118 Tyre Asia April/May 2018
I
t is understandable
that tyre companies
and merchandisers,
who enthusiastically
embraced digital tools and
built virtual reality (VR)
retail outlets to provide
unique customer experience,
are quite uneasy over the
unseemly developments in
the cyber world in recent
times.
Reports that social
networking sites and internet
service providers are
unauthorisedly harvesting
personal data, including that
of children, are disquieting.
The testimony before US
Senators by social media
mogul Mark Zuckerberg of
Facebook revealed massive
data breaches.
The scandal was 87
million users, among
Facebook’s nearly 2.2 billion
active users, had faced
unauthorised access to their
private data by a research
firm cambridge Analytica.
It was believed even the
private inbox messages
could have been accessed.
This was done to develop
psychographic profiles of
users. The data was also
monetised.
This revelation has
undermined the confidence
of users who routinely tap
social networks when they
make purchase decisions.
Those who use computers
and smartphone to access
online and offline stores
potentially face data
vulnerabilities.
The Facebook disclosure
has raised privacy issues,
including theft of personal
details. They undermine the
fundamental cIA properties
— confidentiality, integrity,
availability.
only recently did we
hear about data breaches
affecting over 100 financial
institutions worldwide.
cybercriminals siphonedoff an estimated $1 billion
from account holders. There
have also been breaches of
medical records and credit
card details.
here comes the importance
of blockchain. Under
this, there would be
no single point for a
malicious attack. hacking
is virtually impossible.
Blockchain is based on
a unique architecture of
distributed ledgers backed
by cryptography to secure
stored information. Its
decentralised structure
makes it virtually impossible
to unilaterally access and
alter data.Recent confidence-shattering
revelations of data breaches
should be addressed by
regulators to reinforce
consumer confidence. The
european Union’s General
Data Protection Regulations,
which goes into effect
on May 25 this year, may
require further fine-tuning in
the light of Facebook fiasco.There should be global
efforts to develop
standardised regulations
to protect personal data in
the light of technological
advancements driven
by artificial intelligence,
cognitive computing, voice-controlled user interfaces,
3-D printing and robotics.
There is increase in incidents
of surveillance and security
breaches that compromise
users’ privacy. Regulators
should enforce data integrity
so that not only public trust
is restored and strengthened
but also the progress
in artificial intelligence,
robotics, automation and
machine learning is achieved.
At a time when driverless
cars and connected
vehicles are seeing rapid
development, it is imperative
that smart vehicles and
intelligent tyres do not fall
victims to remote hacking by
cybercriminals. experts warn
that such smart products
are potentially exposed
to a range of security and
privacy threats such as
location tracking or remote
hijacking. In fact the success
or failure of self-driving cars
and autonomous vehicles will
depend on how effective AI
and machine learning will be.It is, therefore, important
that R&D in the disruptive
blockchain technologies is
stepped up. It would also
give a boost to online and
offline purchases though
smartphone and other
devices that should have
strong security architecture.Tyre companies also stand
to benefit if they embrace
these technologies. Most
tyre buyers prefer a virtual
environment where they
can, without inhibition, seek
product details and get the
tyres fitted by robots.Privacy and big
data
The Facebook imbroglio
has shown how important it
is to protect privacy in the
context of innovations in
big data and AI. Advertisers
relied on Facebook because
of the huge quantity of datait has that firms can use for
building accurate profiles
of consumers and predict
buying behaviours. It can
also help firms design better
products.
companies that collect data
may compromise consumer
privacy when they sell it to
third parties. During this
transfer, data leakage can
happen which cybercriminals
are bent to exploit. Data
thieves are constantly on the
prowl.
The thriving cyber black
marketers sell details of
credit cards and intellectual
property. This form of
terrorism should be wiped
out through international
collaboration among law
enforcement agencies.
The operation of cyber
criminals is dispersed,
diverse and rapidly growing.
The criminals access new
technologies and innovate
methods that keep security
officials constantly on the
edge. It is observed that
cybercrime blackmarkets
are more profitable than
counterfeiting of tyres
and other automotive
components.
The activities of
cybercriminals, whose
strength is reckoned to
be 1.4 million, will cost
businesses more than $2
trillion by 2019. They take
advantage of the holes in
algorithms embedded on
web portals.
We should be on the guard
that such vulnerabilities
are not allowed to impact
the ongoing innovations
in blockchain, artificial
intelligence, robotics,
machine learning and
automation. corporate
leadership should be on
constant vigil against data
breaches that undermine
consumer confidence. It
is trust that makes the
difference in business.ReFLecTIonS
IMPORTANCE
OF TRUST
T
he Facebook
disclosure has
raised privacy
issues, including
vulnerability that
consumers face
from cyber attacks.
They undermine
the fundamental
CIA properties —
confidentiality,
integrity,
availabilityKS Nayar