Disruptive technology: which poses the biggest risk to businesses?

There’s a great deal of discussion about disruptive technologies today. From 3D printing to block chain to self-driving, autonomous cars and trucks, we’re seeing a world going digital.

Thirteen disruptive technologies are commonly in use today, including:

• Sensors
• Internet of Things (IoT) devices
• Telematics
• Smart buildings
• Fintech
• Drones
• 3D printing
• Advanced robotics
• Wearables
• Blockchain
• Artificial intelligence

It’s not at all hard to find panicked descriptions of the digital world or dire predictions of a world where all knowledge — even the frightening things that should be kept private — will be connected to all of the people.

We are hearing vast predictions of dangers of the artificial intelligence run amok and computers injuring people.

Despite all of the information that we have and the many dire predictions we’ve seen on disruptive technology and amazing innovation, many companies are using them, but in some cases are not at all aware of what needs to be done to manage the risks.

In 2017, Excellence in Risk Management looked at a broad expanse of issues that surrounded the disruptive technology. It found that for companies which focus on the risks, that foresight will open entire new worlds for them and companies that fail to note the risks will find their company in financial difficulty in the years ahead.

24% of respondents would not adopt any of the 13 most common disruptive technologies

In many cases businesses and individuals are so concerned about these risks and the problems inherent in companies which do not manage them well that they determined that the use of these disruptive technologies was simply not worth the risk.

A shocking 24% of those who responded to a recent survey said that they would not use any of the 13 most common disruptive technologies.

Of the companies which responded, 46% were using just one to three technologies, 22% were using four to six. Only 9% were using more than six and a whopping 24% were using no disruptive tech and had no plans to change that in the immediate future.

The problem is that there seems to be a disconnect in understanding about how all pervasive these technologies really are.

The companies which report they will not be using them don’t truly understand the necessity or the requirement and many executives do not understand that they are already using disruptive technology of one type or another.

In some cases, companies which report they are not using IoT are using wearables or connected metering already but have no plan of attack for preventing a breach.

Many companies state they are not and will not be using IoT, yet, according to current projections, more than 90% of all companies are using or will be using IoT devices within the next two years alone.

Despite believing they are not using IoT devices or disruptive technology, every organization should be mapping a path for protecting their own interests.

What that roadmap will involve will be first of all, understanding what innovation or disruptive technology really is.

Every company needs to be aware of what technology their company is using, the benefits of that technology and the risks involved in using it.

The most dangerous part of disruptive technology may not be the risk of a breach but rather not really understanding what we are using and how to protect our company and customers.