Assignment 14A- Halfway Reflection

1)      Some of the behaviors that have enabled me to keep up with this course is to read ahead of what each assignment entails the week before. This allows me to plan and understand how much time I need to dedicate to each post. For instance, some assignments only call for a reflection, while others require reading an entire book or conducting a 5-10 minute interview with 5 people. Understanding what assignments require ahead of time, will allow you to plan and manage your time acutely. This will also mean that you won’t be stressed out about say reading an entire book the morning a post is due. Another behavior that has helped me keep up in the course is to make a planner. In college, we often have multiple assignments and classes to study for, so if we don’t plan a time in which to accomplish them, they can build up. By making a planner, I know exactly when everything is due and have designated time periods in which my sole focus is entrepreneurship.

2)      As I’m a junior whose trying to pursue both business and medicine, there have been many times in college when I’ve wanted to give up. Specifically, I almost reached a breaking point this semester because I was taking 15 credits, while simultaneously trying to study for the MCAT. What I learned was that if I pack my schedule so much, I wouldn’t be able to do well in either school or on the exam. I needed to pick one or the other and dedicate my focus to that. So, I decided to plan better so I’m not doing too much at once. I’m going to focus on school this semester, and worry about the MCAT in the summer. This will enable me perform better on both, without having a complete mental breakdown. What I learned from my experience this semester is that I definitely had tenacity to not give up entirely. I made the decision that was best for me and enable me to perform better in the long-run.

3)      Three Tips:

- Manage your time- Some assignments are very time-consuming, stay on top of due dates!

- Don’t be afraid to ask questions- If you don’t understand something, ask someone because its better to do an assignment correctly than investing your time in something that’s wrong.

- Work Hard- The skills you build in this class will help you build an entrepreneurial mind frame for the future. So, don’t just take these assignments for granted, actually try to understand and utilize the tools you learn in everyday life. Apply what you learn in life!!

Assignment 13A- Reading Reflection No. 1

Reading: The Wright Brothers, David McCullough

1)      After reading about the struggles and hardships the Wright brothers had to face before and after they invented the first plane, I found a new sense of respect for their perseverance. Despite constant failure, and people mocking them at every turn, they demonstrated the tenacity to keep moving forward no matter of how others perceived them. What surprised me the most through this reading was that Wilbur and Orville ran a bicycle business before inventing the first plane. They were able to apply their knowledge about locomotion and manufacturing from bicycles to planes. The thing I admired most about them was their determination. Despite many crashes and people viewing them as “nutters” they stuck to their goal and proved their doubters wrong. Sticking to your convictions is vital when you’re an entrepreneur, however, it can be difficult when you’ve had so many setbacks. The Wright brothers managed to do this and even beat out large entities backed by the government, such as the Smithsonian, to manufacture the first plane.

Something I least admired about the entrepreneurs is that Wilbur seemed to boss his younger brother Orville around at times. It was also Wilbur that gained fame and acclaim in France, while Orville was out on the outskirts for a while because he crashed a plane right outside Washington. Despite this, the brothers worked well together and made sure to share whatever successes they received. Throughout their journey, the Wright brothers encountered tremendous adversities. For example, many of their earlier models of planed crashed or failed to remain airborne for a substantial period of time. There were hundreds of attempts launched from Kitty Hawk, before flight was truly achieved. In addition, they sustained numerous injuries and didn’t have the support of the government, which backed larger institutions like the Smithsonian.

2)      Something I noticed about Wilbur and Orville throughout the book was their attention to detail and pursuit of knowledge. They spent countless hours observing birds and reading about aviation. They made several models and learned through their failures. Their ability to make adjustments, without being discouraged, was big in helping them achieve their goal. What they learned from their observation and careful analysis of birds was that when 1 wing rises, the other falls. This discovery was significant in making their aviation models a success.  After making this adjustment, Orville was able to take flight in Kitty Hawk, staying aloft despite going against the wind.

