The rapid adoption of emerging digital systems represents a significant evolution away from the technology of the past. High-tech will transform every avenue of day-to-day life whilst also bringing about dynamic cybersecurity challenges for businesses and organisations of all sizes. As such, this blog will identify transformative technology, the opportunities it brings and importantly its associated risks.
The number of high-tech businesses in Greater Lincolnshire is increasing, with the region being at the forefront of pioneering research and development, indeed increasing by 20% in the last 10 years. Local high-tech businesses have put robotics, automation and Artificial Intelligence on the digital map, critically underpinning solutions to key global challenges within various sectors, ranging from Healthcare to Defence. Delivered through transformative technology, Lincolnshire businesses are playing their part in reshaping the future.
It is no secret that transformative technologies are fuelled by data. To remain competitive, organisations are collecting, storing, analysing and sharing their data more than ever before. Advancements in connectivity and machine learning now means organisations and their suppliers are increasingly hyperconnected and operating on sophisticated shared infrastructures. By doing so, high-tech businesses are relying heavily upon a digital infrastructure to conduct day-to-day operations to develop new opportunities. But as is often the case with new opportunities comes new risks, especially when it comes to technology.
Opportunities emerging technology brings to Lincolnshire and beyond:
Environment – Integrating digital infrastructures will facilitate more efficient supply chains, reducing waste and CO2 emissions and increasing output within the sector.
Safety – 96% of accidents in the UK are caused by human error. Advancements in robotics and Artificial Intelligence are creating opportunities to remove humans from hazardous environments alongside removing human error from safety-critical decisions, thus reducing work-related injuries or worse.
Health – The delivery of healthcare is being transformed, with the potential of more successful, available and personalised treatment alongside accelerated drug discovery.
Defence – The increasing influence of high-tech within the Defence industry has led to more advanced manufacturing techniques, enabling the development and deployment of military equipment, counter measures, protective clothing and weapons.
Threats facing emerging technology
High-tech organisations can no longer simply consider their own individual capabilities to ensure cyber security and resilience. Threat actors are increasingly targeting high-tech organisations due to the nature of their work in order to access, research and development, IP and stored data. Failure to ensure resilience and effective security within high-tech organisations will have catastrophic consequences, but what are the main threats they face?
IP theft – The combination of increasing global competition and the digitalisation of IP has made an organisations ‘crown jewels’ an attractive and lucrative target for cyber criminals.
Customer data loss – The increased value in employee and customer data has made it a key target for cyber criminals. A resulting breach could lead to large GDPR fines alongside diminished trust and damaged corporate and brand reputation.
Hacktivists – Illegal groups actively targeting high-tech organisations to take down services and facilitate reputational damage.
Cloud vulnerabilities – Extending the network perimeter through cloud native systems has facilitated new risks, which can be easily accessible by cyber criminals.
To learn more about the threats facing high-tech businesses click here
How can high-tech organisations respond?
The rapid expansion in high-tech organisations digital infrastructure now means traditional network perimeters are exposed to new cyber threats. The first step in defending your organisation is to understand the threats you face. Cyber security audits are a valuable tool for organisations that have not yet identified external risks, vulnerabilities, and threat exposure. Conducting a cyber resilience audit, such as COBRA, will identify and highlight your businesses risks and provide you with a Remediation Plan to protect your business from cyber threats.