Business impact, risks and controls associated with the internet of things

[摘要] ENGLISH SUMMARY : Modern businesses need to keep up with the ever-evolving state of technology to determine how a change in technology will affect their operations. Adopting Internet of Things to operations will assist businesses in achieving the goals set by managementand, through data integration, add additional value to information. With the Internet of Things forming a global communication network, data is gathered in real time by sensor technologies embedded in uniquely identifiable virtual and physical objects. This data gathered are integrated and analysed to extract knowledge, in order to provide services like inventory management, customised customer service and elearning as well as accurate patient records. This integrated information will generate value for businesses by, inter alia, improving the quality of information and businessoperations. Business may be quick to adopt the Internet of Things into their operations because of the promised benefits, without fully understanding its enabling technologies. It is important that businesses acquire knowledge of the impact that these technologies will have on their operations as well as the risks associated with the use of these technologies before they deploy the Internet of Things in their business environment. The purpose of this study was to identify the business impact,risks and controls associated with the Internet of Things and its enabling technologies. Through the understanding of the enabling technologies of Internet of Things, the possible uses and impact on business operations can be identified. With the help of a control framework, the understanding gained on the technologies were used to identify the risks associated with them. The study concludes by formulating internal controls to address the identified risks.It was found that the core technologies (smart objects, wireless networks and semantic technologies) adopt humanlike characteristics and convert most manual business operations into autonomous operations, leading to increased business productivity, market differentiation, cost reduction and higher-quality information. The identified risks centred on data integrity, privacy and confidentiality, authenticity, unauthorised access, network availability and semantic technology vulnerabilities. A multi-layeredapproach of technical and non-technical internal controls were formulated to mitigate the identified risks to an acceptable level. The findings will assist information technology specialists and executive management of industries to identify the risks associated with the implementation of Internet of Things in operations, mitigate the risks to an acceptable level through controls as well as assist them to determine the possible uses and its impact on operations.

[发布机构] Stellenbosch University