There is no doubt that 5G technology will propel businesses into a new world, where connectivity exists across on-site and remote devices and people. It holds the promise of increased efficiency, cost and time savings, and opportunities for novel enterprise. Daily life will become even more digitally integrated than it is currently. With all of the technology’s potential, businesses can’t ignore the increased risks. You can help your clients understand the threats this new landscape will pose and why cyber insurance is more important than ever.
Digital Advances in a 5G World
Digital technology is advancing at a rapid rate. Artificial intelligence and machine learning; subscription software and cloud-based systems; and smart devices and the internet of things all impact the way businesses — and society as a whole — operate. Current technologies limit data storage and the effectiveness of these advancements. The development and implementation of 5G network systems will increasingly open up storage and operational capabilities, increasing the amount of data stored virtually and providing more points of attack for cybercriminals.
Cyber Threats in a 5G World
The future of cyber threats is multifaceted. With more connectivity across a wide range of systems, people, and infrastructure, the links between these components increase the vulnerability in each one and the entire 5G network. There are three vulnerability areas that company leaders cannot ignore in this new world:
- The move to 5G technology will require businesses to implement software systems for day-to-day operations increasingly. Every software system will need regular updates, increasing the risk of cyberattacks. Already, criminals take advantage of software update requirements to infiltrate systems and use new technologies to disguise their attempts better.
- Email phishing attacks are already common, and they aren’t likely to go away. Hackers are utilizing new methods to send out emails that look like they are from trusted sources. It only takes one person clicking on a link or unknowingly downloading malware to cripple a system severely. The increase in health care attacks demonstrates how effective this approach can be.
- Though artificial intelligence can improve cybersecurity, it can also prove a detriment to a system when the technology is not closely monitored and results analyzed. Furthermore, these systems demand a significant investment in human, time, and monetary resources to safely and correctly function.
Cybersecurity in a 5G World
Businesses will need to adapt to this new world. Up to now, companies have had the option to incorporate new technologies when and how they can. Though cloud-based and subscription software services are becoming more widespread, other advances are more specialized. In the future, companies will have to incorporate more of these new technologies to keep up.
If companies start to prepare now, they’ll have a more secure footing when 5G technology rolls out in their area. It isn’t too soon to obtain the knowledge, skills, and expertise needed to decrease cybersecurity risks in the future.
About Tangram Insurance Services
Located across the Golden Gate Bridge, just outside of San Francisco, Tangram Insurance Services is a full-service Managing General Underwriter and Program Manager offering specialty programs. We focus on industry-relevant coverage, competitive pricing, and practical business and risk management solutions for your clients. Since we are not all things to all people, we make sure to create outstanding custom-built solutions that matter to those businesses, and the brokers who serve those industries. Contact us at (888) 744-9810.