3)      One part of the reading that was confusing to me was the people of Dayton in the 1890s. The book mentions how parents viewed the bicycle as a tool of corruption because it would enable children to travel far from home and get into unnecessary trouble. This is confusing because biking is such a positive hobby people are often encouraged to take part in. However, during that time period I guess individuals were concerned about how a new invention may corrupt innocent youth.

4)      If I could ask one question to the Wright brothers it would be how did you manage to keep going after so much failure? I would ask this because hundreds of the earlier models crashed before they were able to invent the first plane. In addition to this, people considered them a joke but they were still able to persevere. I believe this tenacity is essential in entrepreneurship, so understanding how they managed to look past all the adversity and concentrate on their goal is something I would definitely want to learn. Another question I would ask is how did their post-aviation success differ? I would ask this because I know that Wilbur received fame almost immediately and began performing air-feats for kings in France, while Orville remained on the outskirts for a while. I’m intrigued to know how this effected them or if this changed their relationship in any way.

5)      I think both the Wright brothers valued hard-work. They understood that if they were going to accomplish their goal it wasn’t going to be easy or something they would get lucky with. They were going to have to work for it, even when their 100^th attempt failed. I agree with this value, you must continue to work hard despite setbacks if you ever want to achieve something great.

Assignment 12A- Figuring Out Buyer Behavior No. 1

Segment:

-          Health Care

3 People that Fit the Segment:

1)      Nita Dave- Anesthesiologist

2)      Nidhi Kavi- Resident @Mt. Sinai

3)      Rohan Dave- Health Care Administrator @Montefiore

Need Awareness:

1)      There is a very real need to protect patient records. As an anesthesiologist, during the pre-op procedure, I take down all the health history and information about a patient. This data goes into a patient file stored on our network. While we have protective firewall to protect these records, we don’t have a systemic checkpoint system. For instance, all someone has to do in order to access a patient file is log onto the system, type the patient’s last name and date of birth. Following this, the patient’s entire health history will be presented. If hackers or other parties are able to access our system, it would mean the loss of private data for hundreds of patients. This data could be used maliciously and even result in financial/social distress.

2)      Right now as an attending, I practice something called SOAP notes in which we take a full physical examination of the patients and write down their health history. In the past, I’m aware that these notes were hand-written, but now they are also stored in our online system. This means that patient’s health records, insurance and address/phone number/email is all kept in one place. Not only do we record information about the patient, but we also keep information about the patient’s emergency contacts in case something were to go wrong. This means that if there was a data breach, many people besides the patient would also be implicated. A system in which there is a thorough firewall/checkpoint system is definitely needed in the health care field because we deal with such sensitive information.

3)      Cyber-security is threatened daily at Montefiore. Thankfully we have people working to alleviate problems if there is a hack and prevent future intrusion. Surprisingly, we aren’t only worried about hackers from private companies looking to steal patient information, but also from employers. Many times, employers will hire individuals to access health records of an individual before making a hire. These people want to make sure that whoever they hire can be a reliable member of their team for years to come. This health discrimination is subject to increase if there is not a system in place to ensure the security of patient records.

Information Search:

1)      If there is a breach of patient data or if I get a request from an unauthorized individual to access a patient’s file, I immediately notify my director. There is no need for someone other than the patient and the doctors working on the case to access the individual’s health history and private information. Even when a relative or family member asks about a particular case, a withdrawal form must be signed by the patient before any information is disclosed. If however, our system or anti-virus protection is down, we usually call our IT department to handle the situation. At our center, we don’t have people specifically trained to combat threats to cyber-security.

2)      When we become notified that someone is trying to steal a patient’s history or private information, we immediately notify our director so that he can call people to deal with the threat. In addition, a mass email is usually sent to warn everyone from clicking on a sketchy email or interacting with a particular individual. If the problem becomes even more serious, the police may be involved as well as detectives to figure out who the perpetrator is. Since I am an attending, I try to instruct my students to not go on any social media or suspicious sites while at work. However, since I am not trained in cyber security I have no way of combating any hack besides relying on our system’s antivirus/firewall protection.

