As the new normal begins to creep into our daily lives, one thing is for sure; things will change as we know it due to COVID19. Below are key trends that I see that will be the forefront across multiple industries.
5. Rise in Risk
As more and more businesses turn to digital channels to attract new customers, reduce costs, and leverage smart supply chains, their risk profile changes and attack surfaces for cybercriminals increase. Ransomware attacks are on the rise and will continue to disrupt businesses. This is where malicious software blocks access to business data until a ransom is paid. Phishing scams continue to evolve and adapt, making attacks challenging to predict and prevent. 2020 has already given rise to numerous COVID19 phishing scams that have collected user credentials with a fraudulent login page. Other forms of phishing continue, including Vishing (voice/ social engineering) and Smishing (via SMS/ text). A new dependency is forming with goals of greater efficiency and cost reduction by leveraging smart supply chains via IoT automation. With attacks on IoT devices tripling in the first half of 2019, this will also increase the financial risk to businesses worldwide.
4. A Cashless society
COVID19 has rapidly driven the extinction of cash around the world with record lows of payments in cash. The fear of infection through the handling of cash is fueling the rise of digital payments. Although there are no confirmed cases of transmission via cash, countries are sterilizing their banknotes. A renewed interest in digital payments has seen China begin to develop their digital version of its currency. While Facebook pursed its very own global digital currency, this galvanized opposition from central banks and legislators. This encouraged central banks to begin conducting their research in national digital currency platforms. Businesses will accelerate digital channels in customer acquisition and leverage data for optimal performance.
3. Self-care
Self-care is the deliberate action where we chose to maintain and enhance our health and well being. This includes diet, exercise, sleep, mindfulness, and incorporating these into a routine this helps reduce stress & anxiety and increase energy & productivity. We are living in trying times where our civil rights have never been so restricted, including a real threat to our livelihood. Millions of people have lost their jobs, and the way we live our lives has changed forever. It has never been more critical for self-care because if you don't look after yourself, you won't help others. With nationwide self-care campaigns to help drive awareness, this has helped drive the rapid adoption of self-help apps, whether its fitness, meditation, or motivation.
2. A new way of learning
With education forced to adapt to COVID19, we witnessed a global online experiment that continues to fuel changes that were already in train. The evolution in Technology was the enabler, but like all technology shifts, a culture change is required to have a permanent impact. Education is an industry that is in a prime position to be disrupted, and now is the time. We will see learning go digital with remote education going mainstream supported by other hybrid models. This ripple effect helps the rise of virtual marketplaces that will consolidate learning platforms connecting educators to global students. With cost reductions on either side of the equation and 24/7 access to support, we will begin to see rapid changes.
1. New standards of Hygiene
All industries are going through the Hygiene Renaissance, and a certain standard will be maintained going into the future. With office workers beginning to consider a return to city office blocks, new workplace safety protocols are rapidly under development. Although this gives opportunities to save costs in reducing costs by downsizing and encouraging working remotely, challenges emerge across communication, collaborating, and culture. Social distancing and Hygiene standards will create a new normal, especially with travel with impacts across airlines, ride-hailing companies/taxies, and public transport. As it may take 2-3 years for international travel to recover, this may give rise to private flights and more emphasis on domestic travel. Electric scooters may assist with daily commutes, but this will depend on infrastructure and supporting legislation. Retailers have further invested in digital channels to win customers, but all good face to face customer experiences come with hand sanitizer, sneeze screens, and contactless payments. Other impacted industries include sports and entertainment, where large attendance is vital for success, which may change forever.
Any questions please don't hesitate to get in contact.
Thanks,
Kian
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