Reason Magazin 2014Q3 Seite 20

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Insurance and regulation must be reviewed constantly to keep pace with an ever changing technology landscape Stan dards and education must also be able to respond to new ways of living and work ing Add to this the interconnected nature of our global financial systems which are heavily dependent on technology and it means that a shock on one side of the sys tem can have an impact that reaches far beyond a country s own borders raising the imperative even further Still with risk comes opportunity and the following three major areas are worthy of consideration by risk managers and chief risk officers seek ing to keep ahead of an increasingly steep technological curve 1 Nanotechnology The advent of nanotechnology brings as much risk as it does opportunity Invisible to the naked eye the science is garner ing big money A nanotechweb org report reveals that by 2011 global governments had spent US 67 5 billion on the science and by 2015 it estimates a staggering US 250 billion will have been invested on nanotechnology According to David Holmes contribu tor to the world leading medical journal The Lancet nanotechnology is set to revolution ize everything from energy production down to the clothes we wear and neuroscience is no exception This extremely small technol ogy one nanometer is a billionth of a meter or a single sheet of newspaper is approxi mately 100 000 nanometers thick has the potential to have a vast impact As far back as July 2007 the Euro pean Commission EC reported a dis cussion document by D G Rickerby and M Morrison Nanotechnology and the Environment A European Perspective The EC said Nanotechnology is currently an area of intense scientific research due to the wide variety of potential applications in the biomedical optical and electronic fields Nanotechnology can also provide solutions for certain environmental problems Never theless little is known about the potential impacts of nanoparticles on the environment or on human health even though in some cases chemical composition shape and size have been shown to contribute to the toxico logical effects The EC notes that nanotechnology can provide more sensitive detection systems for air and water quality monitoring while also being able to reduce the impact of pollution with the use of metal oxide nano catalysts The report also states that the use of nano materials and nanoparticles may lead to sig nificant savings in resources and efficiency increases in manufacturing and energy related applications 2 3D printing In early 2013 a 25 year old law student at the University of Texas USA created and published online the blueprints for a 3D printable gun This rang alarm bells as a more unwelcome advancement in the capa bilities of modern technology which can have dramatic implications when it falls into the wrong hands While the first device for 3D printing was created some 30 years ago the tech nology is still young But as the capabili ties sophistication and proliferation of the technology increase so too will its potential impact on operations The opportunities are both frightening and exciting Scientists from Harvard University USA and the University of Illinois USA have used a 3D printer to make lithium ion micro batteries that can fit into tiny devices and have solved problems that had previously stumped engi neers looking to power these devices for longer periods In time with cheaper printers and a greater abundance of new materials WHAT THE FUTURE HOLDS 3D printing Also called additive manufacturing 3D printing is the creation of 3D solid objects with a digital file Additive manufacturing refers to the various layers added in succession to form the object Nanotechnology Nanotechnology is engineering and science that is conducted at an extremely small scale the nanoscale One single sheet of news paper is approximately 100 000 nanometers thick Cyber risk Cyber risk is any loss or damage of information technology systems including financial data breaches acciden tal loss of data and reputational damage associated with online activities the IDEA 20 Reason ISSUE 3 2014