Digital Risk
With more of our lives going online do we need digital risk rating for online activity?
With more of our lives going online with e-commerce, fintech, social media and IoT, data created is out there for the taking due to, either, lack of understanding of the technology we use or insufficient cybersecurity in place. It is probably not possible to get 100% security online and so there is an element of risk we have to accept to any transaction/activity we do online.
It would be useful to attach a digital risk rating or quotient to activities online, e.g. banking or e-commerce transactions, so that users can judge the level of risk they are taking on. This digital risk rating is assessed it should take into account e.g. privacy, how the data generated is used, who has access to the data, how secure the activity/transaction is, procedures and technology that company has in place for cybersecurity, procedures that company has for notifying users of hacking attacks or data loss, how the company deals with user requests for data or reports of hacking, etc.
Some independent international organisation would probably have to assess the digital risk ratings. Just as credit rating has grown, digital risk rating may need to be introduced to in this digital age.
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