emerging technologies Archives

Emerging technologies are helping to make global trade more efficient, predictable, and easier to manage – with AI, the Internet of Things, blockchain, and quantum computing all playing significant roles.

However, with emerging technologies, there are emerging threats. Businesses invest more than $202 billion globally in cybersecurity measures alone, and this trend is likely to continue.

Although there are myriad benefits of adopting emerging technologies to support global trade, it’s wise to safeguard trade operations against increasingly sophisticated attack vectors. Let’s explore why, and how.

Emerging Technologies Transforming Global Trade

Trade operations are already adopting cost- and time-saving technologies en masse, such as:

Artificial intelligence (AI), which helps companies to automate shipment dispatch, tracking, inventory management, and chain optimization, and build detailed trend analyses. However, AI is fallible – for example, if it’s hacked, it could expose extremely sensitive data on which it’s trained.
Blockchain, which supports trade by helping companies securely record transactions with irrefutable trust, and speed up processing time. However, blockchain is vulnerable to attacks, which can lead to the leaking of assets and confidential data.
The Internet of Things (IoT), which allows devices to communicate with each other and share data. This helps companies cut down human effort and eliminate shipping and tracking errors. However, hardware can be exploited through weak security measures such as a lack of encryption.
Quantum computing, which helps trade businesses to crunch and analyze complex market data faster and in greater volumes than they traditionally might, helping companies to make more confident, reliable decisions. However, the incredible power of quantum computing can hypothetically lead to decryption of sensitive data.

Threat vectors such as distributed denial-of-service (DDoS) attacks are surging by 82% year over year. These attacks, which broadly target IoT and are increasingly using AI, put businesses in the supply chain at serious risk of data compromise.

Cybersecurity Challenges in the Digital Trade Landscape

Despite the apparent warnings that data protection is vital in digital supply chain management, companies must navigate several key risks (and deployment challenges).

The most significant issues and challenges facing digital trade in the here and now include:

1. Control over data privacy

With bad actors able to exploit IoT devices and break into trade systems with brute-force attacks and password stuffing, companies on the global supply chain could lose data, money, and reputation due to simple mistakes. These mistakes could then slow down or make trade more expensive for other parties as they look to partner with more reliable firms.

2. Vulnerabilities in cloud systems

Many supply chain companies rely on third-party servers, devices, and applications, several in the cloud. Weaknesses within the cloud – and at the side of third parties – can leave entire supply chains open to attack.

3. IP theft

Theft of sensitive data such as IP documents, trade secrets, blueprints, and prototypes can leave companies and stakeholders open to severe financial and reputational damage. IP theft could stunt the growth and performance of major players in global trade, leading to loss of revenue, compliance fines, and even internal cuts.

4. Compliance adherence

Trade firms operating in international supply chains need to ensure that their stored and shared data is encrypted and protected, even under the increasingly complex demands of regulatory bodies. If unmet, such demands, such as those imposed by the General Data Protection Regulation (GDPR) in Europe, could cost firms millions of dollars. These fines could put some firms out of business completely, leaving some chains without essential partners.

Ultimately, failing to take cybersecurity threats posed by emerging technologies seriously could result in mass data loss, loss of revenue and contracts, reputational damage, and regulatory fines.

Strategies for Enhancing Cybersecurity in Global Trade

Of course, the best way to approach such challenges is to be proactive and focus on over-prevention.

In most cases, it’s recommended that trade firms work closely with cybersecurity experts to design systems that can scale with cyber threats as they evolve.

Some of the best strategies for boosting cybersecurity in global trade include:

1. Following cybersecurity frameworks. With or without cybersecurity expert support, firms should consider following frameworks such as NIST, which offer guidelines and templates to ensure data is safe against modern threats. Recommended frameworks also ensure broad compliance.

2. Carefully assessing partners. Six out of ten companies on supply chains now consider cybersecurity a major buying consideration. By carefully assessing third parties’ security standards, you can be better assured your own data – and those of other partners – is also protected.

