Media and tech firms must face up to new risk realities, Marsh warns
Written by staff reporter
Media and technology firms are facing new risks associated with people, assets and regulation amid the emergence of the sharing, on-demand or digital economy – or the fourth industrial revolution.
In a new paper, ‘Economy 4.0: Risk Evolution and Revolution in the Age of Disruption’, Marsh examines some of the issues facing CMT firms as they embrace the opportunities being created by the new industrial revolution – or ‘Economy 4.0’.
Marsh says responsibility for workers’ actions, as new categories of workers and work emerge must be revisited in this new environment, and suggests that, by operating on the edge of disruptive innovations, or through the early adoption of disruptive technologies, CMT firms are likely to be the first to experience new cyber threats.
It also warns that CMT companies providing digital marketplaces and online platforms need to understand their global regulatory footprints, so that they are able to trade both legally and effectively.
Communication, media and technology practice leader, UK & Ireland, Marsh, Carrick Lambert, says the business models of CMT firms are disrupting traditional concepts of service delivery, content production and manufacturing, and that this is driving a shift towards the virtual, the online and the intangible, to facilitate an ever easier flow of goods, people, capital, services and ideas.
“CMT firms should re-evaluate how they approach risk management – to better protect their assets, such as data, intellectual property, reputation and people – as they embrace Economy 4.0,” he added. “Understanding and managing these risks is key to building better engagement with workers and customers, and will enable CMT firms to continue to thrive in this new environment.”