fight against any attack and protect their data.

 

The article points out that everyone in the company should have the following questions in mind:

 

-  CEOs; how secure is your company? What risks are you exposed to?

-  Technical Teams; how can you make data easy and accessible to your team without compromising security?

-  Product Owners; at what stage do you integrate security? And

-  Employees; what is your role in cybersecurity? What can you do to protect your company’s data?

 

The article pointed out that it is important for cybersecurity to be a company-wide approach - a combination of people, processes and tools. Organizations should develop security operation centres, which are intelligence-led and are focused on creating high-level defence, cyber hygiene, education, and awareness.

 

The goal? To stress-test your systems, identify, contain and remediate the negative impact fast.

 

Cyber literacy

When my parents were at school, my mom had to do typing lessons as a school subject. It was the same for me when I was at school where a module of Computer Literacy Classes focused on typing. Spoiler alert, I still type with a single finger on each hand looking at the keyboard the whole time.

 

We digress. There is a significant push for subject matter such as coding and cyber security to be included in computer literacy classes in classrooms around the world. Cyber risk literacy should be part of every defensive strategy.

 

The article points out that while almost 95% of cybersecurity issues can be traced back to human error, such as accidentally clicking on a malicious link, most governments have not invested enough to educate their citizens about the risks, according to a report from the Oliver Wyman Forum.

 

Cyber risk literacy of the population

The article adds that cyber literacy, along with financial literacy, is a new 21st century priority for governments, educational institutions, and businesses.

 

“Cyberattacks are now one of the fastest growing crimes globally and are expected to cost organizations more than $600 billion dollars a year by 2021,” Paul Mee of the Oliver Wyman Forum told helpnetsecurity.com.

 

“The situation has become even more pressing during the pandemic as our reliance on the internet has grown. Yet many citizens still lack the basic skills to keep themselves, their communities, and their employers safe.”

 

Fifty geographies were assessed, including the European Union, on the present cyber risk literacy of its population, and the nature of related education and training available to promote and enable future cyber risk literacy.

 

The article points out that the index measures five key drivers of cyber risk literacy and education: the public’s motivation to practice good cybersecurity hygiene; government policies to improve cyber literacy; how well cyber risks are addressed by education systems; how well businesses are raising their employees cyber skills, and the degree to which digital access and skills are shared broadly within the population.

 

How are assessed countries doing?

The article added that Switzerland, Singapore and the UK topped the list because of their strong government policies, education systems and training, practical follow through and metrics as well as population motivation to reduce risk.

 

Switzerland, the number one ranked country, has a comprehensive implementation document that lays out specific responsibilities along with what national or provincial legislation is required. Specific milestones are set, and timelines are assigned to ensure accountability regardless of who oversees the government.

 

Singapore, which is ranked second, has prioritized cybersecurity education efforts from early childhood to retirees. It established the Cyber Security Agency of Singapore to keep its cyberspace safe and secure. Its cyber wellness courses occur over multiple grades and focus on social and practical safety tips such as understanding cyber bullying.

 

The article pointed out that The UK ranked third, has the most integrated cyber system because it incorporates cyber risk into both primary and secondary education. The UK’s National Cyber Security Strategy of 2016-2021 is also one of the strongest plans globally. The US ranked 10th.

 

Countries that rank lower lack an overall national strategy and fail to emphasize cyber risk in schools. Some countries in emerging markets are only beginning to identify cybersecurity as a national concern.

 

“Governments that want to improve the cyber risk literacy of their citizens can use the index to strengthen their strategy by way of adopting new mindsets, trainings, messaging, accessibility and best practices,” Mee told helpnetsecurity.com. “With most children using the internet by the age of four, it is never too early to start teaching your citizens to protect themselves.”

 

Problematic issues

Another article by helpnetsecurity.com pointed out that cybersecurity is failing due to ineffective technology.

 

A failing cybersecurity market is contributing to ineffective performance of cybersecurity technology, a Debate Security research reveals.

 

The article pointed out that, based on over 100 comprehensive interviews with business and cybersecurity leaders from large enterprises, together with vendors, assessment organizations, government agencies, industry associations and regulators, the research shines a light on why technology vendors are not incentivized to deliver products that are more effective at reducing cyber risk.

 

The report supports the view that efficacy problems in the cybersecurity market are primarily due to economic issues, not technological ones. The research addresses three key themes and ultimately arrives at a consensus for how to approach a new model.

