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A Glimpse into the Manufacturing Revolution Powered by AI and Robotics
In the dynamic realm of manufacturing, AI and robotics have propelled us beyond traditional automation into a new era of intelligent machinery.
Picture this: AI (the brain) orchestrating intricate operations, collaborating seamlessly with robotics (the brawn) executing tasks with precision. We are witnessing a shift from traditional automation to a dynamic, intelligent synergy reshaping the manufacturing landscape.
AI-powered robots have transcended the mundane, engaging in data analysis, workflow optimization, and predictive maintenance. The outcome? Enhanced efficiency, reduced downtime, and an elevated standard of production quality.
Consider the automobile industry, where I’ve experienced AI’s revolutionary role in car manufacturing. From personalized production processes to delicately handling intricate components in electronics, AI-driven robotics have streamlined manufacturing. This doesn’t stop at the drawing board; it extends to simulations that have become the cornerstone of testing. AI allows us to navigate diverse scenarios, saving crucial time by eliminating the need for extensive and repetitive testing. From shortening production timelines to replacing practices like crash test dummies, these simulations redefine efficiency in the manufacturing landscape.
The road ahead is exciting and challenging, and I believe workforce displacement and ethical considerations emphasize the need for retraining. From customer support executives to engineers, and quality control analysts learning the intricacies of AI and how to manage its functions, retraining ensures a harmonious integration of technology and human expertise. In my perspective, it’s not about replacing humans; it’s about letting them focus on what truly requires a human touch.
The transformative impact of AI and Robotics in manufacturing is undeniable, reshaping the entire production landscape. But, I must address the elephant in the room—fear. Fear is a natural companion to innovation, especially when introducing something as groundbreaking as AI. However, let’s not fear the unknown but embrace the future of manufacturing—where AI isn’t just a tool; it’s the driving force behind a revolution.
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Timeless Marvels: The Legacy and Craftsmanship of Mechanical Watches
“They (watches) are a reminder of the importance of striving for greatness.”
Indigo Johnson
I am a big fan and serious collector of two items, which exemplify both engineering excellence and design sensitivity in my eyes – watches and pens. Not the new-fangled digital manifestations (although they do have their utility) – I truly cherish and appreciate the handcrafted versions of both watches and writing instruments.
In that context, my recent visit to the Omega factory in Biel was like a pilgrimage. It made me appreciate even more how an object, as small as a watch on a person’s wrist, can be crafted to speak so much about them. It also made me think about what is it in an individual’s character that determines their choices of accessories, and how these choices outlive them to create their lasting perception?
I will save the philosophy for later, but let me take a deep dive into why I consider mechanical watches masterpieces of engineering. It all starts with precision. The craftsmanship that goes into creating this work of art with its intricacies and assembly processes is definitely appealing to anyone who values fine craftsmanship and the idea of heritage. Watches outlive people and are passed on from one generation to the other, and I saw it myself at the factory when watches 100+ years old were being repaired. This heritage makes it a piece of history that stays alive with time.
The aesthetics are timeless; and they bring together form and function – engineering and design. Functional nature aside, they are also fashion accessories. Remember when actor Tamer Hassan said that he always judges a man by his shoes and his watch? The latter is almost always true, as it speaks volume about choices – like the blurb in a book that gives us a hint about the story within.
Unlike technology that outdates itself every few months, high quality mechanical watches are the definition of longevity. Proper maintenance makes them durable and able to withstand the test of time (can you imagine your smartwatch being relevant even two years from now?). The beauty of most mechanical watches is that they are self-powered by the motion on the wearer’s wrist. This self-sustaining feature eliminates the need for additional maintenance – and I believe this is a feat of human excellence in engineering.
Mechanical watches have a history that go back many centuries. It’s not only the sentiment of nostalgia that we associate with them that adds to their appeal, but also this connection to history. Any enthusiast would feel a great sense of pride to wear a timepiece that has a legacy. They are for life – a piece of engineering that lives on for generations. And while we’re talking of time in a metaphysical manner, it makes me wonder how something as small as a masterpiece of engineering can outlive generations. In a mortal world, a mechanical watch is immortal, which also reassures the wearer of stability. It is a constant that can serve as a reminder of the wearer’s existence for years after they pass. Even time cannot break its own monument of worship.
As I went back to my collection after my visit to the factory, I realized how my respect for these little ticking marvels had grown so much. While technology evolves at such a rapid pace, and we are already at the brink of the fifth Industrial Revolution, one needs to appreciate the wonder of engineering, design and commitment to precision in every single mechanical watch that has been built in all these years. It is a tribute to the human eye and a piece of worship in the world of precision engineering. While its objective is to tell the time, it is so much more. It tells history.
