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RESEARCH, ANALYSIS & TRENDS

ry hurdles.” the Internet of Things, promises many upsides. But
What’s for sure is that a dynamic industry is evolving many IoT products are vulnerable to hacking. In the IoT
around IoT technology, and as usual, both incumbents age, it is vital to strike a balance between the risks and
and new players have opportunities, especially since rewards. Bear in mind, IoT products collect a vast
digitization blurs the lines between technology compa- amount of personal information, which in the hands of
nies and other types of businesses. sophisticated criminals can be used to make scams
more elaborate and convincing. The reality is that IoT is
“Even at this early stage, the IoT is starting to have a a “double-edged sword. Common sense tells us that
real impact by changing how goods are made and dis- we should never share anything online that we do not
tributed, how products are serviced and refined, and want others to know about. But with the advent of IoT,
how doctors and patients manage health and wellness. the datafication of our most intimate personal infor-
But capturing the full potential of IoT applications will mation is unavoidable; more importantly, we will not
require innovation in technologies and business mod- have a choice about it.”
els, as well as investment in new capabilities and talent.
With policy actions to encourage interoperability, ensure Indeed, as he said, finding the right balance between
security, and protect privacy and property rights, the risks and rewards will be the key to enjoy the upside
Internet of Things can begin to reach its full potential— while keeping the pitfalls to a level that is tolerable. ◊
especially if leaders truly embrace data-driven decision
making”, McKinsey concludes its report. By Daniela La Marca

But let me quote Tan Teck Boon’s description of the IoT
dilemma, which he provided during the INTERPOL
World 2017 last week, stating: “The global network of
Internet-enabled sensors, devices and systems, called

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