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REUTERS/BENOIT TESSIER

falsehoods (accidentally and deliberately) have businesses are facing the challenge of
resulted in a gradual erosion of trust in media, implementing existing cybersecurity and
social networks and even governments. 4IR standards (where they exist), while
ensuring compliance with fragmented
Data are increasingly being collected on regulations on accountability, transparency,
citizens by government and business alike, bias and privacy for developing—or simply
and these data are then monetized and used applying—4IR technologies. Because
to refine the development and deployment government and corporate leaders equally
of new technologies back towards these share the responsibility for promoting global
citizens, as consumers. Amassing of data by cybersecurity and digital trust, cooperation
a handful of small entities leads to a further between the public and private sectors
entrenchment of gaps between advanced is more vital than ever in areas such as
and emerging economies. information-sharing, collaboration with
law enforcement agencies, and skill and
capacity development.
Global governance challenges

for businesses The new digital geopolitical race (see
Chapter 1, Global Risks 2020) also risks
Businesses, just as economies, rely on affecting businesses’ development of 4IR
concerted global technology governance. technologies and their market readiness
Fragmentation and incompatibility between to harness the benefits of the 4IR
global cybersecurity and technology transformation. An open and interconnected
frameworks risk weakening businesses’ cyberspace, along with global technological
capabilities to adapt to the emerging compatibility, are essential for businesses
challenges discussed in this chapter in a to be able to counter the dislocating
timely way, as raising transactional costs impacts of social media, the economic
increases the financial burden on businesses. impacts of global technology giants and
potential security issues resulting from
More and more firms operate in complex, the digital technology race between the
global and digital service ecosystems that world’s leading economies. By advocating
not only expose them to their own cyber for fair and concerted global actions on
and technological weaknesses, but also any 4IR-related governance frameworks,
to those of other participants—including businesses can mitigate risks, ensure trust
customers, suppliers and managed towards consumers and governments, and
system providers. At the same time, increasingly benefit from the 4IR.

The Global Risks Report 2020 67