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The Enigma of Genius
When the physicist Ettore Majorana mysteriously disappeared in March 1938, Enrico Fermi made a profound comment on the essence of genius, saying, “There are several categories of scientists in the world; those of second or third rank do their best but never get very far. Then there is the first rank, those who make important discoveries, fundamental to scientific progress. But then there are the geniuses, like Galilei and Newton. Majorana was one of these.”
In less than a decade after the world adopted Industry 4.0, there’s already talk of a fifth industrial revolution. Considering that the gap between the first and second industrial revolutions was a hundred years (and around the same when it comes to subsequent industrial revolutions)makes me reflect on the pace at which technology is evolving. It is my firm belief that every industrial revolution has been inspired and driven by human genius and that the pace of evolution today is an indication of the sheer number of such geniuses who walk amongst us.
We know a lot of geniuses from the past by name and references in history books. The geniuses of today, however, are largely unsung in the larger landscape of progress – simply due to the pace and multitude of creations we have seen in the recent past. All this is a tribute to human intellect, and I think back to all the times I have met some of these genius minds of our time.
Genius often manifests as a significant deviation from the norm in cognitive abilities. These individuals possess an intellectual prowess that sets them apart, grasping complex concepts with unparalleled ease. They venture beyond established boundaries to conceive groundbreaking solutions and ideas. These innovations can often be ahead of their time or challenge established paradigms in their respective fields. Another facet of genius is the emergence of prodigious talent from a young age. These individuals showcase exceptional skills or abilities in a particular area, proving their potential long before the world recognizes it. The hallmark of a true genius lies in the legacy they leave behind. Their contributions reverberate through time, profoundly influencing their field of expertise or even permeating broader cultural landscapes. Their work becomes a cornerstone upon which future generations build and innovate.
While innate ability is a key trait, it is often accompanied by an unwavering passion driven by an insatiable curiosity and a relentless pursuit of excellence. This passion fuels their journey towards greatness.
In this context, I am reminded of Jeff Bezos talking about an experience at Princeton University in the 1980s when he encountered Yasantha Rajakarunanayake, now a seasoned technologist and scientist in the Bay Area. My own journey led me to Milan University in the 1990s, where I had the privilege of studying alongside Andrea Malchiodi, now a renowned Italian mathematician with an international track record of accomplishments.
Having these remarkable individuals as peers has served as a reminder of my own position in the world of science. It has consistently prompted me to reevaluate and focus on areas where I could make meaningful impact. These extraordinary minds, whether directly or indirectly, offer invaluable guidance and inspiration. They illuminate a path forward, reminding us that we can aspire to achieve greatness. All it takes is a willingness to keep our eyes open and embrace the opportunities that cross our paths.
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5 Pillars for Successful Transformation Programs
In the rapidly evolving landscape of technology and business, effectively managing large transformation programs requires a strategic blend of vision, collaboration, and meticulous execution. In my experience, I’ve noticed that five key elements have consistently played an important role in differentiating between success and failure. While there’s no guaranteed formula for success, disregarding even one of these essential elements can significantly increase the likelihood of failure.
1. Clear Vision and Objectives
At the core of any successful transformation lies a clear vision. It’s crucial to define and communicate precisely what it aims to achieve. Craft Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) objectives. A well-defined vision offers purpose and provides a roadmap for stakeholders, aligning them toward a common goal.
2. Stakeholder Engagement
Effective engagement of stakeholders involves open communication, transparency, and participation. Ensure that sponsors, top management, and employees at all levels are invested and informed. Address concerns and foster collaboration to cultivate a sense of shared ownership.
3. Robust Planning and Execution
Transformation programs thrive on a meticulously constructed plan. A roadmap of timelines, resources, and milestones, serves as a guiding compass. Regular monitoring and adaptation based on progress and shifts are essential. Flexibility in execution allows leaders to navigate challenges and capitalize on opportunities, making the journey more resilient.
4. Change Management
Transformation often demands significant shifts in processes, systems, or culture. We must implement effective change management strategies, equipping individuals and teams with tools to adapt. Communication, education, and empathy are vital components in helping employees navigate uncertainty and embrace change.
