Smart Cities

Cyber Economics & Our Current Environment

            Cyber economics is the theory of applying economic models to the current technological environment to make sense of cyber security. Just as there are economies of business or of communities, economics offers us a translation to cyber security by exploring the incentives of attackers and possible ways to increase the opportunity cost of an attacker to the point where it is no longer profitable to gain access to a company’s system. Overall, this would help to bridge the gap for communities and researchers alike. The next step is to implement these types of models into policies, procedures, and technologies.

 

Why are Smart Cities Important for Economic Growth?

            The question is complex and the answer has several components. To start, it is important to remember that we have never been more connected than we are right now through the internet of things. The internet of things may be characterized as the smart devices that we use in our daily lives which connect us to the internet. These devices can include cell phones, washing machines, and refrigerators just to name a few. Projections show that the average household will have up to 50 smart devices by the year 2020, making it even easier for communities to take this model and incorporate it throughout cities. Smart cities will capitalize on that interconnectivity to streamline the efficiency of municipal transportation, utilities, and energy systems.
            The smart cities model will be pivotal in keeping up with competing areas where economic growth depends on bringing in outside capital. This will benefit the city and serve to attract new residents and businesses to the area. Smart cities are indeed the engine that will fuel the future of our country.


Making Sense of the Smart Cities Model

            Exposure to any combination of telecommunications and economics offers a parallel in which we may look at technological models as a form of digital infrastructure. To expand upon the aforementioned analogy, try to picture large scale communities of devices as a series of highways that carry information from one device to another. Most people can figure out what the connection designs may look like or how it will all work as an overarching theme. The real challenge will be securing these systems as they become more vital to our everyday lives and the functions of our cities.
            One of the services we offer at KCG, the education of businesses and residents on how IoT devices work and how everyone can employ safer cyber practices when using devices. KCG desires to educate everyone so that we, as a nation, can take full advantage of the potential new technologies have to offer.

 

Becoming a Smart City

            The city of Virginia Beach’s first objective should be to implement broadband infrastructure with the proper connections. From there, the city will have to replace all outdated devices with internet enabled devices. Here is where KCG will come into play. We enjoy staying out in front of future technologies and serving as a technology translator. This project would help to shape the subjects we emphasize with our clients in every effort to help them thrive in this changing environment. KCG is also prepared to advise Virginia Beach on how to adopt the technologies necessary to create a smart city environment.

Push for Security

            Unfortunately, there is an adverse relationship between the number of connected devices and the number of cybercrimes. The opportunity cost of interconnectivity is more endpoints, or entrances, for attackers to use in order to compromise a network. As we begin to lay the foundation for smart cities, security will be a very important factor to discuss and implement.

The Future of Smart Cities

            As we enter into the 2nd information age, we will see a broad range of applications from driverless cars, to virtual medical clinics, and the ability to control all household appliances at the touch of a button. The potential future is undeniably exciting and we look forward to being a key contributor to bringing this model to our region and surrounding regions as well.