Companies will get better and better at tracking consumers through aggregated information from a variety of sources — and it may not work to the buyer’s advantage, predicts Cavusoglu. For example, if BMW discovers that you are set on buying one of their automobiles, you may not get as good a price as someone who is undecided.
But even more concerning, he says, is how ever-increasing connectedness is creating a host of potential hazards — and in the future, they will go well beyond basic credit card fraud.
For example, hackers could interrupt the operation of internet-enabled cars, and suddenly switch off the ignition or immobilize the brakes; or, using home automation technology, thieves could conceivably open doors or control other functions in people’s homes. On a larger scale, entire organizations and city systems could be brought to a grinding halt.
“Right now it’s only viewed as a threat to data or personal information,” says Cavusoglu. “But with the connected nature of technology, the Internet of Things and the cloud, the spectrum of threats will be totally different.”