3)      If there is a hack of personal information to our system, we immediately notify all personnel and pass along information about the breach so that everyone is alert and becomes even more cautious. Passing on knowledge allows everyone to have a heightened sense of alertness so they don’t magnify the problem with any carelessness. To combat the issue we usually contact out IT department and other experts in cyber-security. We aim to obtain our data back and make sure whoever got a hold of the information didn’t pass on the data to a third party. Despite this, we have limited resources at our hospitals themselves. The only thing we can really do is to contact individuals who know how to combat the issue.

Findings:

-          From my interviews I learned that hospitals and health care systems, don’t really have any form of protection against cyber threats besides notifying and contacting their IT/cyber-security staff. Whether it be a doctor, attending resident or health care administrator, none have been trained in cyber-security should a breach occur. They have, however, knowledge on who to contact and proper protocol on how to act should a hack occur. They also know that the best way to keep patient records secure is to only give it out if the patient has signed a release form for their data to be accessed by that particular individual. I also learned that health histories, addresses/phone number and emergency contact information is often kept on the same system. All hackers need to do in order to obtain this information is to access the hospital/health care database, and know a few vital details about the patient such as their birthday.

Conclusion:

-          From my findings, I think it is absolutely imperative that health care companies and hospitals implement more regulation on how to access patient records. There should be more checkpoints put in place before someone can access a patient file. While this may seem more tedious and annoying to the doctors and staff, it will mean that patient records have a higher chance of being kept secure. If there are more checkpoints, along with a better anti-virus/firewall system, hackers would need much more training to overcome the system and information about an individual before they are able to steal their information.

Assignment 11A- Idea Napkin No. 1

You:

-          Hi! My name is Shivani Dave and I’m a junior at the University of Florida. I am currently trying to pursue a dual degree in biology and business, with the hope of one day becoming a doctor and starting my own company. Because of my future aspirations, I’ve had experience in market research, volunteering at different hospitals and shadowing people in diverse fields like health care administration and IT. From my experiences, I’ve learned that an integral part of any successful business is customer trust and loyalty. If consumers feel as though their private information is at risk with a particular company, they are likely to look elsewhere. When it comes to the medical field, cyber security is of upmost importance. Patient records and data are constantly trying to be accessed and hacked in today’s increasingly cyber world. I want to start a business in which the sole purpose is protecting consumer data. Developing antivirus programs and various checkpoints that doctors, health care officials, or corporate leaders must go through in order to access data, will help mitigate the issue of hacking. With more implemented precautions, thieves will have to go through more hurdles and need to have more information to access records. If I were to start this business, I believe it would play a very positive role in my life because I would be helping millions of people around the world at risk of having their private information being hacked.

What are you offering to customers?

-          I’m offering a comprehensive security system that increases the number of checkpoints and antivirus programs to prevent hacks of online data. Many times companies and administration will have certain checks set up before consumer information can be accessed, however these checkpoints are often generic and accessible. For example, in many cases a simple birthday and password are needed to access someone’s file. This enables anyone with a little stalking ability to gain access to valuable information. Installing a system in which specific, diverse information is required before data can be accessed, and is also heavily fortified with antivirus firewall can better secure consumer data. If consumers feel safer with a particular business, odds are they are likely to work with the business again. Not only does this build the reputation of the business, but it means a higher return of revenue.

Who are you offering it to?

-          I am offering this service to health departments, hospitals, corporations and small businesses. While individuals have a risk of being hacked, big companies are even more at risk. In fact, large administrations are often targeted by companies with the sole intent of stealing consumer data. With the advent of social media, this threat is even more real. As businesses try to build their brand, they promote on social media. While this serves as a great form of advertisement, it also entices hackers. Small businesses that are just starting up are of particular risk because they don’t have an IT department, or system in place to combat cyber-attacks. By offering a security system that thoroughly works to protect consumer information, consumers will feel safer interacting with small businesses that don’t have the right measures in place for cyber-security.

Why do they care?

