MediAvataar's News Desk
Internet-enabled devices improve productivity and help us achieve greater innovation, but there are three major risks that could unravel it all.
It is estimated that 90 per cent of the world’s data has been generated over the past 2 years. Every second, the data equivalent of 150 million books is created. A large part of this expansion is attributable to the Internet of Things (IoT), the network of “smart” physical devices that collect and exchange data.
When most people think of internet-enabled devices, examples such as Fitbit and Apple watches naturally come to mind. But these products are quickly being outnumbered by others that are less familiar. These new devices capture data from industrial plants, machines and even the human body, then transmit it elsewhere over the internet or another network where it can be stored and analysed to enable better decision making.
There are countless applications for virtually every industry related to construction and real estate, from telecom to energy. Many of these applications are designed not just for convenience, but also for safety. For example, electrical systems can be equipped with sensors that detect wiring failures, warning technicians of fire hazards before the fire can occur.
But while the IoT may herald a period of unprecedented opportunities, it is also one of unprecedented complexity. These devices pose new challenges for managers and risk specialists who need to be connected with their R&D departments as never before. We see three big new IoT dilemmas that society needs to resolve.
The first is confidentiality. Consider the use of smart TVs. Unlike the old-fashioned projectors, they are connected to the internet. They are operating behind the firewall and are plugged into sensitive networks, often without necessary care. What happens when sensitive information is leaked? More fundamentally, all IoT pioneers must grapple with well-known concerns over privacy — how to balance expectations of privacy with the inherent need to collect and analyse data in ways that harness the true power of the IoT.
Personal data is easily shared by various companies and devices creating all sorts of potential privacy concerns. For example, workout data from one device can be connected to insurance company systems to calculate health and life insurance premiums.
Most insurance companies have already started offering better rates to those who can demonstrate more healthy lifestyles. The IoT means behaviors can actually be tracked and validated with much greater precision. But what about individuals who cannot afford or simply refuse to wear IoT devices based on privacy concerns? This raises key questions for insurance companies, elected officials and regulators.
There have been numerous high-profile cyber-breaches which have caused damage. But the risk takes on a different dimension when so many devices are connected. In fact every node on the internet is a potential access point for someone unscrupulous or malevolent. As a society we are installing billions of connected devices in everything from aeroplanes to flood defence systems.
A connected and automated system can improve the efficiency of a town’s electricity grid. But it also gives a hacker a way to shut down that electricity grid from their own computer.
Even without any malfeasance, this connectivity also creates issues in case of catastrophic outages. If an earthquake massively degrades network capacity in a large area, the use of smart lifts for building evacuation might be impacted. Urgent payments for medical care or intelligent traffic lights could also be crippled.
The biggest risks for the insurance industry during the IoT revolution, however, center on increasingly complex questions about liability and cybersecurity. If a sensor fails to detect a potential problem in a machine, it might be difficult to determine who is at fault? If a semi-autonomous truck is involved in an accident, resolving who is responsible takes on multiple dimensions. This could also depend on the jurisdiction in which the vehicle is driven. With so much data collected and shared across a host of machines, someone needs to be accountable for accuracy and security. Now that everything can be monitored, failing to monitor is an even greater risk.
There is also the ethical conundrum of how connected machines should be programmed to make decisions. We are not used to objects acting on their own and they might act in unexpected ways.
But more than that, so much of the potential of the IoT lies in the seamless transfer of data between devices. This will make it very difficult to associate an individual piece of data with an individual device, and to allocate responsibility for any failure.
The insurance industry has developed over centuries as a means of transferring risk of loss from one entity to another in return for payment. The effective transfer of risk is a fundamental pillar of the modern economy that relies on understanding contingencies. This process is going to become much more complicated in the near future.
Written by Gilles Hilary,INSEAD Professor of Accounting and Control and The Mubadala Chaired Professor in Corporate Governance and Strategy.
Spiral Content has appointed Ivor Soans to lead its Editorial Services offering.
He comes from Network18,where he was Managing Editor (Enterprise Technology) and Senior Editor, Firstpost.com.
Ivor has been a business journalist for more than 17 years, with experience across Print, Television and Digital. He has been a key correspondent for several top technology media brands, with several high-impact news and analysis pieces to his credit. He was also involved in Network18 television shows on CNBC-TV18/CNBC Awaaz, besides being an industry speaker at leading events.
Commenting on his move to Spiral Content, Ivor said"Having seen content evolve over the years that I have covered the technology sector, I believe that 2016 will be the year when content will perfectly align with intelligent technology platforms. This in turn brings incredible new opportunities for marketers. I am very excited to be part of the Spiral team.I look forward to us leading this space with our rich experience, unique skillsets and innovative technology as we transform opportunities into success stories for our clients. ”
As Editorial Director, Ivor will work closely adding his expertise to marketers and their brands digital content needs. Spiral Content CEO Rajan Srinivasan says "By bringing together the best of technology and people, Spiral Content is even more geared to meet the marketer’s content requirements. Ivor brings considerable experience in the branded content genre and is an asset to this new age engagement business.”
Spiral Content is building tools and adding expertise to help brands become publishers. They launched a content marketplace – Scatter - in end January 2014.