3. Encrypting data at all levels. Regardless of where data is stored and shared, operators should ensure all data read, used, and sent is encrypted against outside interception. This is especially important for trade partners with unique or particularly sensitive IPs that third parties rely on.

4. Running audits and penetration tests. Penetration testing is a reliable way to measure and account for potential security threats and vulnerabilities that may go unnoticed. Regular auditing can help businesses stay robust amid other supply chain challenges and ad hoc changes.

5. Investing in advanced strategies. While evolving technology such as AI and quantum computing can threaten data security, it’s wise for trade business operators to adopt it for their own security. For example, quantum computing could help produce stronger, more efficient threat analysis, preventing attacks and therefore strengthening reputations in global trade.

6. Collaborating with and training everyone involved. Supply chain firms should always consider collaboration as key when protecting sensitive data. By training staff carefully and raising awareness and protection capabilities with stakeholders, more people within the firm will be better prepared in the event of a cyber attack.

All of the above strategies are particularly beneficial in global supply chains simply because they prevent the threat of attacks slowing down or even permanently disrupting trade. Your security measures protect more than just your systems and IP, but global consumers and other partners, too.

Future Outlook

The future is as exciting as it is threatening for trade firms and supply chains. Companies must adopt and embrace new technologies as it is to prepare against them, and the cybersecurity landscape is always evolving.

More and more business operators are working directly with cybersecurity professionals to design scalable, protective solutions to react faster to threats and eradicate problems on sight. Given that no one can be 100% sure of the threats lurking around the corner, it’s wise to have a flexible, scalable threat response system in place so you can evolve with technological threats.

Six out of ten IT professionals see AI as vital in the fight against emerging cyber threats. With 90% of US businesses already using the technology in some capacity, AI cyber protection is well on its way to becoming necessary in sensitive supply chains where trade secrets and supply flow require critical protection.

Conclusion

Although evolving technology is bringing various cyber security challenges, AI, IoT, blockchain, and more are also helping firms on the supply chain fight back against such risks.

Instead of fearing new technology with regard to supply chain threats, trade businesses should feel empowered to embrace change – and allow cybersecurity experts to show them how AI and more can support them.

Author Name

Michael Aminzade is Vice President of Managed Compliance Services at VikingCloud and has over 26 years of experience within cyber, information security and compliance industries. Michael’s experience covers the full spectrum from internal information security where he has been the CISO for a large global service provider to running large global consulting teams.

As an industry leader, Michael often has articles published across different publications such as Computer Weekly and Compliance Today. Michael is often asked to speak at different events such as RSA, InfoSec Europe, and Black Hat.

Safety is a critical consideration for any workplace. Every business is subject to some amount of risk, and without proper precautions, companies could endanger employees or hinder their focus. While workplace safety isn’t a new concern, it is particularly prominent at the moment.

A 2020 poll revealed that only 65% of American workers feel completely satisfied with their physical safety at work. That figure is down 74% from the previous year and the lowest it’s been since 2001. Facilities must become more secure, and thankfully, new technologies provide a way forward.

While cybersecurity may get more press in conversations about security technology, recent advancements have pushed physical safety further, too. Here’s a closer look at some of the emerging technologies for facility security.

Artificial Intelligence

Artificial intelligence (AI) is one of the most disruptive technologies across industries today. As of 2020, 50% of surveyed companies had implemented AI. While its most popular use cases are in optimizing business processes or automating routine tasks, it has significant potential in security.

Machine vision algorithms can scan CCTV footage to recognize when someone is carrying a weapon. They can then instantly alert security staff or other employees, enabling quick, effective action. Since AI typically works far faster than manual processes, its speed could potentially save lives.

Similarly, AI could analyze audio signals to detect nearby threats. Studies suggest that people report only 20% of heard gunfire, mostly from being unsure of the noise’s source. AI could recognize these threats faster and more accurately, leading to timelier warnings and emergency calls.

IoT

Another emerging technology that has seen use cases far beyond security is the Internet of Things (IoT). IoT sensors’ ability to gather and send information in real-time makes them an indispensable facility safety tool. These sensors can virtually extend security staff’s reach, letting them monitor areas without traveling to them.

