Cybersecurity Risk in Emerging Technologies

Cybersecurity risk in emerging technologies is a growing concern for businesses as they adopt new technologies to improve their operations. Emerging technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing are transforming the way businesses operate, but they also introduce new risks and vulnerabilities that need to be addressed.

The key elements of cybersecurity risk in emerging technologies include:

• Data protection: Emerging technologies generate and process large amounts of data that need to be protected from unauthorized access, theft, or damage. This includes implementing encryption, access controls, and monitoring, as well as conducting regular risk assessments and audits¹.
• Supply chain security: Emerging technologies rely on complex supply chains that involve multiple vendors and partners. This introduces new risks and vulnerabilities that need to be addressed through effective supply chain security controls. This includes defining the requirements and obligations of suppliers, as well as monitoring and enforcing their compliance status².
• Regulatory compliance: Emerging technologies are subject to a wide range of regulations and standards that govern their use and operation. Businesses need to ensure that they comply with these regulations and standards to avoid legal liabilities and reputational damage³.
• Incident response: Emerging technologies are vulnerable to cyberattacks that can have severe consequences for businesses, including financial losses, legal liabilities, and reputational damage. Businesses need to develop and implement an incident response plan that outlines the steps to take in the event of a cyberattack⁴.

To create a secure and compliant enterprise environment, businesses can adopt the following steps:

• Identify the emerging technology risks that are associated with their operations and IT/OT systems, processes, and controls. This includes conducting a comprehensive and accurate inventory of assets, identifying the potential threats and impacts of cyberattacks, and evaluating the effectiveness and efficiency of existing controls¹.
• Establish emerging technology security controls that address the risks and vulnerabilities of their operations and IT/OT systems, processes, and controls. This includes implementing technical and procedural controls that align with the regulatory frameworks and industry-specific standards, as well as monitoring and testing the effectiveness and efficiency of the controls¹.
• Ensure supply chain security by defining the requirements and obligations of suppliers, as well as monitoring and enforcing their compliance status. This includes conducting due diligence on suppliers, monitoring their compliance status, and enforcing contractual obligations².
• Comply with the relevant regulations and standards that govern the use and operation of emerging technologies. This includes understanding the requirements and expectations of the regulations and standards, as well as implementing appropriate policies, procedures, and controls to ensure compliance³.
• Develop and implement an incident response plan that outlines the steps to take in the event of a cyberattack. This includes identifying the incident, containing the incident, investigating the incident, and notifying the affected parties⁴.

More information and resources on cybersecurity risk in emerging technologies:

• Emerging Technologies and Cybersecurity Risks | Deloitte US
• Supply Chain Security: A Comprehensive Guide | Digital Guardian
• Cybersecurity Compliance: What You Need to Know | Digital Guardian
• Incident Response Planning: 6 Steps to Developing an Effective Plan | Digital Guardian

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