World Economic Forum Releases Insights on the State of IoT

Dec 17, 2020

In collaboration with the Global Internet of Things Council, the World Economic Forum released “State of the Connected World” which looked closely at the most pressing opportunities and challenges faced by the IoT ecosystem.

The report mentioned COVID-19 has accelerated trends toward remote working, distance learning, and telehealth. The current pandemic has also boosted wearable technology adoption and our dependency on connected devices. As such, it increased the risks associated with IoT, requiring good governance.

Stella Ndabeni-Abrahams, Minister of Communications and Digital Technologies of South Africa and Co-Chair of the Global IoT Council, said that the maturity of governance continues to lag behind the pace of technological change.

“We must come together and act now to ensure these technologies become a force for shared societal benefit, as opposed to exacerbating existing inequalities,” Ndabeni-Abrahams added.

As part of its global action plan, The World Economic Forum also complied 37 initiatives for the promotion and expansion of IoT. The plan tackles five critical areas- building transiency and trust into IoT technologies, ensuring privacy and security, equal access, incentivizing the use of IoT to solve humankind’s biggest challenges and creating consensus on global issues.

The initiatives were brought together in six continents as part of the plan. Arcelik A.?, Carnegie Mellon University, Consumers International, Libelim, and Zigbee Alliance are spearheading a collation, aiming to improve trust on consumer IoT devices. The coalition will also help consumers better understand the benefits and risks related to such products.

Meanwhile, Brazil, Colombia, Kazakhstan, South Africa and Turkey are collaborating to build the technological capacity of small and medium-sized enterprises (SMEs), aiming to reach over 5,000 companies in the next three years. The partnership also aims to equip SMEs with new training and support services.

“As the internet of things becomes a part of our daily lives, it is essential that we build upon the last three decades of learning from the World Wide Web, ensuring that these technologies create a digital future that is safe and empowering for everyone. Governments, companies and citizens need to work together in innovative public-private partnerships to create this digital future”, said Adrian Lovett, President and Chief Executive Officer of the World Wide Web Foundation and Co-Chair of the Global IoT Council.

More and more people are becoming dependent on IoT devices, making it paramount to ensure the security and privacy of such devices. To learn more about why cybersecurity is vital in IoT, check out the following TrendMicro insights:

Author: Ericka Pingol

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