It’s very easy to get tied up with the challenges and risks technology creates for almost every single industry sector out there. Behind every technology-related opportunity – of which there are many - lies a risk which isn’t always straight forward to mitigate and problems can arise.
Advancements in technology are changing everything, from the way we live our lives to the way businesses. But what about the risk concerns of technology sector?
The technology industry is constantly evolving, with new products and features being released faster than ever. All this change is exciting, especially for the innovative companies behind today’s latest technologies. However, it’s also incredibly challenging to keep up with cutting-edge competitors, cybersecurity issues and a changing regulatory landscape.
It is against this backdrop that business leaders in this space predicted cyber risk (54%), economic risk (43%) and regulatory risk (43%) to be their top three risk concerns in 2019 as of November 2018 in our Global Risk and Confidence Report.
Beyond the skills gap, market incorporation concerns and AI transformation challenges within technology companies globally, 2019 will be a critical year for data governance, security and privacy. These areas will have major implications on AI utilisation within and outside of a tech company. Heavily unbalanced regulation can massively limit its applications and cause a major setback in business innovation, so we expect this to be a concern for the sector moving forward.