Mitigating Risks in the Innovation Economy
How Emerging Technologies Are Changing the Risk Landscape
In order to enable innovation to continue to enhance the lives of society, we must understand and develop resilience against the interconnected risk build-up inherent in the Fourth Industrial Revolution. Thus, the Mitigating Risks in the Innovation Economy project, will focus on “Building Resilience.” We will bring together infrastructure and technology developers, insurers and government officials across the world in order to study current prevention, response and recovery mechanisms to specific risk scenarios across geographies such as the failure of the smart grid and the cloud.
This project will not only assess current resiliency mechanisms across the world, but will isolate key gaps and develop best practices across multiple themes, such as: information sharing, liability protocols, the role of insurance, and governance and incident response mechanisms. The project will then aim to implement best practices across each theme.
How can we, as a society, as a government, as a global consumer, help prevent, mitigate, respond, and recover from these potentially catastrophic events with as little loss as possible?
To truly benefit from new technologies, insurers, policy-makers and producers must come together to ensure that liability and risk are properly insured.