-          I believe businesses and hospitals around the world will incorporate a better cyber-security system in the future. This is because the threat of leaks and hacks, often derails customers from purchasing from, or interacting with particular companies. If a large company like Facebook is known to being prone to hacking, people will be less likely to share or interact on the site. Therefore, in order to grow their brand and build consumer trust, Facebook will be looking to purchase a system that enhances security. Online banking is another sector that is constantly looking for new ways to enhance cyber-security. People are more likely to work with a bank that has had little, to no problems, with leaks and subsequent fraud. As banking becomes online, people are increasingly trying to access card numbers and private information with the hopes of committing fraud or selling this data to a company. This problem is compounded by the fact that Google often saves card numbers, addresses and other private information. The problem with this automatic saving is that all your private information is saved in one place, making it more susceptible to hacking.

What are your core competencies?

-          I think what sets me apart from everyone else is the fact that I’m not attached to any affiliation and am offering both firewall/anti-virus and checkpoint safety. Many times companies like Norton will offer anti-virus protection, but not provide a checkpoint system for companies. Offering both will mean that businesses will have to spend less and give out consumer data to fewer places. A checkpoint system will enable companies to protect consumer data because more specific information will be needed before a file can be accessed. The fact that I’m not affiliated with any 3^rd party means that I have no vested interest in helping one business over another, or any other prejudice. This means that I will be working to keep consumer information safe for all my clients, regardless of their affiliations.

While I believe I have a good business concept, especially in a time when everyone is trying to enhance their cyber-security, I definitely think I need improvement on how I will actually accomplish this. In order to develop a system that incorporates anti-virus/firewall protection with checkpoints, I will need to hire some of the best in the cyber-security world. In order to afford this I will need to gain investments from private investors. If I am able to successfully convince businesses that this needs to be done and get loans, I may be able to develop a cyber-security system that can help consumers all over the world. Another aspect that I need to work on is understanding how to beat competitors. I need to convey to consumers/businesses that my product offers more comprehensive protection than competitors.

Testing the Hypothesis Pt. 2

Assignment 9A- Testing the Hypothesis, Part 2

1)      Who: Hersh Dave- Father, computer engineer at for cerebral palsy in NY.

Although cyber security threats and hacking is so prevalent in today’s day and age why do you think you are better protected from it? When coders and other developers see an opportunity to provide safer platforms for businesses, to boost customer trust, why do you think you will not be influenced?

What: Do you think cyber security falls into the same category as data breaching, hacking and leaks? At what point does cyber security differ from similar needs?

Why: Why do you believe your needs regarding cyber security are different from others?

-          I believe I am better protected from threats to cyber security because I know many of the tricks that hackers use when trying to access private data. For this reason, I try to share as little as possible and only conduct business on reliable sites that are heavily protected. In my company I manage thousands of computers and servers that are constantly under attack. However, with the proper safety system in place and constant monitoring, leaks can be prevented. I can see how there is a big market for businesses and companies boost consumer confidence by enhancing their security, however I am already so careful about what I use and share that I don’t believe I would be heavily influenced by such moves. I think cyber security is related to data breaching, hacking and leaks. Whenever cyber security is penetrated by hackers there is threat for a large scale data breach that can implicate many people. Despite this, I do cyber security differs from what we traditionally think. For instance, when someone gets hacked, there immediate reaction may be concern about the information that was stolen. While this is valid reasoning, we must also consider how the perpetrator got around the firewall/protective measures of the system, what the individual that got hacked shared online and if the perpetrator had any help from an outside company, so taking all these factors into account, cyber security differs from traditional firewalls/anti-virus programs. I believe my needs for cyber security are different because I manage an IT department with thousands of computers and sensitive patient information. Therefore, I know many of the ways in which I can protect my company and keep data secure.

