Anticipating business risks in a 5G world
In the wake of COVID-19, it’s easy to see how quickly the way we live, the way we work and even the technology we use can rapidly change.
With each new generation of mobile wireless networks bringing faster speeds and better connections with internet-enabled devices and services, it’s more important than ever to understand the benefits and risks the latest generation can bring to your business moving forward into the future, so you are better equipped to deal with sudden changes.
The new 5G network has already been rolled out in Australia by major telco carriers, and Australians are expected to adopt 5G faster than previous networks, with more than 15 million 5G handset devices predicted by the end of June 2023.
5G holds broad applications
5th Generation (5G) technology is the latest generation of mobile communications. It gives businesses and consumers similar speeds to the highest-speed wired connections and with very low latency (no delay in the signals travelling back and forth). But it’s about more than just faster speeds for phones.
The technology will also support new kinds of low-powered internet-connected devices and sensors, expanding today’s already blossoming Internet of Things (IoT). It’s anticipated that IoT-networked devices could eventually number in the billions.
According to Canstar Blue, 5G speeds could theoretically reach from four to 20 gigabits per second but will commonly offer around 10 times the bandwidth of existing 4G networks.
The era of “everything’s connected” will be fully enabled by 5G technology. The idea is an entire ecosystem of fully connected intelligent sensors and devices that lets businesses have deep data tracking in real-time across a wide spectrum of their operations.
5G will enable everything from autonomous cars and delivery vehicles working together to manage traffic conditions, to remote sensor networks for agriculture, forestry and fishing. In both dense and remote areas there will be new smart technologies made possible through 5G networks.
How will 5G change risk profiles for businesses?
As 5G enables a range of emerging technologies including IoT, wirelessly networked artificial intelligence (AI), internet-connected home devices and secured transaction tracking, each has their own risks with regard to security and privacy.
“For each 5G equipped thing, there will be the possibility that an attacker or manufacturer abuses it to invade your privacy,” Sasa Radomirovic, senior lecturer in information security at the UK’s University of Dundee told USA Today in March 2019.
Some business risks to be aware of when incorporating 5G include:
- Privacy risks – internet-connected devices with business and personal information are vulnerable to privacy breaches. For example, attackers could use geolocation information via 5G devices to track product or personnel movements.
- Cyber-espionage – businesses will need to evaluate hardware purchases from suppliers who offer explicit security standards as part of their service offering. For example, Chinese-owned company Huawei is currently banned from tendering for work on Australian 5G and NBN networks due to fears around potential Chinese government espionage.
- Security breaches – with more and faster moving large commercially sensitive datasets, the challenge to ensure privacy and security of sensitive information will only increase.
- Technology risks – with many IoT devices located in people’s homes and/or falling into the ‘personal use’ category, security is not always top-of-mind. It’s important to consider security vulnerabilities across the whole-of-network when doing risk assessment.
- Human error – there is a risk in the blurring of organisational IT boundaries and responsibilities, and an increased risk that employees connect mobile apps with malware to business networks.
With so much more data potentially being collected and managed through a business and its digital networking, security will become more important than ever to ensure business continuity and other related liability concerns are managed appropriately.
Disclaimer
The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