5. Risk Management
Identifying potential risks early and devising mitigation strategies is akin to walking a tightrope with a safety net. Regular risk assessments provide insights into evolving challenges, enabling timely adjustments. As leaders, we must remain vigilant and adaptable to steer programs away from potential pitfalls, safeguarding the transformation.
Managing large-scale transformation programs successfully is a multifaceted endeavor that hinges on an integrated approach. These elements, when interwoven, create a robust tapestry of success. In a landscape defined by rapid shifts, the absence of any one element can lead to suboptimal outcomes.
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The books that wrote my story
I have been an avid reader all my life. Books have helped me open my mind and gain varied perspectives, being at the heart of influencing diverse areas of my professional and personal growth and outlook.
To me, books are a springboard of thought that takes knowledge forward from one generation to the next – helping humans evolve as a race. In today’s context, where diverse media types (including audio-visual, digital and others) play an equally important role in this human knowledge and collective thought journey, books in their own way continue to retain their place of pride. Few other media types can match the magic of a well-written book – of the imagination it inspires and the depths it can take a reader through. Even in today’s hyper-connected and digitised world, the written word remains an anchor for me. With eBooks, reading is more accessible than ever.
Among the many books I have read, some have managed to occupy a special place in my mind. These are invariably books that have moulded my thoughts and beliefs. Here are a few of them…
1. “Winning!” by Jack Welch
Reaching the pinnacle at work and in personal career growth is a central ambition for most humans. It takes a holistic approach to emerge as a business leader and achieve this ambition. I believe that I am a better business thinker and people manager today thanks to Welch’s insights into leadership, teamwork, and success. Gleaned from his experience as the former CEO of General Electric, his insights have illuminated my professional journey and armed me with strategies that have not only elevated my career but also helped cultivate a culture of excellence.
2. “The Cyclist’s Training Bible” by Joe Friel
Those who know me, know that cycling is my main passion. I have been an avid biker – for leisure and as a competitive sportsperson – for many years now. Cycling is filled with life lessons and many of them have forged my own thinking (I have captured these in an earlier blog). Joe Friel’s book has been a game-changer in this context. Friel, who has studied cycling and endurance sports in depth, brings a strong sense of science to the sport, appealing to my love for both logic and cycling. This is a book that’s not just about cycling but a holistic approach to wellbeing.
3. “Think and Grow Rich” by Napoleon Hill
There is no doubt that a smart approach to money and finance management is a key skill in human society and has been for many centuries now. Napoleon Hill was amongst the pioneers of the thinking around how personal wealth creation is the reflection of a winning attitude. His timeless principles have reshaped my own attitude toward wealth and success. This book is a complete guide on carefully turning dreams into actionable goals – an essential life lesson in my opinion.
4. “Business Model You” by Tim Clark & Others
This book is the definitive word on aligning personal skills for more satisfying career and life possibilities. It does this through the concept of “personal business models”, which I personally found to be a refreshing and innovative approach to bringing clarity on how to achieve personal and professional aspirations. This book has been my personal blueprint for reinvention and balance – important aspects to grow and evolve.
5. “How to Fail at Almost Everything and Still Win Big” by Scott Adams
Scott Adams is most famously known to the world as the creator of the icon comic strip Dilbert. However, few know of his life journey, characterized by serial failures. A relatively new read for me, I came across this book a time that I had to reinvent myself to build a deeper sense of resilience in my professional journey. In that context, the messages in this book around navigating the challenges in both personal and professional spheres was a beacon.
6. “The Bible”
Faith is amongst the central pillars of my existence. My deep passion for science finds balance in putting form to the seemingly inexplicable – I believe this is what my sense of all-trusting belief helps me achieve. Beyond religious beliefs, books like The Bible have helped me closely understand and engage with aspects of human morality and spirituality. It has helped me forge stronger connections with the world around me and build a value system that drives my engagement with the world.
7. “Leading an Inspired Life” by Jim Rohn
In my effort to take this interest in philosophical thought further, Jim Rohn’s wisdom has been key in propelling my development journey. This book distils his teachings into actionable steps; it helps inspire leading a purposeful and impactful life. I often find myself applying several principles, which put form and logic to seemingly complex human behaviour, in all of my interactions – whether at the workplace or in personal realms.
8. “The Ultimate History of Video Games” by Steven L. Kent (Volumes 1 & 2)
I absolutely love video games and I have found them of interest from a very early age. To me, video games are amongst the most visible manifestations of technology at work – I am really excited by the imagination and innovation that video game developers put into their work and by their effort to put form to technology. In fact, I believe that video games have been a key contributor to the evolution of technology in general. This book is amongst my favorites since it helps me understand how technology, through gaming, has reshaped technology landscapes time and again.