 

Cybersecurity technology is not as effective as it should be

The article pointed out that 90% of participants reported that cybersecurity technology is not as effective as it should be when it comes to protecting organizations from cyber risk. Trust in technology to deliver on its promises is low, and yet when asked how organizations evaluate cybersecurity technology efficacy and performance, there was not a single common definition.

 

Pressure has been placed on improving people and process related issues, but ineffective technology has become accepted as normal – and shamefully – inevitable.

 

The underlying problem is one of economics, not technology

The article added that 92% of participants reported that there is a breakdown in the market relationship between buyers and vendors, with many seeing deep-seated information asymmetries.

 

Outside government, few buyers today use detailed, independent cybersecurity efficacy assessment as part of their cybersecurity procurement process, and not even the largest organizations reported having the resources to conduct all the assessments themselves.

 

As a result, vendors are incentivized to focus on other product features, and on marketing, deprioritizing cybersecurity technology efficacy – one of several classic signs of a “market for lemons”.

 

Coordinated action between stakeholders only achieved through regulation

The article pointed out that, unless buyers demand greater efficacy, regulation may be the only way to address the issue. Overcoming first-mover disadvantages will be critical to fixing the broken cybersecurity technology market.

 

Many research participants believe that coordinated action between all stakeholders can only be achieved through regulation – though some hold out hope that coordination could be achieved through sectoral associations.

 

The article added that, in either case, 70% of respondents feel that independent, transparent assessment of technology would help solve the market breakdown. Setting standards on technology assessment rather than on technology itself could prevent stifling innovation.

 

Defining cybersecurity technology efficacy

The article pointed out that participants in this research broadly agree that four characteristics are required to comprehensively define cybersecurity technology efficacy.

 

To be effective, cybersecurity solutions need to have the capability to deliver the stated security mission (be fit-for-purpose), have the practicality that enterprises need to implement, integrate, operate and maintain them (be fit-for-use), have the quality in design and build to avoid vulnerabilities and negative impact, and the provenance in the vendor company, its people and supply chain such that these do not introduce additional security risk.

 

“In cybersecurity right now, trust doesn’t always sell, and good security doesn’t always sell and isn’t always easy to buy. That’s a real problem,” Ciaran Martin, Advisory Board Member at Garrison Technology told helpnetsecurity.com.

 

“Why we’re in this position is a bit of a mystery. This report helps us understand it. Fixing the problem is harder. But our species has fixed harder problems and we badly need the debate this report calls for, and industry-led action to follow it up.”

 

“Company boards are well aware that cybersecurity poses potentially existential risk, but are generally not well equipped to provide oversight on matters of technical detail,” John Cryan, Chairman Man Group told helpnetsecurity.com.

 

“Boards are much better equipped when it comes to the issues of incentives and market dynamics revealed by this research. Even if government regulation proves inevitable, I would encourage business leaders to consider these findings and to determine how, as buyers, corporates can best ensure that cybersecurity solutions offered by the market are fit for purpose.”

 

“As a technologist and developer of cybersecurity products, I really feel for cybersecurity professionals who are faced with significant challenges when trying to select effective technologies,” said Henry Harrison, CSO of Garrison Technology told helpnetsecurity.com.

 

“We see two noticeable differences when selling to our two classes of prospects. For security-sensitive government customers, technology efficacy assessment is central to buying behaviour – but we rarely see anything similar when dealing with even the most security-sensitive commercial customers. We take from this study that in many cases this has less to do with differing risk appetites and more to do with structural market issues.”

 

Be cyber smart

Cyber security is advancing at a rapid rate. Companies are no longer able to keep a constant eye on their employees and offer the protection that they need. a measure of this responsibility rests on the shoulders of those below board level.

 

Use a strong password

The article points out that having to manage a large number of applications and software, the easiest option for most users would be to pick a password that is easy to remember, and then apply it across the board.

 

While this might be a convenient option, it is definitely not the safest. Cybercriminals these days use tools that sniff out passwords reused on other sites to make their work easier and to make the stolen passwords and data more lucrative on the dark web. Hence, it is recommended that you choose strong passwords, using different alpha-numerical combinations, as well as change them periodically.

 

Opt for two factor authentication

The article adds that the rule of thumb should be when creating any digital account, always set up two-factor authentication (2FA).

 

It’s a common practice to login to accounts using multiple devices, most often of colleagues, or people we trust. Just trusting the person is never enough. It is their machines that you must trust. In case, you have logged into a network on a PC with malware, you are essentially letting cybercriminals access your data. In such cases, having 2FA, helps to prevent egregious attacks where a cybercriminal tries to login to your account and steal your data.

