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Are Global Cybersecurity & the U.S. Economy Inherently Connected?

transformed by recent technological innovations. The United States would not be the same without the opportunities that technology has afforded the world. However, the way global cybersecurity has affected U.S. has been of particular interest.

One could look at this issue from two different angles: First, with everything being connected by the internet, records are now kept digitally -- transactions are being initiated and completed online. Second, the new technological landscape creates a greater need for transparency. Unfortunately, there is a greater risk of that transparency being lost with smart devices and personal computers, and technology is no longer just in the hands of people in power.

Technology is changing faster than humans can adapt. It's spurring people to learn new skills they never thought they would need, many of which might be unnecessary in a few years due to the next technological advancement. In turn, workers are getting burned-out due to long hours and having to take more time in addition to regularly scheduled hours for cybersecurity damage control.  

In addition to affecting individual employees, digital advancements hit the economy on a structural level as well. To truly understand this connection however, there needs to be a deeper understanding of the cyber world and how it runs through everything humans do.

The Cyber World Humans Live In

Similarly to how religious or spiritual people may recognize a physical landscape and a supernatural one, many people now recognize the cyber world in a similar manner. In other words, humans live between a cyber world and a physical one, and the two are very intertwined. This creates a need for the cyber world to be secured carefully.

Of course this is nothing new to millennials and Gen Z, who grew up with this concept. It's different when you keep in mind how computers were being used just 20 years ago, after the internet was already becoming a household asset. Millennials are taking this and running with it -- and for good reason. One of the fastest growing fields is computer science, with promising careers for those pursuing an education in the field. Computer scientists are commonly seeking new ways to fight cyberattacks and protect information.

They do this because it's incredibly relevant to the world today, and cybersecurity problems are not going to go away anytime soon. We must consider the security vulnerabilities we create every time we connect a new device online, as well as what information we are willing to share about ourselves in increasingly uncertain times in the digital landscape.

The Economic Repercussions of Cyber Warfare

There are economic and political consequences to one's digital life. This is exemplified by the concept of "cyber warfare," a term used to describe attempts to hack opponents' systems for political gain. One of the most recent and topical examples of this is Russia's alleged involvement in the 2016 U.S. presidential election. 

This is where the armed forces come in. Military careers are still very sought after by those trying to find a financially secure future and who care about their country. Cybersecurity has opened up a new realm of possibilities for those who choose to serve, especially considering how countries have hacked each other's systems in the recent past.

This national security issue extends to all parts of the economy as well. Companies have to protect their own finances and information, most of which is contained and recorded through digital means. It's simply more efficient to do so. However, when information is lost or leaked, it can destroy a company altogether, negatively impacting the economy.

The Future of It All

New technology is changing the way that people handle their own information and finances. By now you've probably heard of Bitcoin, a digital currency that people are using to trade for work and services. Bitcoin runs on a system of records called a blockchain that is designed for maximum transparency and security.

Well, blockchain technology may be the key to maximum cybersecurity as it affects the U.S. economy in the future. For instance, right now blockchains are being employed in stock trading systems, as they're the most secure way to track financial transactions with transparency. If this was used in other professional financial institutions, the U.S. economy's digital security could be one of the most efficient in the entire world.

Regarding all of this digital progress being made, the future is really up in the air. While the point of progress isn't typically to outright overthrow a previous system, sometimes progress does in fact change something so much that the world is left wondering how it fits into their previous paradigms. It will be curious to see the changes that happen within financial practices and how the state of the economy will transform due to digital innovations being made right now.

How do you see the economy evolving with current cybersecurity trends? Feel free to leave your opinions and experiences in the replies below.

Posted by Magnolia at March 12, 2019 3:14 PM
Comment #445516

No system is 100% infallible, but blockchain and other technologies may instill more confidence in BitCoin.

Cryptocurrency is a threat to current banking systems, but currently, no banks accept BitCoin, and BitCoin is not legal in all countries.

For BitCoin to succeed, it must be very secure, or it will won’t be trusted.

Posted by: d.a.n at June 28, 2019 8:07 AM
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