These eight books are more than just a list. They are milestones in my life’s journey. Each one has shifted my perspective, influencing how I tackle work, wellness, relationships, and personal growth. Yet, it was a challenging task to narrow down my selection to these books, as there exist numerous others that have profoundly assisted me in gaining a deeper understanding of life. I’m sure that many more impactful reads are yet to come!
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People & Planet: The Landscape of Modern Business
Today’s ever-changing business landscapes demand more than just a laser focus on productivity and profitability. The aftermath of the pandemic has shown us the importance of shifting towards a people-centered and sustainable approach to doing business. To tackle the current challenges and proactively face uncertainties, organizations must prioritize resilience and empower individuals.
Now, productivity is still a crucial goal for any organization, but let’s not overlook the value of building resilience. It’s a vital quality in our complex environment. And you know what?
Empowering individuals is a proven strategy to gain momentum. Embracing a people-centered approach doesn’t contradict the Taylorian principle of prioritizing the organization’s interests.
It’s about recognizing the significance of talent, diversity, and empowerment—the true driving forces behind any successful business. By empowering individuals within the organization, leaders can tap into their unique skills and perspectives, creating an environment of innovation and growth.
However, a people-centered approach is only one part of the equation. In today’s world, businesses can’t afford to ignore their impact on the planet and society. It’s time for businesses and us leaders to acknowledge that we can’t remain detached from sustainability goals.
Sustainability has transformed from an optional add-on to a fundamental pillar of responsible business practices. Simply minimizing negative impact is no longer sufficient; organizations must actively seek ways to make positive contributions to the environment and the communities they operate in.
As leaders, it’s crucial for us to take a step back and reflect on our strategies. We need to realign our focus beyond the bottom line and consider the broader impact we have on individuals and the environment. This requires a holistic approach that takes into account not only financial success but also the well-being of employees, customers, and the planet.
Resilience, empowerment, and sustainability are tools that can create a positive legacy that goes beyond profits. They also strengthen trust and loyalty among all stakeholders and the community. In today’s hyperconnected world, we have the opportunity to be a force for good and drive meaningful change. More often than not, this doesn’t mean changing everything about your workflow—it just means tweaking a few aspects of it!
Apart from resilience, empowerment, and sustainability, what are a few other positive goals that your organization has adopted?
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Powering Up: how EVs are driving the next mobility revolution in Asia
On a recent trip to China, I noticed an interesting trend – the proportion of electric vehicles being significantly higher than most other parts of the world. I understand that the EV penetration in China is as high as 20%. And that is a big number!
This got me thinking about why EVs are getting so popular in South and Southeast Asia; and why companies and governments are investing heavily to build the necessary infrastructure and promote the widespread adoption of EVs.
The EV battery market in the Indo-Pacific region is showing impressive growth potential and the region is fully embracing the electric revolution, driven by increasing environmental awareness, technological advancements, and supportive government policies. My thinking is that one of the main factors driving the EV market in this region is the focus on infrastructure development. With demand being fuelled largely by considerations around cost and a sense of consciousness around environmental factors, this infrastructure focus has emerged as a key push factor.
Governments are taking proactive measures to set up charging stations, battery-swapping networks, and implementing policies to encourage people to adopt EVs. This push for infrastructure aims to overcome the common concerns of limited range and charging options that have held back the widespread acceptance of electric vehicles. Additionally, government initiatives and subsidies are attracting foreign investments, which contribute to the overall growth of the EV industry. For example, Indonesia offers enticing incentives to attract EV battery component producers, EV manufacturers, and EV buyers. The country is strategically leveraging its abundant nickel reserves and implementing targeted measures to attract foreign investment in nickel processing.
Both local and international companies are recognising the immense potential of the EV sector in South and Southeast Asia and making significant investments. Major automakers are entering the market by partnering with local manufacturers and establishing production facilities. The competition within the EV sector is evolving rapidly, with startups emerging and striving to make their mark in this transformative industry. These startups not only compete but also challenge established players in the automobile industry. This competition fosters innovation and drives the development of cutting-edge technologies, making EVs more efficient, affordable, and accessible for consumers.
One use case here that I see is from India, where a company called BluSmart is changing the rules in the ride-hailing industry by using an all-electric taxi fleet. BluSmart aims to attract passengers and drivers by offering a cleaner and more reliable service through direct fleet management. With plans to expand operations and increase its fleet size, this new entrant is capitalising on the growing demand for electric vehicles and the push for sustainability in transportation. Despite facing challenges from larger competitors, BluSmart is gaining market share and reshaping the industry.
