Summary Post

This week, students were expected to post a summary post for the Collaborative Learning Discussion 1, taking into consideration the first initial post from week 1 and peer responses in week 2.

Post

Over the past 3 weeks, we discussed the evolution of digital industries and highlighted Industry 4.0 which represents a significant shift in the way businesses operate, leveraging advanced technologies to enhance efficiency, connectivity and overall productivity. McKinsey & Company (2022) state that echnology, however is only half of the Industry 4.0 equation. To thrive in the fourth industrial revolution, companies must ensure that their workers are properly equipped through upskilling and reskilling their employees to help them in their current positions as the skills they need evolve.

Although Kovaitė and Stankevičienė (2019) based their research article on 6 types of risks: technical, competence, acceptance by staff, acceptance by customers and partners, data privacy and security and financial risks, it is important to evaluate business strategy accordingly, and not only focus on one area. As highlighted by fellow student’s initial posts and responses, Industry 4.0 introduced many attacks of various forms, from a technical and digital perspective. From another perspective, challenges for the leadership may arise in the process itself, understanding, rationalizing and helping execute different processes to achieve a solid unified view on risks. Challenges in people, by bringing them together to find a common ground to enable in-house relationships and sustainable cooperation, and challenges in technology by identifying the right technology for centralized log management, security detection and response, tailored to the specific conditions of each work location. (Deloitte, 2022)

The digital evolution is an ongoing process, and businesses continue to adopt and adapt these technologies to stay competitive in the rapidly changing digital landscape. This transformation not only impacts manufacturing, but also extends to various sectors, bringing various challenges and security risks. It is important to align these transformations with adequate threat and security risk modeling techniques, in order to stay on top of arising challenges.

References:

-McKinsey & Company (2022). What Is Industry 4.0 and the Fourth Industrial Revolution? [online] McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-are-industry-4-0-the-fourth-industrial-revolution-and-4ir. [Accessed 19 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 20 February 2024].

-Gadekar, R. & Sarkar, B. & Gadckar, A. (2021). Assessment of Risks for Successful Implementation of Industry 4.0. Recent Advances in Computer Science and Communications. Available at: https://www.researchgate.net/publication/351378653_Assessment_of_Risks_for_Successful_Implementation_of_Industry_40/citation/download. [Accessed 20 February 2024].

  • Belgium, D. (2022). Securing Industry 4.0. [online] Available at: https://www2.deloitte.com/content/dam/Deloitte/be/Documents/risk/securing-industry-4.0-2022_deloitte-be-en.pdf. [Accessed 20 February 2024].