Facilitating transfer of earnings to the consumer’s mobile wallet
India’s no.1 cashback site aims to bring in 1 million new users on its platform in the next one year through the tie-up
GoPaisa.com, India's highest paying cash back and coupon site has announced its association with PayUmoney to enable the transfer of cashback and earnings to the PayUmoney accounts of customers. Through the strategic association, it aims to register 1 million new users making over half a million transactions on its website and mobile app.
Speaking on the collaboration, Aman Jain, Founder, GoPaisa.com said, "At GoPaisa.com, we targetcreating a significant channel for the user's benefit. PayUmoney has emerged as a strong consumer payments provider in the country, and we are delighted to partner with them. Transferring of cashback earning to the PayUmoney account seemed liked a smooth transition that further aids our customers. As India's Number 1 cashback site, our focus has remained on helping consumers save more and more every day and this would be yet another step to heighten customer delight. We believe the strong inroads which PayUmoney is making in the online space will help us in channeling a large chunk of cash-out requests from GoPaisa to PayUmoney. With this, we believe that within 3 months, we should be targeting over 20% of daily cash-out requests."
Highlighting the partnership, Virender Gupta, Head of PayUmoney Wallet and Checkout Business Consumer Payments said, "We are pleased to partner with India's highest paying cashback and coupon site, GoPaisa.com. Through this collaboration, we will be able to offer our services to the vast customer base of the company. This will enable us to scale faster and help more and more customers to discover an alternative, quick and hassle-free way of shopping online. We are also expecting transfers of cashback worth Rs.20 crore through this tie-up"
GoPaisa.com is a one-stop saving destination for all online shoppers allowing them to enjoy the best money-saving deals on more than 450 brands from various categories like shopping, food, travel, home furnishing, recharge and many more. The shoppers can have the benefits of best cashback redemption options in the form of Bank transfer, Recharge on Mobile/DTH, Transfer to Paytm wallet and Gift Vouchers even on cash-on-delivery transactions. Being an early mover in the Cash Back ecosystem to introduce an app, GoPaisa is soon to make a crucial addition of price comparison to it, thereby making its way towards being enlisted among the top 10 most used apps in the country by the end of this year.
· Viewers get to watch 100 Hollywood Blockbusters across 100 days, plus an opportunity to win 100 exciting prizes – cars, bikes, iPhone 6s, TVs, laptops and lots more
· 12th December ‘15 onwards , every night at 9 pm
The game of 100 begins! And so does the countdown for MOVIES NOW 100 Mania, which has a lot in store for the fans of the best Hollywood movies in India. All they have to do is to tune in to MOVIES NOW every night @ 9pm and watch their favorite blockbusters. Starting Saturday, December 12th, every night with MOVIES NOW will be a delight where viewers can not only watch a Hollywood blockbuster, but also get an opportunity to win prizes like cars, bikes, iPhone 6s, digital cameras, HD TVs, laptops and lots more.
MOVIES NOW 100 Mania will feature some of the channel’s biggest blockbusters including marquee titles like Fast & Furious 6, Man of Steel, Jack the Giant Slayer, Pacific Rim, Croods, Bean’s Holiday and Journey 2 the Mysterious Island from 12th December every night at 9 pm.
Participating in the contest is very simple -- all that viewers need to do is give a missed call on the number displayed on the screen during the 9 pm movie. There are a total of 100 prizes; one prize per day of the 100-day marathon fest of great Hollywood entertainers.
So Hollywood fans can get set to be a part of this Watch And Win series! MOVIES NOW 100 Mania is back by popular demand, with the biggest Hollywood entertainers, and amazing prizes to be won. Call 09222200422 to receive updates on this contest!
MOVIES NOW 100 Mania! 12th December 2015 onwards, every night at 9 pm.
Amid fans and esteemed guests, renowned actor Prosenjit Chatterjee, launched the book - ‘Ek Kahani Aisi Bhi’ – based on the internationally acclaimed and the most sought after radio show aired across 25 cities narrated by RJ Praveen on 93.5 RED FM.
‘Ek kahani Aisi bhi’, is a series of spine chilling ghost stories written by RJ Praveen and RJ Devankan! The spookiest ghost cases and their paranormal activities begin here!! The show has been awarded by the New York radio festival in the ‘best innovation’ and ‘best narration’ category. The on-air stories are so impactful that one can visualise the incidents happening in front of their eyes. Overwhelmed by the thrilling response to the radio show RJ Praveen penned down the stories and so Ek Kahani Aisi Bhi is now an unputdownable book published by Future Publishers and Distributors. Flip the pages and experience the goosebumps! Scare has been given a new name – Ek Kahani Aisi Bhi!!
On this occasion, Ms. Nisha Narayanan, COO, 93.5 RED FM said, “Ek Kahani is the flagship show of RED FM, and has changed 9-10pm primetime TV viewing of people. It is a national show being aired across 25 cities in India. The success of Ek Kahani Aisi Bhi can also be measured by the fact that the stories have received almost 1 lac views on our YouTube channel. It was about time to add another feather to the success of this show by unboxing the show in the form a book. I am sure there are so many EKAB fans who were waiting for this to happen.”
RJ Praveen said, “The team working towards creating the show lives, breathes and feel the stories. We try to create horror out of regular objects, which is what makes EKAB stand apart. The popularity of this series with the listeners prompted us to release the stories in the print format.”
RJ Dev added, “Expecting that ‘Ek kahani Aisi Bhi’ will be well accepted with the followers because of the originality and quality of each story”.