The impact of 5G on cyber risks
5G technology has the potential to revolutionize all sectors of the economy and give way to an unimaginable future: hyperconnected and rich in foreseen devices and sensors that still have a long way to go. It may considerably transform every aspect of our lives, from transportation to medicine and even entertainment.
However, as 5G technology gives rise to a highly connected and efficient world, it will dramatically increase the cyber-attack surface through the significant number of new devices, networks, and connections
5G technology poses considerable challenges for computer security. New devices will inevitably have security flaws and vulnerabilities.
Hackers will have more targets and conceive new types of attacks that may be unknown to security researchers. Such attacks may affect the data confidentiality, integrity, and availability and human health and well-being.
Likewise, 5G technology will create larger, richer, and valuable data sets that hackers will attack motivated by financial gains. Intruders will look for ways to steal and monetize data by selling it, using it directly to create new products or technologies, or simply “hijacking” it and demanding ransom payments (as we have seen recently).
Companies will have to improve their IT security to protect their precious data and meet new regulatory requirements with the implementation of 5G.
The world is about to go through revolutionary changes. 5G technology can drastically improve our quality of life, health, and well-being, but also expose us to new risks. Proactive risk managers must start preparing today.
On the one hand, companies will transform their business models and improve profitability enormously. On the other hand, risk profiles of companies will change, which will generate the need to rethink risk assessment, controls, and investments.
What will be the role of the risk manager in this transition? Helping organizational leaders analyze and understand the transition to 5G technology. Data, facts, and analytics will allow executives to create new business strategies and, above all, prepare for potential unintended, or accidental consequences.
At AIG, we have the resources to assist companies to take over this risk assessment. We are committed to supporting and collaborating with businesses, universities, researchers, and governments to ensure that the transition to the 5G world happens safely, and quickly. We have a team of professionals to provide you with excellent service.
Ask your authorized insurance agent or broker to guide you and design coverage with adequate protection, or you may call us at (787) 767-6400.
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