2)      Shaan Dave- Cousin, Software Developer

-          I believe I have better understanding of cyber security because my day to day job involves data security. I have to ensure that my company’s data and important client information cannot be accessed by anyone else. Therefore, I’m aware of different softwares and protective measures I can implement in my daily life to prevent a breach. Although I understand while this may be a great opportunity for businesses to build consumer support and trust, no business or company will ever by a hundred percent secure and there is always a possibility of a leak. Its best to not perform mobile banking or share too much personal information online in general. Since I have seen what can occur due to oversharing, I don’t think I would be heavily influenced by companies making their platforms more secure. Yes, I definitely think cyber security includes all these factors but goes beyond them. As I alluded to cyber security differs because it also includes the machinery you are operating on, the data you share and the method in which this was hacked. I believe my needs regarding cyber security may be different from the average person because I hardly ever put anything personal online. Even when it comes to transactions, I try to only perform them on the computer and never on a public/open network.

3)      Hari Patel- Grandfather

-          I think I’m protected from cyber security threats because I don’t have a laptop or smartphone. I use a regular cell phone that I only call family, friends and doctor’s offices with. I don’t think it will matter to me if safer platforms to conduct business online are put out by countries because at this stage in my life I hardly doubt I will learn how to use a laptop/smartphone and make online transactions. I think cyber security differs from hacks or leaks because it is more comprehensive. From what I’ve seen in the news, it entails many more factors then a specific threat or instance of theft. I think my needs regarding cybersecurity are different because I never go online and only have to worry about my family members who go on their daily for business.

4)      Pujan Kavi- Cousin – works in cybersecurity

-          I feel well protected from cyber security threats and hacks because I’ve learned of the systems and safety precautions that can be implemented to prevent such occurrences. Even though a completely secure network is impossible, there are protective measures that can be taken to minimize risk. Although I understand the premise behind businesses advertising their websites and social media platforms as secure and safe, I don’t think I’ll be heavily swayed by these marketing techniques because I already have systems in place that keep my data private and minimize risk for hacks/leaks. I think cyber security differs from similar needs because it is often overlooked on a daily basis. When there is a massive hack or scandal everyone starts to panic and pay attention to the situation. What people have to realize is that there are people trying to access your records and private information every day, individuals must have security measures to protect against these attacks and virus causing programs. I think my needs regarding cybersecurity are unique since I already work in the field. My needs primarily center on the new ways viruses and threats are evolving to evade security systems.

5)      Nita Dave- Anesthesiologist @ Mt. Sinai in New York

-          I think I’m well protected from cyber security threats because I hardly ever purchase anything online and have no social media. In addition, since I work with so many patient records, my center has a division solely focused on data protection. As I mentioned before, I hardly do online shopping or have personal information online so I don’t think I would be influenced by businesses ramping up their cybersecurity. Yes, I feel as though cybersecurity, leaks, data breaching and hacks are all related. Cybersecurity may differ from similar needs because it often goes unnoticed. For example when we think of typical security we think of a guard or someone we can see protecting something, however in the online world different codes/programs go unnoticed but protect sensitive information. I think my needs regarding cybersecurity are different because they are primarily for my patients. I want to make sure their medical history and private records are kept safe.  

Inside the Boundary	Outside the Boundary
Who: People that participate in online shopping, banking, school, social media etc..	Who: The elderly, people that don’t use the internet for banking, shopping, school, social media etc. People in IT or cybersecurity field that already have protective systems they can use
What: Protecting private data and records	What: They don’t have private data online so their need isn’t towards protecting this information
Why: The world is becoming increasingly cyber meaning that online threats are becoming even more prevalent	Why: Either they already have proper safety measures in place to prevent hacks or don’t use the internet for transactions/social media

Solving the Problem

Assignment 8A- Solving the Problem

            My opportunity was that businesses and companies can exploit the increasing threat of cybersecurity by ensuring that their customer’s information is kept private. This will build a more loyal and trusting relationship and could help expand their brand, reputation and overall business. A potential way in which companies can go about this is designating a team or division whose sole purpose is cyber-security. These days millions of dollars are being spent by companies, specifically aimed at stealing private data and using it in a malicious way. If companies are not actively fighting these potential hackers, then it is inevitable that a leak of private information may occur. In addition, specially having regulations in place in which records can only be accessed by company employees would also enhance safety. Developing software and antivirus programs to protect against cyberattacks would also alleviate the problem. Taking these precautions will not only make companies more secure, but it will allow them to promote their brand in a way that promotes consumer confidence and trust. People will be more likely to buy from them or refer them to friends because they have faith that their private data will be protected.

