The telecom industry is evolving rapidly as laws change, and companies join new markets. Telecom risk management experts must become aware of potential risks on the horizon in preparation for these alterations. Laws on privacy and net neutrality, new forms of cyber threats, reputational risks, COVID-19, and other variables are all likely to have a profound effect on telecom firms.
Data Breaches in Digital Supply Chain
Telecom firms have long been at the forefront in cybersecurity and data breach prevention as the controllers of data networks. Although efforts have traditionally concentrated on protecting owned networks and facilities, however, new cyber threats have emerged further beyond the control realm of telecom providers. If the interface between telecom companies and third-party technology vendors increases, so does the possibility of data breaches along the digital supply chain from attacks or errors. Online support companies, providers of cloud services, hardware partners, and others may expose telecommunications companies to threats that may impact sensitive systems and data.
Risk of Autonomous Vehicles
Telecom companies, mainly mobile network providers, have a positive outlook on the autonomous vehicle industry as a potential vertical for growth. The number of people interested in renting or purchasing an autonomous vehicle has increased by nearly 15%. Telecom providers and their new 5G networks will be crucial to the emergence of autonomous vehicles, and several manufacturers are looking at collaborations that go beyond basic relationships with contractors. However, a new collection of regulatory risks for telecoms firms will be launched by joining the autonomous car industry. Current automotive regulations are still complex, and autonomous vehicle regulations are in flux around the world and make matters worse. Until technology advances and the laws become more defined, it will be especially risky to work in this sector.
New Risk Landscapes
With emerging technology such as 5G network planning, autonomous vehicles, and IoT expected to transform the way consumers live and work, it is an exciting time for the telecom industry. Nevertheless, with these developments come new sources of risk. To ensure their companies survive the risks posed by these emerging risk vectors, telecom risk management professionals will need to be on their toes through 2021 and beyond.
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