A viewpoint on management practices for cybersecurity in industry 4.0 Environment

Abstract

Industry 4.0 is characterized by the smart business developments, application of cyber-physical systems, internet of things (IOTs), excessive use of big data, etc. In other words, it is about computerization and digitization of processes through the above-mentioned technologies. Industry 4.0 offers more effective and efficient resources to regulate the production system as compared to the out-dated centralized system. Today’s economy is a data-driven economy and data is the key input to industry 4.0 operations. In the industry 4.0 era companies are bombarded with huge volume and variety of structured and unstructured data with vast velocity. Data has become one of the most significant strategic assets for data-driven companies and subsequent resource-based view (RBV) for sustainable competitive advantage companies require to maintain the rarity, inimitability, value, and organization of data as a strategic resource. This condition makes it very crucial to the data protection, steadfast technology, and secure access has become the main part of selling strategies of companies sell; trust is becoming a very serious factor of commercial dealings. It is an old thought that cybersecurity manages only cyber risks but it also manages the trust. The firms are exposed to cyber risks beyond their direct control and this has resulted from complex digital value chains. There is a possibility of hefty damage due to cyber-attacks in terms of continuous business operations, reputational harm and stealing of confidential information. This paper aims to present a viewpoint on the best appropriate cybersecurity practices to facilitate the businesses to match the stride of industry 4.0. The recent studies discuss only the technological aspect of cybersecurity. This paper is one of the early attempts to draw attention to the important role of cybersecurity management practices and identifying the most relevant challenges of managing cybersecurity in the context of industry 4.0. © 2020 Curran Associates Inc.. All rights reserved.