Testing the Hypothesis, Part 1

Assignment 7A- Testing the Hypothesis

1)      Opportunity I would like to pursue: Increasing cyber security to protect consumer information.

2)      Who: Businesses and corporations unable to protect private and financial details about customers from hackers, and companies aimed at stealing information.

What: Private data and records such as social security numbers, birthdays, family/health history. Financial information such as credit card numbers, bank account information and places of transaction are also being stolen at alarming rates.

Why: People that steal this information either try to use it themselves for their benefit or sell to another company that can exploit it. Businesses that figure out ways to enhance cybersecurity to protect from this kind of theft will build consumer trust, thereby increasing their business.

3)      Testing the Who? Who do you believe is threatened by increasing threats to private data and cyber leaks? How can businesses and corporations benefit from the opportunity of making their customer data more secure?

Testing the What? What can be done to protect consumer data from an increasingly cyber world? What measures can consumers themselves take to ensure their information is being protected?

Testing the Why? Why is there such a push for more government regulation on cyber security and protection? Why can businesses and individuals exploit this opportunity to make a financial gain?

4)      Interview #1- Caroline Abromovici (Roommate)

-          I believe anyone that participates in online shopping, banking, makes any bookings online or enters any type of personal information is vulnerable to cyber-attacks. Nowadays everything is online and the chances of being hacked by a company or individual trying to exploit your data are at an all-time high. Every time I enter any personal information about myself, I am always concerned if it will actually be kept private. If businesses and corporations increase their cyber security and make it more of a priority to protect consumer data, I would definitely be more willing to purchase products and services from them. I think in this way businesses that are committed in this mission will grow in the future because they will have a more trusting and loyal clientele.

-          In order to protect consumer data, businesses can make sure their records are only accessible to company employees. In addition, they can hire an entire division of people who are solely focused on the cyber security of the company. Also businesses and companies can try to delete consumer information, once a purchase has been made. Even though it is an annoying process to collect customer information again, I think if you keep people’s records on file, they have a higher chance of being stolen.

Consumers themselves can protect private information by taking measures like not purchasing things from sketchy websites or making payments off their phone.

-          I think there is an increased push for government regulation on cyber security because the world is becoming increasingly digitalized. Nowadays people do more online shopping, banking and bookings, than in person. Social media also plays a big role in connecting the world and leaking private data. I believe businesses and corporations that realize this need of more trustworthy and secure platforms for consumers to make purchases will see more customers and more profits.

Interview #2: Kylie Barns (Friend)

-          I think everyone, especially kids in college, are threatened by increasing threats to cyber leaks and private data. For instance, in college a lot of personal information about individuals in documented and recorded by the school online. Not only is this information kept on record, but it is saved for years because the university wants to encourage alumni participation and donation. All of this information is kept online, so cyber security is definitely threatened. If businesses/institutions make cyber security more private they would definitely see an increase in business because individuals are more likely to trust them.

-          In order to protect consumer data from an increasingly cyber world, institutions and businesses can try to keep minimal customer/student/consumer records. Often times when we go online to purchase something, it asks for all kinds of details like birthday, address etc. So keeping information that is not necessary for the intended purchase can really help people’s information being kept private because there would be less of  it in the open. Consumers can protect their privacy by only giving out what’s required and not over-sharing their life. A lot of times social media can promote a culture of sharing everything from your location, to where you eat, to where you vacation. This kind of over-sharing can make it easier for hackers to steal your private data.

-          I think there is an increased push for more government regulation on cyber security because leaks and hacks are becoming commonplace. I felt like before celebrities and powerful individuals were more at risk, but with the advent of social media everyone is threatened. Businesses that take this consumer fear into account and improve their security measures will definitely see a rise in business because customers will feel safer and be more likely to engage with them than a competitor.

