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The Internet of Things: Profits, Perils and Paradoxes

Underscoring the magnitude and complexity of cybersecurity threats, Rashaad Bajwa, president and CEO of Domain Computer Services, this morning explained to NJBIA’s Internet of Things event audience that he had harbored concerns the security cameras he installed in his home were being accessed by peeping criminals.

It was ultimately determined that the cameras’ extensive outbound firewall traffic to China was the devices themselves incessantly checking for “firmware updates,” but the episode drove home a point.

Bajwa said, “Now, your data – your devices – are everywhere.  It is power for you to leverage, and… learning about how you can do so in your business, car or home is incredibly important.  But, co-workers, companies and societies depend on us to know how to secure it as well.”

The paradox of business growth and cybersecurity threat vectors inherent with new technologies is not an equation that can be avoided. Keynote speaker Mike Luzio, founding partner and managing director of The LVE Group, told the audience he could know in his heart whether or not the retailing giants he conducted business with would survive or fail, based on the extent to which they embraced emerging technologies and trends.

Luzio said, “Whether you are an industry leader or a mom-and-pop shop, you need to leverage technology to keep pace with your competition.  How do you avoid becoming obsolete? Proactively review new technology and engage in your business. Just because you are out here running a company that is maybe doing a one or two, five or 10 million dollars in sales, everybody is still looking to get ahead of you. Everybody is looking to make sure they are the next great thing. And they are all nipping at your heels.”

Balancing the cantilever of security and profits was arguably the lodestone of today’s event, held at the Newark Liberty Airport Marriott.

More detailed reporting will follow in New Jersey Business Today in the specific realms of: “Tips and Tricks for Cloud Security,” “Minimizing the Cyber-risks of Remote Employees,” “Your Legal Response to Cyberattacks (or, What Keeps Management Up at Night),” and “The Blockchain Concept.”

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