Even implementing IoT connectivity in everyday objects can improve facility security. For example, IoT-connected smoke detectors could send alerts to employees’ phones when they detect a fire in the building. These devices could then connect to a facility’s smart locks, opening safe passages while blocking compromised areas.

IoT connectivity can also improve workplace safety through predictive maintenance. These systems can make predictions about needed upkeep 20% faster and with higher accuracy than traditional means. Facilities can use this to keep gates and other security systems in optimal condition.

Drones

Compared to AI and the IoT, drone technology hasn’t experienced widespread adoption among businesses. Most commercial applications are in research, but they’re seeing increasing use as security tools, too. Like IoT sensors, drones let security teams monitor areas remotely, with the added advantage of omnidirectional mobility.

Facilities can use drones to get a bird’s-eye view of the property, potentially spotting things they may otherwise miss. Drones’ maneuverability can give teams access to areas that would be inconvenient or unsafe for workers to reach, too. Since flying is faster than walking, they make surveying a facility more efficient as well as more thorough.

Autonomous Robots

Some facilities have moved beyond remote-controlled drones to implement autonomous security robots. While these solutions carry higher upfront costs than traditional drones, they push their productivity benefits further. Without the need to control a robot, security teams can focus on other duties as these machines patrol, accomplishing more without extra staff.

Autonomous security robots may sound like a distant goal, but they’re already in use. LaGuardia Airport deployed robotic security guards in 2018, becoming the first major American airport to do so.

Security robots often feature capabilities beyond recording footage and sensing potential threats. Some have built-in facial recognition technology to identify known or wanted criminals, alerting security staff when they find them. Others can communicate with employees or visitors to help them navigate safely through the facility.

Disguised Barriers

Not every emerging security technology is as eye-catching as a robot, and sometimes, that’s by design. Such is the case with disguised barriers, which look like ordinary furnishings but protect buildings from vehicle-related accidents. These solutions keep employees, property and visitors safe without compromising a business’s curb appeal.

New technologies let companies construct robust protective barriers in unassuming shapes and sizes. As a result, a structure that looks like an ordinary flower planter can stop a 7.5 metric ton vehicle moving at 40 mph. The strength of these barriers ensures everyone inside is safe, while their design improves morale and attracts customers.

Traditional crash barriers may appear intimidating or overly industrial. These structures could drive customers away or make the workplace feel less comfortable, lowering morale. Disguised barriers remove these negative side effects while maintaining protection.

Innovative Materials

Novel construction materials are one of the innovations behind disguised barriers, but that’s not their only use case. Newly discovered or lab-grown materials can offer far more strength in a lighter or more flexible package. For example, graphene is so strong that if it coated a spider’s web, it could catch a falling plane without breaking.

These materials vastly improve the resilience of gates, barriers and other protective measures. Similarly, flexible options like graphene can form protective clothing for security guards or other workers who may encounter physical hazards. As research in this area continues, materials will keep getting stronger and lighter simultaneously.

Biometrics

Biometric security isn’t necessarily new, but new technologies are pushing it forward. Fingerprint scanners have become far more affordable and reliable than they used to be, letting many facilities replace outdated keycard systems. Physical biometrics themselves are no longer the peak of access security as behavioral biometrics gains traction.

Biometrics identify patterns in human behavior to distinguish between people. While most of these systems analyze computer use patterns like keystrokes, some can measure physical behaviors like someone’s gait or speech. These actions are harder for someone to fake, protecting restricted access areas from fraud.

Behavioral biometrics hasn’t seen much use in physical security yet, but as technology develops, it could. These systems can bolster traditional methods like passcodes and keycards to maintain a high bar for security.

New Technology Can Make Facilities More Secure

Every workplace has hazards, whether people realize it or not. As criminals’ methods become more sophisticated, so too must the security systems that stop them. These new technologies represent the latest in safety innovation.

Many of these technologies are still in their early stages, but they’re growing quickly. Before long, they could define modern security, making workplaces safer in the face of rising threats.

The Impact of Emerging Technologies on Global Trade Security