Why Resilience in Smart City Projects Directly Impacts Funding

 Chris Rezendes speaking as a panelist on  The Internet of Everything: Connectivity and Security in Smart Regions , at the Smart Regions Congress in Washington DC.

Chris Rezendes speaking as a panelist on The Internet of Everything: Connectivity and Security in Smart Regions, at the Smart Regions Congress in Washington DC.

 

Understanding the Costs of Cyber Attacks

With Moody’s indicating they will begin to factor cybersecurity and climate risks into bond ratings, it has become critical to build resilience into all phases of smart city planning, according to Chris Rezendes of Context Labs.

“Whatever risk models the public or private sectors use now to evaluate investment, add cyber-physical and climate risk mitigation,” Rezendes said.

Speaking as a panelist on The Internet of Everything: Connectivity and Security in Smart Regions, at the Smart Regions Congress in Washington DC, Rezendes said, “We won’t see capital flow to smart city projects when one cyber attack could destroy an entire investment.”

He suggested combining historical data with real-time data to create a clearer picture of security risk management for new projects in order to encourage investment.

“We must make climate risk and cyber-physical security risk top priorities when designing projects in order to encourage the flow of capital to smart city projects,” Rezendes said. He added, “Projects must establish stability in financial, operational, and risk management.”

  Enter the Smart Infrastructure Challenge with your region before April 25th, 2018.  Teams with the best vision and plan for a connected future will receive prizes, recognition and support.     Sign up here to receive updates.

Enter the Smart Infrastructure Challenge with your region before April 25th, 2018.  Teams with the best vision and plan for a connected future will receive prizes, recognition and support.   Sign up here to receive updates.

Invite agency partners into discussions as early as possible. Listen, learn, and magic happens.
— Chris Rezendes, Context Labs
 Chris Rezendes from Context Labs

Chris Rezendes from Context Labs

Rezendes also urged collaboration to mitigate risks and the perception of risks in smart city projects.

“Invite agency partners into discussions as early as possible. Listen, learn, and magic happens.”

He said some of the most successful recent projects brought first responders, police, fire, and EMS together with technologists on the front end of projects, with surprising insights ultimately impacting outcomes in positive, measurable, ways.

Collaboration such as this helps identify cyber and environmental risks so projects can be built to mitigate those risks, he said.

 

The Smart Regions Congress was presented by Venture Smarter as part of the Regional Smart Cities Initiative

RSCI supports interdisciplinary and interagency efforts to develop technology and process planning standards at the local, county, state, and federal level; to educate and align leaders around available resources; and to understand and address pressing problems in urban, suburban, and rural areas. The core mission is to improve the quality of life across the nation while alleviating strained municipal budgets using smart technologies and strategies.

 

 
 

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