Digital Risks Threaten Society: Expert Warns of Looming Crisis
Digital risks pose significant threats to society, as highlighted by recent incidents like the 2017 Equifax data breach and the Marks & Spencer cyberattack. Despite warning signs, such as malware attacks and AI vulnerabilities, the 'fast and furious' approach in tech companies leaves digital systems fragile. Associate Professor Dean Curran of the University of Calgary warns that a massive crisis may be needed to prompt action.
The dominance of tech giants like Apple, Alphabet, Microsoft, NVIDIA, Meta, and Amazon in the digital economy has led to increased investment in cybersecurity. However, this has not prevented sophisticated attacks like the ransomware incident that disrupted airports in major cities in late September 2025. The lack of redundancy and increased complexity in digital systems, driven by the 'fast and furious' ethos, exacerbates risks. Governments struggle to balance the benefits and damages of digital technologies, making it difficult to prevent crises.
Curran argues that current approaches to risk and innovation are inadequate. He points out that regulation often comes too late, after damage has been done, making it challenging to prevent the next crisis. The interconnection and complexity of digital systems, with reduced redundancy, increase the risk of catastrophic consequences, similar to the 2008 financial crisis.
The digital economy's risks, highlighted by recent attacks and vulnerabilities, require urgent attention. The dominance of tech companies, the 'fast and furious' culture, and inadequate risk management practices put society at risk. To prevent a systemic digital crisis, governments must find ways to balance innovation with robust regulation and risk mitigation strategies.
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