Wearable technology has taken the world by storm, with millions of people embracing smartwatches and fitness trackers as essential tools for monitoring their health and fitness goals. However, as a CEO and shareholder, I'm deeply concerned about the threats and risks, not just to myself, my family, and my companies, but also to our customers. At the core of our organization's purpose is a commitment to putting humans at the center of risk assessment. In this context, wearable technology emerges as a significant concern.
The Rise of Wearable Technology
Wearable technology seamlessly blends "form and function," taking the shape of accessories or clothing while integrating electronic technologies. Smart glasses, smartwatches, smart clothing, fitness trackers, and bands are just a few examples, each operating on similar principles. They employ sensors to capture data, microprocessors to process it, and transmit the information wirelessly to cloud storage for further analysis and reporting.
The Risks They Pose
Wearable devices have found a notable application in healthcare, providing real-time data on post-surgery recovery, physical therapy, and health conditions such as seizures, heart attacks, panic attacks, and insulin levels. In fact, over 80% of consumers see the greatest advantage of wearable tech in making healthcare more convenient (PwC report).
Yet, wearables also present concerning applications, including potential surveillance devices for monitoring telecommuting productivity, keystrokes, facial recognition, personal and workplace safety, insurance, and legal risks. With exponential growth in usage, these concerns are set to increase.
Applications and Concerns
Despite their advantages, wearable technology remains vulnerable to hacking, much like our smartphones. They serve as potential backdoor gateways for hackers to gain unauthorized access, manipulate data, and track user locations. Notably, the global sales of wearable technology exceeded $52 billion in 2021, with projected growth at a compound annual rate of 14.9% from 2022 to 2030. As the adoption of wearable tech continues to surge, so too will the associated threats.
Protecting Your Corporate Assets
As CEOs, corporate board members, and key stakeholders, it's imperative that we proactively address these challenges. Implementing stringent cybersecurity measures, ensuring data encryption, and educating employees about the risks associated with wearable technology are some critical steps. Additionally, monitoring the evolving threat landscape and staying updated with best practices in cybersecurity are essential to safeguarding corporate assets.
In conclusion, wearable technology may be a remarkable innovation, but it comes with a host of security risks.
These risks extend to our personal lives and boardrooms, affecting not only CEOs and shareholders but also the entire corporate landscape. It's our responsibility as humans to stay vigilant and proactive in the face of these challenges.
But also get support from companies like ours (ICE24 or Al Thuraya Consultancy) to ensure the safety and security of our organizations, data, and personal lives.