            Interview #3- Deep Desai (TA)

-          Everyone who uses the internet for banking or online shopping is in danger of having their private information being hacked. If businesses and companies are able to make their websites more secure it will boost consumer confidence. For instance, if a bank like Citi has had multiple hacking issues when it comes to online banking, the majority of people are more likely to switch to Chase if that bank provides a more secure platform.

-          In order to protect individual privacy and consumer data, tech companies and businesses can make their requirements more private. For instance, not allowing individuals to keep their settings on public for the world to see may ultimately benefit that individual. In addition, having a team to fight hackers, rather than react to the problem when it happens will help businesses protect data. As I alluded to, consumers can protect themselves by not oversharing and only buying stuff off trust worthy sites and companies.

-          I think there is an increased push for government regulation on cyber security, because everything is becoming online. Banking, airline/hotel bookings, even education is moving towards the online world. So the issue for protecting data for online users is pressing now more than ever. Businesses and companies that can keep consumer data safe will see a financial gain because they will have a more trusting base.

Interview #4- Jess Fernandez (Roommate)

-          With more and more people being connected by the internet, and using it for online transactions I believe everyone is at an increased risk of having their private information being accessed by hackers. Businesses and corporations can benefit by increasing their cybersecurity because people are more likely to use, or buy from companies that protect their private information, rather than companies where leaks have been known to happen.

-          In order to protect consumer data, businesses and companies can try to limit the information they collect, especially if it is non-essential to the particular transaction. In addition, they could have a good firewall and defense mechanisms put in place to prevent online hacks. Consumers can protect their own private data by not purchasing or going on sites that are not trust-worthy. In addition, trying to limit the amount of personal information they put online could also help. For instance, not giving out your phone number or social security number online could prevent a potential leak.

-          I think there is more of a push for government regulation on cybersecurity because the amount of hackers and companies specifically aimed at stealing private data is increasing. People now more than ever are at risk of being hacked and not enough is being done by businesses to protect sensitive information. Cases of patient medical records being sold, credit card fraud and identity theft are increasing because of the cyber sphere we live in. If businesses and tech companies make their platforms more secure, customers would be more likely to purchase a product for them. This is a great opportunity for businesses to exploit because it would build a trusting clientele.

Interview #5- Michelle Slater (Friend)

-          I believe people in countries with access to the internet and financial assets to be stolen are all at risk of cyber theft, attacks and leaks. With this increased threat, businesses and companies can exploit this opportunity by making their websites and corporations safer and more private for users. This will build a positive reputation for the company and enable them to progress over companies that don’t place as much emphasis on cybersecurity.

-          To protect consumer data and private information, companies can designate more of their annual budget for IT and cybersecurity. If there are companies out there with the sole target of stealing private data, businesses need to have a big enough division of people to combat the threat. Consumers can try to keep private information to a minimum online. For instance, if someone is banking online they could limit themselves to only putting their information out there for 1 bank, rather then 3 or 4 different ones.

-          I think there is a bigger push for government regulation on cybersecurity because with the emerging threats out there people aren’t confident that businesses will come up with mandates to protect consumer information without specific legislation from the government. Companies can exploit this opportunity by building more loyal consumers and bolstering their reputation.

5)      After my interviews, I definitely realized that cybersecurity is a major opportunity for businesses and corporations to grow in the future. People are more likely to purchase from or work with companies that protect private data, and have a reputation for being safe. Especially, when it comes to banking or major payments for bookings, individuals want to ensure whoever they are working with will keep their information private. Although, I knew cybersecurity was going to be a big focus for the government in 2020, I didn’t consider the magnitude of the impact it would have on consumers and businesses.

Identifying Opportunities in Economic & Regulatory Trends

Assignment 6A: Identifying Opportunities in Economic & Regulatory Trends

1)      Opportunity #1: Trade Wars accelerating exports of countries not involved, boosting their economies.