Adapting to this trend, large global players such as Uber have also announced plans for all-new green fleets. Uber seems to be basing its growth strategy in the region on having a significant number of electric vehicles (EVs) in its fleet. Uber is emphasising the adoption of environmentally friendly vehicles and has extended partnerships to introduce 25,000 electric cars and 10,000 electric bikes onto its platform in India within the next two years.
Local manufacturing is also in emphasis in South and Southeast Asia. Governments are encouraging the establishment of local manufacturing facilities to reduce dependence on imports and stimulate economic growth. This approach strengthens the domestic industry, creates jobs, and contributes to developing a robust EV ecosystem of production and consumption. During my recent visit to China, a major player in the global EV market, I was thrilled to see that most vehicles on the road were new, and many were electric. China aims to capture 50% of the EV market share by 2035, which seems achievable even before the set deadline of 2030.
The main obstacle hindering the growth of the EV industry is the lack of charging infrastructure and a reliable electricity grid that isn’t dependent on fossil fuels. However, there is significant progress being made on all fronts. Quickly Google “Asia – EV market,” and you’ll find countless articles about the booming industry. The growth projections for the EV market in South and Southeast Asia are highly promising. The EV landscape in this region is undergoing a remarkable transformation. Seeing China’s success in the market was inspiring, and many other countries are on track to achieve a substantial EV market share and embrace a sustainable and electric future.
Now, as we witness the electrification of transportation and the rapid growth of the EV industry in South and Southeast Asia, a question arises: How will this shift to electric vehicles impact mobility in the region? How will it affect the overall sustainability and environment of the area?
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Cycling and the 5 Es of Leadership
“Life is like riding a bicycle- in order to keep your balance, you must keep moving.”
Albert EinsteinCycling isn’t just a hobby for me. It constitutes a big part of who I am. It is such an innate part of my thinking now that recently, as I reflected on Jack Welch’s five Es of leadership, I started corelating several of the postulates in this treatise on business management with my experiences from cycling.
First documented in his book “Winning”, Welch’s five Es of leadership include Envision, Engage, Empower, Enable, and Execute. The universal nature of these principles apply as much to cycling and sports as they do to the business world.
Competitive cycling is often perceived as an individual activity, but it is way beyond that. Even the strongest champion of the peloton cannot win a stage or a grand tour without a team to support them. The same rule applies to leadership in the business context too. Engaging the team is essential to winning!
To win in cycling, one must have a well-defined approach, aligned to the end goal. In business too, envisioning is the process of defining tactics and strategies to win and communicating them effectively. I always emphasize setting a clear vision for my team. It is important to communicate this vision to the team in a manner that enables success to be achieved through careful planning and foresight.
Even if a team leader works individually at full capacity during a 300 km race with six domestiques, they will not be able to win unless there is a plan to work as an efficient team. If the leader is not focused and energetic, the domestiques will not invest their full power to keep them in the race. Similarly, for a leader in the business environment, it is important to energize and empower the team, helping them build resilience to tackle challenges head-on. Motivating a team to take ownership of their tasks fosters passion, builds trust, and creates a collaborative culture.
If even one or two of the six domestiques that have to keep the team leader in the race to win are not trained properly, the whole team will struggle. By themselves, the other trained domestiques will not be able to keep the leader in the race. Even if the team leader is in great shape, chances of winning get lowered significantly in such an instance. It is the same in business – if the team doesn’t have all the required competencies, the leader cannot win. Enabling the team with proper preparation is key to winning. As a leader, it is crucial to invest in the team’s development and provide them with the right tools, resources, and training to perform their tasks efficiently.
Executing may seem like the last stage of the process. However, without it, all of the first four Es are just a waste of time! Imagine – before a race, the team leader and their domestiques have defined strategy and tactics, learned them well, are highly motivated, and have trained in all earnest. However, on race day, they are more focused on their opponents, spectators, and the race’s glory than execution. Will they win? Similarly, the business leader and their team must remain focused and take calculated risks to overcome obstacles and reach the desired outcome.
Reflecting on all my rides, I realize that leadership, like cycling, requires discipline, determination, and a robust vision that drives the entire journey. Navigating through challenges is an essential part of leadership, and my personal belief is that it’s better to ride through a rugged path that is right for me than to cruise smoothly through one with no meaningful end. As leaders, we must draw parallels between our passions and our approach to leadership. Cycling has taught me about teamwork, strategy, tactics, and execution, and I apply these lessons extensively in my professional workspace.
