IoT: WEF Global Risks 2017 report

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IoT: WEF Global Risks 2017 report

Advances in technology could have destabilizing effects on employment and economic growth, and could exacerbate social unrest, the World Economic Forum (WEF) warned this week. Report published in advance of the event warned that the expansion of artificial intelligence (AI) and IoT could destroy traditional white-collar jobs faster than new jobs can be created, unless governments and the private sector collaborate to solve the problem. The WEF’s Global Risks 2017 report warns that as a result of disruptive technologies, long-term jobs are being replaced by self-employment in the “gig” economy, leaving individuals to shoulder more responsibility for the costs of unemployment, sickness and old age.
WEF Global Risks 2017 report
The report argues that the benefits of these technologies will actually outweigh the risks, but they will pose difficult questions for regulators and politicians. The report’s authors are worried that investors will be reluctant to back the development of technologies that they fear may later be banned or shunned if the absence of effective governance leads to a loss of public confidence.

In an interview with ComputerWeekly, an IT magazine, John Drzik, president of global risk at insurer Marsh, one of the contributors to the report, warned that IoT – especially the rapidly expanding network of household appliances and sensors communicating over the internet – is creating new cyber risks that could allow hackers or nation states to attack physical infrastructure.

We tend to deal with the risk after the innovation has been installed. To date, we have not had a catastrophic event in that regard, but there [adverse] things that could happen.

he said.

Author: Tim Cole
Image credit: World Economic Forum

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