Prepare now for risks associated with IoT and 5G, including fraud

We have been covering internet security for many years. The initial hype and hope for every new digital technology is followed soon after by fears that it will be compromised by hackers, pose a security threat or be taken advantage of by fraudsters.

The onus on security when rolling out new technologies, especially at network level for communication service providers (CSPs), falls squarely on them even though they may not have control over the way the technology is designed or works.

It’s much the same when somebody’s smartphone or other device fails to connect to a network. The initial response is always that it is a network failure and calls are made to the service provider in the first instance, not the device manufacturer, app developer or router maker.

CSPs may not be able to guarantee that devices on their networks are not being compromised but they are usually the ones best prepared to find out when something is amiss. They do it with a combination of network monitoring systems and software that report abnormal network traffic and system failures, but determining fraudulent activity requires additional and quite sophisticated software to be mastered.

These fraud management systems have evolved steadily over the years but as fraudsters have become astute at taking advantage of new technology the detection systems can lag behind and only catch up after a new threat is recognised.

The onus is now squarely on the vendors of these systems to keep one step ahead utilising fabulous tools such as artificial intelligence (AI) and cloud computing to not just detect security breaches and fraud occurrences but to predict them happening – in advance.

When you think of the explosion in the number of IoT devices being connected to existing (and soon 5G) networks the risk of massive security and fraud breaches becomes exponential. Risk management should be a prime consideration for any network operator and enterprises using these networks.

That is why far-sighted management teams are now putting in place the policies and processes to mitigate the risks certain to come. If you can make it to Kuala Lumpur next week you will be able to hear from some of the leading exponents in this area, and business managers, on how they are preparing. The event, WeMeet Asia, is being sponsored by WeDo Technologies and is free for most attendees. Register HERE. I’ll see you there!