 

Safeguard your entry points

The article points out that all it takes is one weak entry point, to allow a cybercriminal access to your entire network.

 

By forgetting to close down the access points that are not being used, this can be an open door for hackers to enter, and place malware on to your network.

 

Lookout for signs of a scam

The article points out that phishing attacks have become increasingly common these days, and are using several tactics to target vulnerable users. At the same time, there are often several tell-tale signs of a scam in the making, which you can easily spot, if you keep a sharp lookout for them. For example, emails with improper grammar, and spelling mistakes are one of the biggest giveaways. Additionally, links that promise freebies and then request you to enter card details too are illegitimate.

 

Frequently update your system

The article adds that inexpensive home internet devices are prime targets for hackers. A best practice is to update these frequently, and apply all security patches quickly. In the case of older devices, which no longer receive firmware updates, they should be immediately switched out for newer models, to prevent hackers from controlling traffic through routers, and implementing various attacks.

 

Cybercrime is advancing at a rate which we can no longer afford to take lightly, or ignore. No organization or user today can be considered too small to be a potential victim, hence there is a strong need to create awareness on phishing or targeted attacks. Furthermore, the increased dependence on technology to stay connected, and ensure business continuity, has opened the floodgates to a whole new set of potential cybersecurity vulnerabilities that users must be conscious of. By practising these simple tips and maintaining good IT hygiene, we can be cybersmart, and safe on the internet.

 

There are other helpful, yet simple, tips to follow:

- increase your online privacy. Protect your online accounts by implementing multifactor authentication and using strong passwords, which consist of letters, numbers and special characters. Individuals should also refrain from accessing banking information or making online purchases when connected to an unsecured public network;

- stay secure while you work. As more employees work virtually during the COVID-19 crisis, they should be more vigilant about internet scams and online fraud. Business and personal information should be treated with the same care; avoid sharing it with unfamiliar parties or over unsecured networks. It is important to keep the security software on your business devices up to date, because only one employee needs to be compromised for an entire organization to experience a data breach;

- use social media responsibly. Social media is a great way to connect with friends and family, but it can also allow scammers and cybercriminals to target you. Only accept friend requests from people you trust, avoid clicking links in messages from strangers, and refrain from posting your personal information online. Remember to be careful about what you share. Remember, there is no “delete” button online.

 

“The responsibility to fight cyber crime is upon all of us. We cannot stand back and say that it should be an issue that needs to be tackled at board level. We are all exposed and we can all take a stand against this. Simple interventions, and being aware, can definitely go a long way to address this. Are you going to play an active role?” asks Craig Tarr, CEO of GTconsult. 

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]]>Tue, 27 Oct 2020 08:38:59 +0000<![CDATA[Living A Smart City Life]]>https://www.gtconsult.com/blogs/post/living-a-smart-city-life

Living A Smart City Life

Imagine a world where streetlights go brighter as activity increases on a street, yet dim when the activity subsides. Imagine a world where you are driving a car and are notified when there is a parking space available, and that parking space is unique to you? Gone would be the days of driving aimlessly to find a parking spot and then fighting somebody for it.

Imagine a world where vehicle ownership is a thing of the past, where your journey home from work is made using hired bicycles and communal vehicles? A world where traffic lights operate differently during peak traffic times according to traffic pressure found on the roads?

This is world of smart cities, where telematics dictates order and runs the city like a well-oiled machine. We have spoken in depth about the shared economy that we increasingly find ourselves living in. This will not only be driven by technology, but by the internet of things (IoT) and smart devices which interact with each other to personalise a unique experience for a person on a daily basis. Just think about it…no two days will ever be the same again.

The debate about this needs to go beyond whether we are ready to be living in smart cities or not, because I think that it will eventually be forced upon us. No, the debate we need to be having is whether the advantages of living in these cities outweigh the challenges/risks that will be encountered on a daily basis.

The freedom we want

I recently read an insightful article on allaboutcircuits.com regarding smart cities and their future. What became clear is free wifi will play an important role.

The article states that in the context of a smart city, free internet access provides more opportunities for both city administrators and citizens. Widely available Wi-Fi access will springboard an even more prevalent use of Internet of Things applications: data collection. A reliable network within a city also enables more innovative use of its services. The city can use data on how its services are used to become more efficient and streamlined.

Socially, individuals who may not otherwise have reliable access to online services will now be able to go online for free for education, job searches, or to communicate. The ability to access online resources will become increasingly important in bridging inequality gaps between socioeconomic groups as more business takes place online.

