Collaborative Learning Discussion – Peer Responses

In this week, the collaborative learning discussion continued and students were instructed to provide at least two responses to other peer’s posts. The following represent the two peer responses:

Peer Response – Amrol Miah

Hello Amrol,

This is a very interesting post and I have enjoyed your time loop use of providing a historical outlook on industry revolutions and where we are today, highlighting how far we have come. From steam power and manual labor, to artificial intelligence, machine learning, advanced data analytics and IoT. In today’s world, technology plays a crucial role in the smooth and continuous flow of information and communication, which is essential for the success of any business. The evolution and constant improvement of technology have brought about the industry 4.0 revolution, which has transformed various sectors, including technology, industries, and infrastructure. This has also brought in new risk types and how we address them.

Kovaite and Stankeviciene (2019) have identified 5 categories of risk, Technical, Competence, Behavioral, Data Security and Financial. Your use of examples highlights these perfectly. It also reminded me of the Knight Capital Group $440 million Software error. Knight Capital Group was an American global financial services firm engaging in market making, electronic execution, and institutional sales and trading, gaining the reputation of being one of the largest traders in US equities. It took 17 years of dedicated work to build Knight Capital Group into one of the leading trading houses on Wall Street. And it all nearly ended in less than one hour. At Knight, some new trading software contained a flaw that became apparent only after the software was activated when the New York Stock Exchange (NYSE) opened that day. The errant software sent Knight on a buying spree, snapping up 150 different stocks at a total cost of around $7 billion, all in the first hour of trading. Knight attempted to cancel some of the purchases, however some stood confirmed, resulting in the massive blow to the company. (Alqudhaibi, Albarrak, Aloseel, Jagtap & Salonitis, 2023) This highlights another important example of technical risk.

References

  • Alqudhaibi, A., Albarrak, M., Aloseel, A., Jagtap, S. and Salonitis, K. (2023). Predicting Cybersecurity Threats in Critical Infrastructure for Industry 4.0: A Proactive Approach Based on Attacker Motivations. Sensors, [online] 23(9), p.4539. Available at: https://doi.org/10.3390/s23094539. [Accessed 11 February 2024].

  • Kovaite, K. & Stankeviciene, J. (2019). Risks of Digitalization of Business Models. Available at: https://www.researchgate.net/publication/333063956_Risks_of_digitalisation_of_business_models. [Accessed 11 February 2024].

  • Dolfing, H. (2019). Case Study: The $440 Million Software Error at Knight Capital. [online] Henricodolfing.com. Available at: https://www.henricodolfing.com/2019/06/project-failure-case-study-knight-capital.html. [Accessed 11 February 2024].

Peer Response – Mohammed Younes

Hello Mohammed,

This is a very interesting post and I have enjoyed your use of examples, especially in mentioning the WannaCry ransomware attack and Tesla self-driving capabilities, which naturally raise concerns about the future of jobs such as delivery personnel or taxi drivers. Automation and the integration of smart technologies may lead to job displacement for certain roles, particularly those involving routine and repetitive tasks. There is definitely a need for reskilling and upskilling the workplace to ensure they have the necessary skills for new, technology-driven roles. These examples show how far we have evolved digitally, and most importantly what is one the horizon for the future. I agree that companies need to pay attention to various different components and risk factors, rather than focus on just one. With ever evolving technology, come ever evolving risks. As you have highlighted, we are seeing more and more use of Internet of Things (IoT) within our surroundings, yet there are no uniform standards governing the IoT. However, in lieu of formal standards, this “shared responsibility” mindset to security and associated governance enforcement will not always work—security breaches have the potential to occur anywhere along the ecosystem, increasing the likelihood that this cooperative mindset may breakdown. (Deloitte N.D) This highlights the important of proper risk management.

References

-Deloitte (N.D). Cyber risk in an Internet of Things world Deloitte US. [online] Deloitte United States. Available at: https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/cyber-risk-in-an-internet-of-things-world-emerging-trends.html. [Accessed 11 February 2024].
  • Li, L. (2022). Reskilling and upskilling the future-ready workforce for industry 4.0 and beyond. Information Systems Frontiers, [online] 24(3), pp.1–16. Available at: https://doi.org/10.1007/s10796-022-10308-y. [Accessed 11 February 2024].