- According to Juniper Research, the cost of cybercrime is to reach over $2 trillion by 2019
- Our CTO notes that users will need to compare the risks to what is enabled by digitization
“Big data is being generated by everything around us at all times. Every digital process and social media exchange produces it. Systems, sensors and mobile devices transmit it. Big data is arriving from multiple sources at an alarming velocity, volume and variety.” – IBM
Indeed, as more supply chain services become digitized, more data is created and with more data comes questions concerning the security. Juniper Research estimates that the global cost of cybercrime is estimated at over $2 trillion by 2019. Erik Muttersbach, CTO of FreightHub, agrees it is definitely a concern as reported data leaks are increasing around the world. While no one is really 100% secured, there are ways to minimize security risks. Muttersbach recommends the following measures:
- Identify someone within the company to lead the charge. That is, one who is up to date, understands potential risks and communicates these risks across the company so that all are aware.
- Make sure all IT systems are updated on a regular basis.
- Follow recommended standards as put forth by such organizations as International Organization for Standardization (ISO) and Payment Card Industry Data Security Standard (PCI DSS).
- Carefully select providers and partners. Question them on their security practices.
- From a personal as well as business perspective, be careful what is done online. If there is a leak, be sure what is shared will not cause irreprehensible harm if it becomes public.
Privacy and Trust
Entwined with security concerns are privacy issues. Who actually owns all the data circulating across the internet? An interesting quote to come out of the Journal of Commerce’s recent TPM conference was from Wesley Chan, Managing Director at Felicis Venture, “Amazon is ruthless about using data and you don’t really know what they’re using it for…People don’t want to give their holy grail to a company they don’t trust.”
Indeed, it is about trust in today’s increasingly digitized environment and as Muttersbach explains, users will need to compare the risks to what is enabled by digitization – faster services and accessibility 24/7/365 – and decide if these values outperform the risks.
Governments are stepping in to reduce risks as well. For example, Germany has some of the most rigid data and customer privacy laws in place.
Find Out More
How does your business mitigate security and data ownership risks? Share your thoughts with us below.
At FreightHub, we maintain several services onsite as well as offsite that require extremely high security standards. We carefully select our partners and make sure that they have put strong data and security protection in place. In addition, data associated with each client on our platform belongs to that particular client to analyze and create a variety of strategic reports – it will never leave our database.