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World Economic Forum 2023
While there are wide-ranging drivers of Industry 4.0, a few critical technological pillars will enhance the revolution (and are already starting to). Recently, I have covered my thoughts and readings on this subject as part of my blog. Many of these topics have gained widespread attention among global leaders – I noticed that they were important points of discussion at the recent World Economic Forum in Davos. This indicates how the growth of AI and supercomputers, the multiplying number of devices connecting to the IoT, the large-scale adoption of the cloud by businesses, the evolution of the metaverse, and the matter of cybersecurity are having multilateral implications for the world’s economy and geopolitics, and for industrial sectors.
The metaverse is transforming manufacturing through the use of digital twins, which boost productivity levels and innovation. The World Economic Forum (WEF) has predicted that the most significant impact of the metaverse would be on industries and businesses and not the consumer, owing to the industrial metaverse, which uses digital twinning to enable pathbreaking levels of flexibility, efficiency and productivity.
The emphasis on the importance of AI at the Forum has been interesting to note! Last week, I mentioned briefly how AI is changing the face of robotics and a variety of other sectors. A quick look at WEF’s Artificial Intelligence page will illuminate just how deep the impact is. From education to agriculture and aviation to waste management, AI is setting foot in almost every section of society.
With all this increased connectivity, threats are always around the corner. In my lifetime, cybersecurity has moved from the IT department to the boardrooms of businesses. Earlier this year, the WEF published the report Global Cybersecurity Outlook 2023, predicting the trends in cybersecurity that will impact our society in the year ahead. The report’s landmark prediction suggests that the increased tensions and instability in global geopolitics leave the world with an “exacerbating risk for catastrophic cyberattacks.” Luckily, the report also illustrates the closing gap between business executives and cybersecurity managers.
All in all, I am excited to see the growing prominence of the technological pillars of Industry 4.0 at the Forum. I plan to engage with more of the pillars through my blog in the coming weeks. Stay tuned!
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The new security consideration in the Industry 4.0 era
Security is one of the basic principles of human existence and a key driver of societal balance. Several postulates on human needs, including the famed Maslow’s hierarchy psychological concept, rank safety (defined as security of environment, employment, resources, health, property) as a core human requirement. This has been true of the industrial world as well for a long time. Industrial espionage, a practice which has been around for a while now, is testament to the need for protecting enterprise intellectual property and business confidential data.
Industry 4.0 is characterized by the concepts of digital revolution. The emergence of cloud computing as a viable business enabler and transformative ideas such as the metaverse are driving this revolution. But with this global connectivity comes the risk of a new era of industrial espionage – the type that exists in cyberspace. Therefore, for all the good that technological advancements are bringing about, it is critical to address the risk of potential threats posed by cybersecurity concerns.
Cyberspace concepts are not new. They have been around since the 1960s. In its earliest avatar, the main threat to networked computing ecosystems was that of physical sabotage. This was replaced from the next decade onwards by the “creeper-reaper rivalry”. The self-operating and replicating nature of creeper and the detect-eliminate mechanism of reaper foreshadowed modern malware and cybersecurity. As the internet has increasingly become ubiquitous, so has the sophistication and spread of cybercrime. Thankfully, so has cybersecurity.
According to industry estimates, cybercrime will cost the world nearly 10.5 trillion dollars annually by 2025 . In 2022, cyberattacks occurred almost once every 39 seconds. In the age of the business of big data, cybersecurity has moved from IT departments to the boardrooms of most organizations. However, with the high volume of devices connected to the IoT, cybercrime is no longer a matter of information safety only. Anyone with a phone in their hand may be at personal and financial risk.
Cybersecurity is no longer a matter of keeping businesses and data safe. In an age where the human-machine interface grows exceedingly personal, cyber threats are a matter of safeguarding lives. With its expanse, cybercrime has moved beyond the question of ‘will it happen’ to ‘when will it occur’. The detect and eliminate models of cybersecurity need to shift to risk management in this era.
With cybercrime becoming highly sophisticated, we are using advanced techniques, including the use of AI to perform behavioral analysis to understand the patterns and nature of the attackers, as counterpoints. However, at the heart of smart cybersecurity is a smart user – educating people to identify the role they can play in cybersecurity and ensuring that they use all the tools available at their disposal can be a great asset in the fight against cybercrime.
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Marco's thoughts 