The Spanish tango

Barcelona was one of the first cities in the world and has benefited immeasurably from this technological focus.

The allaboutcicuits article pointed out that there are over 1 000 access points spread across the city to provide free Wi-Fi, including at outdoor facilities and on buses.

The service is provided in a private-public partnership with Aptilo Networks, which manages and distributes the access points.

Spain faced economic difficulties in the 2000s and, in response, began utilizing sensor and IoT applications to increase the efficiency of Barcelona city services.

An investment in the city’s smart capabilities has saved Barcelona millions by providing more useful data for more efficient delivery of services, providing opportunities for economic growth for citizens, and better connecting the city as a whole.

The local situation

So how would South Africa benefit from a focus to work towards implementing smart cities?

A recent article on the businesslive website discussed this in depth. The article pointed out that South Africa’s large metros often struggle to meet citizens’ needs, which drives conversations about the technology of smart cities.

These challenges are expected to grow in the years ahead due to increasing urbanisation, and in Africa this has become a significant driver of conversations focusing on smart cities.

The good news is South Africa has already made exciting progress, with IoT projects under way and the development of smart cities at the top of the agenda. These, it should be noted, work hand in hand. In fact, the IoT is essential to the success of a smart city, as it bridges the physical and digital worlds.

Doing so enables a metro to gather real-time data from millions of objects, such as water meters, electricity meters, waste bins, traffic lights and street lights. This forms the basis on which contextual data can be collected, analysed and used to manage the city in a smarter, predictive and proactive way.

The agricultural future

South Africa has recently come off the back of one of the worst droughts it has experienced in recent history. Cape Town is still reeling in shock over water supply issues and one feels that the city will learn some valuable lessons about water management in the future.

The businesslive website pointed out that in the near future, for example, nations’ growing populations will be fed by crops that are smartly planted at the right time and in precisely the right place to produce maximum yield. Using the IoT, farmers will be informed via connected sensors of the precise dosage of water, fertiliser and nutrients that the piece of cultivated land will need to produce an optimal yield in terms of volume and quality.

As the increasing demand for food and the effects of climate change on food security become dominant concerns, smart agriculture is just one of the ways in which the IoT will prove its value.

The dark side

This brings us to the next question, is everything about smart cities all good? what are the challenges we would face?

Privacy is one of them. This is a growing issue in a world where cyber criminals are the new threat. A recent article on iot-fo-all.com asks the questions we all have in mind.

Smart cities will enable authorities to track a person’s location at all times by using video feeds across the city (in busses, outside stores, etc), facial recognition, and other sensors/technologies. Although a person’s activity may take place in public, this information can nonetheless be extremely private. For instance, people may need to travel to an HIV clinic, to a psychiatrist, to an abortion clinic, etc.

So what does smart city privacy look like? Should it be illegal to collect and store a person’s location information? What about when this tracking isn’t explicitly enabled but can still be pieced together from a variety of other data sources? Should those other sources of data collection be made illegal too?

The debate is relevant because it is becoming a reality. As with most things, I am optimistic about the future of technology. However, this optimism comes with a caution. As we embrace this, we need to be aware of the challenges it poses.

]]>Thu, 08 Jun 2017 15:29:00 +0000<![CDATA[Looking into the future]]>https://www.gtconsult.com/blogs/post/looking-into-the-future

We have done a lot of blog articles on the future impact that technology will have on businesses.

While some people may say that this is becoming a boring topic, I disagree. Technology progresses so much on a daily basis that it becomes hard to quantify the impact that technology will have on our daily lives without revisiting this topic on a regular basis.

Last year saw some interesting developments in the IT infrastructure space, including the growth of the Internet of Things (IoT) and the launch of low range networks that enable more devices to be connected and communicable.

According to research undertaken by Gartner, 2017 will also be seeing new trends emerging such as the growth of intelligence and connectedness through the launch of new apps and many more IoT devices, while artificial intelligence, machine learning and virtual and augmented reality are expected to make significant progress.

Much of the same

Despite a few significant technologies, the key underlying technology trends remain the same, albeit reworded or regrouped. We are still moving towards the world that is ever more connected, meshed and customer centric.

Businesses need to pay attention to this underlying theme of transforming digitally, as it seems set to stay for the next few years and should form part of every organization’s 5-year strategy.

One of the most significant changes when comparing Gartner’s 2015 predictions for 2016, and 2016 predictions for 2017, is the expansion of the mesh environment to encompass Conversational Systems, Digital Technology Platforms, Meshed Applications and Service Architecture (MASA) and Adaptive Security Architecture (ASA).

