Why Resilience in Smart City Projects Directly Impacts Funding
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.”
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.
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