By Kristin Casler, featuring Ryan T. Bergsieker of Gibson, Dunn & Crutcher; Karen Jagielski, senior attorney, FTC, Division of Privacy and Identity Protection; Leon Silver of Gordon & Rees; and Rob van Kranenburg, author of The Internet of Things.
Many organizations already have a fleet of smart vehicles, operate smart factories or office buildings and conduct business around the world with unprecedented ease and efficiency. But the data exchange that is starting to make reality resemble The Jetsons comes with risks that experts say may unplug data privacy forever. As your organization takes advantage of technology, it is important to understand the risks. The Internet of Things (IoT) refers to devices that are connected to each other via a network that allows them to communicate, gather and analyze data and even accomplish tasks. You may already know about devices that let you turn on your house lights and adjust the temperature during your ride home. And you’ve likely used the technology to find the nearest Starbucks. But the world is also seeing rapid growth of smart farms, hotels, manufacturing facilities and many more smart devices. Some people even believe that IoT developments will one day solve world hunger, said Leon B. Silver, Retail & Hospitality practice group leader at Gordon & Rees. But to do any of this requires collecting and using data.
“Personal data has been called ‘the new oil of the Internet and the new currency of the digital world,’”Silver said. “It now stands on par with people, technology and capital as a core business asset. Data is becoming the single most valuable asset a company has.”