Meshed devices are still important, as we all need devices that are interoperable and connected. However, the onus for this interoperability and connectivity is now on mesh applications and the underlying service architecture that is MASA rather than the hardware itself.

Shifting thinking

Businesses no longer need to think up products and services based on what they think the market needs. There is an abundance of customer data available that businesses can leverage to predict what consumers actually need, and build solutions and services around this.

This type of customer centricity means that there is a demand for an agility in thinking that was previously not possible.

MASA weaves together web, mobile, desktop and Internet of Things (IoT) applications, exposing Application Program Interfaces (APIs) at multiple levels and across traditional boundaries. This, in turn, helps to improve the scalability of services, enhances agility and enables technology to be easily repurposed and reused.

It also helps to facilitate a seamless experience across different channels and optimizes the experience depending on the endpoint device in use.

Another emerging trend that has seen a change between 2016 and 2017 is that of IoT platforms, expanding and evolving into the more inclusive digital technology platforms, which form the foundation of the digital business.

Within this space, the platforms consisting of information systems, the customer experience, analytics and intelligence, business ecosystems and the 2016 listed trend, IoT, allow new business solutions to be agile, integrated and scalable.

Organizations need to develop the right mix across these digital technology platforms in order to meet the demands of digital transformation and satisfy their customers.

What to consider

The combination of MASA and new digital technology platforms create a far greater target for security threats than previously known. The more touchpoints there are in this meshed world of connected everything, the more potential access points there are for cyber criminals too.

While cyber security itself is not a new issue, the perpetrators of cyber-attacks continue to evolve and, as we add new technologies, we are faced with new security challenges. Thus, the emergence of adaptive security architecture has become a hot topic.

Adaptive security architecture goes beyond traditional IT security measures and effectively uses predictive data analysis and artificial intelligence capabilities to continuously monitor a network and automatically adapt and evolve accordingly.

It constantly analyses for any sign of infiltration, breach or security anomaly in order to react faster and more efficiently as it grows.

The business impact

It is no secret that the majority of business transacting takes place in the virtual sense today, and that customer approval and desire is a hot commodity.

The ease with which people can access what they want and change service providers when they are not getting what they want means that businesses who are not transforming will eventually be left behind.

However, it is important to note that transformation is a process and, with the right technology partner, there is time yet for businesses to start investigating these trends, tapping into new technologies to drive customer centricity and business success.

The cyber threat

With technology comes a new breed of criminals. Gone are the days of miscreants barging into a building with a balaclava and gun in hand to rob the business. The new breed of criminals are silent, unseen and brazen as they exist in relative anonymity in the digital world.

How bad is the situation? We already know that the US and the UK are spending millions trying to contain the threat. Reports from other parts of the world point the growing nature of the problem.

Reports from Germany show that the German government registered 82 649 cases of computer fraud, espionage and other cybercrimes in 2016, an increase of just over 80 percent from 2015.

According to a report on the SABC official website, cyber-attacks are increasing at an alarming rate. In 2015, more than 500 million personal records were stolen or lost due to cyber-crime, since then Phishing, a form of cyber-fraud increased to 55%.

In 2014, South Africa had the highest number of cyber-crime on the African continent. In the same year, the country lost R50 billion in cyber-attacks due to phishing messages and opening attachments.

Cybercrime in Zambia has also increased significantly (23%) in the last two years, according to a new report by PricewaterhouseCoopers (PwC). The report stated that financial loss attributed to cybercrime was at 58%, while reputational damage was measured at 57%.

Almost two-thirds (65%) of the respondents suffered a loss of below $100 000 compared to just 19% in 2014, and that the number of respondents experiencing losses of between $100 and $1million has escalated from 7% in 2014 to 11% in 2016

In 2016, .3% of cybercrime incidents resulted in losses of over $1 million, up from 1% in 2014.

PwC partner Andrew Chibuye said the increase in the use of technology platforms has brought about greater risk because of exposure to cyber criminals. And this comes as no surprise.

]]>Thu, 11 May 2017 15:20:08 +0000<![CDATA[The Rise of the Machines]]>https://www.gtconsult.com/blogs/post/the-rise-of-the-machines

When James Cameron released The Terminator in 1984, I was obsessed. It was in a sense a glimpse into our future. While we are not seeing giant robots running around trying to kill each other, machines are taking over our lives in more ways than we think.

The Fourth Industrial Revolution, and the Internet of Things (IoT), has changed the way that we interact with our world. Because of this, it has also fundamentally changed the way that we are required to approach business.

We are now presented with the same conundrum. However, it is on a much larger scale. Digitisation is proving to be a major influencer in the industry and requires all of us to take a step back and ask: what does it mean for my business?


Trends we should know about

In order to answer this question, we need to establish what needs to be done to drive our business forward in order to remain relevant.

The one thing that is changing in the industry is that everybody is talking about Big Data. By 2020, there will be 50 billion connected devices in the world, and we need to see how we get the information from these devises and use them to our advantage. Sensors in these connected devises will determine how you interact with the world and can tell you a lot about your client’s habits.

**Internet through things **

The broad term to describe the devices described above is IoT. However, we need to stop referring to IoT and rather refer to the Internet Through Things because connectivity permeates everything we do in the world.

This is becoming possible through Artificial Intelligence which is taking over the world one small step at a time. By the end of the year, the United Arab Emirates will be launching passenger drones which will pick people up and transport them from one location to another.

Day to day jobs will be taken over by robots. Statistics show that by 2057, 47% of the jobs that are currently in the industry will not be available. This will possibly affect rules based jobs the most.


Blurred lines

We need to start selling client experiences. Technology, through Augmented Reality and Virtual Reality, are changing the game.

Augmented reality is a live direct or indirect view of a physical, real-world environment whose elements are augmented (or supplemented) by computer-generated sensory input. Gamify your products and services to show clients what they want and sell products accordingly.

Virtual reality typically refers to computer technologies that uses virtual reality headsets to generate the realistic images. Again, gamify your product offering and sell accordingly.

Humans need to work alongside technology in order to make products and services creative enough to entice clients. It allows us to maximise our offerings and to explain.


The daily grind

The growth of technology has enabled criminals who find that they now have an easy and anonymous launch pad to commit crimes unseen and often unnoticed until it’s too late.

In 2015 alone, there were over 3930 incidents. In terms of protection against cyber crime, those preventing it need to be as busy – and sometimes busier – than those perpetrating the crimes. In terms of the establishment of legal frameworks to prevent these crimes, the US and UK are leaps ahead of the rest of the world.

The true cost of cyber crime impacts companies more than they realise. Business costs which are not immediately considered include reputational costs, day-to-day business costs, investigation costs, contractual costs, notification costs as well as regulatory and litigation costs.


A useful yardstick

One of the biggest things that cyber criminals target is sensitive client information. The protection of this information is central to any business and is protected by law in most global destinations.

The same will ring true for South Africa once the Protection of Private Information (POPI) Act is promulgated in its entirety. As of now, Pansy Tlakula has been appointed the regulator of the organisation that will enforce the POPI Act. She has in the past indicated that it would take two years from the time of her appointment to get all proper procedures in place, so we are looking at the full implementation of the Act at the end of 2018.

It is most likely that POPI will look similar to the UK Data Protection Act when it comes to best principles. This would not be a bad thing.

UK best practice principles point out that inventory of the collected information needs to be taken. Following this, risk assessment of the information needs to be conducted. Technological measures need to be implemented and employees need to be made aware of the sensitive nature of the information. The system administrator then needs to make sure that there is limited access and password protection and that audit logs to be put in place. This may seem like a very involved process, but it is necessary and has worked for Britain.

**More weight **

There is also a strong possibility that POPI will be guided by the Cyber Crimes Securities Bill.

This bill is extensive in nature and leaves perpetrators in no doubt about the seriousness of the offence that they committed.

Cybercrimes will be defined as, among other definitions, as :

  • The unlawful securing  of access, acquisition, interference with data or computer
  • systems;
  • The unlawful acquisition, possession, provision, receipt, or use of passwords and
  • Unlawful acts in respect of hardware or software tools.

Punitive measures for such offences are also significant. Measures include a fine and/or imprisonment of between 5 and 15 years.

Cyber offences will be defined as, among other definitions, as:

  • A data message which is harmful or incites damage to property; and
  • The distribution of a data message of intimate images without consent.

Punitive measures include fine and/or imprisonment not exceeding 3 years.


The business response

While technology leads business, it falls on us – as business owners – to lead our clients. We need to get closer to our clients, so close that we will anticipate their need before they are even aware of it.

Humans are unpredictable by nature. What the Fourth Industrial Revolution has done is that it has provided business with predictive modelling (though IoT and Big Data) to gain key insights into our clients and their behaviour. It makes it possible to anticipate what our clients want or need and then act accordingly.

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