Opportunity #2: Increased Consumer Spending for 2020

Opportunity #3: Changes in bank regulations to reflect technological advances

Opportunity #4: Regulations in 2020- New Ways The Government Will Affect Your Business

2)      Opportunity #1:

A.    I found this article on https://finance.yahoo.com/news/2020-outlook-worlds-economy-top-144500057.html. I came across this article when looking for economic trends that would impact the global market in 2020. I believe trade wars, which were a prominent part of global economy in 2020, provide a great opportunity for countries not involved to boost their economies. In 2019, trade wars sparked all over the world, especially between the United States and countries like North Korea. The result was increased exports from countries such as Canada that saw a rise in their economy. Trade wars create an embargo on goods, meaning countries that are placed under restrictions are under financial and social strain, making them more vulnerable to outside trade partners. Due to a deficiency of a particular good, the country with the embargo is more willing to negotiate or even pay extra for a certain commodity. If countries found a way to capitalize on trade wars, their economies may see a surge because of an increase in exports.

B.     Particular information in the article that leads me to believe that this opportunity exists is its mention of Brexit and countries in Southeast Asia. As countries like the UK become more distant from their conventional trade partners in the EU, they will be looking for new ways to get commodities. Countries like the U.S. and Canada can thoroughly benefit from this. The UK will become extremely reliant on other countries outside the EU for products, meaning that countries can exploit this opportunity and increase their exports. The article also mentions that America and China’s motion to ceasefire their trade war will benefit both economies going forward. This motion to stop comes after sanctions were placed by both countries, ultimately benefitting countries like Canada that were able to increase their exports because of the trade war. So I believe countries that exploit trade wars, and separatist movements like Brexit, will see growth in their economy.

C.     I believe the “prototypical customer” for this opportunity is any country outside of a major trade war or separatist movement.

D.    I think while this opportunity can have the potential for some countries to see great economic growth, it could be hard to exploit. For one, once a trade war happens and an embargo is enforced, many rivaling countries will be trying to sell the same commodities to the country in need. In addition, if certain goods aren’t essential, the government of those countries with the embargo may ban those products all together. Domestic production of goods is also a threat for those that want to exploit this opportunity and increase exports.

3)      I believe I was able to see this opportunity because I understand that when there is a shortage, there is going to be an increase in demand and desperation. If certain goods, known to be only produced and imported from a certain region, stop coming into a country people will be looking to get these products from somewhere else. If the country with an embargo does not have the resources to domestically manufacture this product, the exports for another country with the ability to make the same product could skyrocket. Someone may look at this and not see any opportunity because of the competing forces at play and what-if scenarios, but at times of desperation people could look elsewhere and be willing to pay extra.

2) Opportunity 2:

A. I found this article on https://www.vistage.com/research-center/business-financials/economic-trends/20191209-economic-trends-impacting-business-in-2020-and-beyond/. According to the article, consumer spending accounts for 70% of the U.S.’s GDP. As the state of the economy becomes extremely unpredictable due to it being an election year, this consumer spending needs to continue to increase or stay at a high rate in order to maintain our economic balance. All indicators point towards this trend. Interest rates are set to remain low, and commercialism and online shopping have all pointed to this occurring. This rise in consumer spending could be a major opportunity for businesses and organizations looking to grow and promote their products.

B. Information given in the article about how consumer spending is expected to go up nationally, because of the measures in place, leads me to believe that this opportunity exists. As the article alludes to, because of the relative stability of the economy in terms of interest rates, taxes, income and employment, consumer spending is set to remain on par, if not increase in 2020. The article even states that in countries like Britain with uncertain financial security because of Brexit, consumer spending has remained at a high. This means that even in countries waning in their faith in the economy, consumers are still spending. Not only does this provide an opportunity for economic growth domestically, but it could also mean a global trend towards increased consumerism. This would have positive implications for businesses, manufacturers and governments all over the world. The opportunity for exploiting the rise in consumership exists globally. People now, more than ever are more likely to purchase a product because of connection due to the internet and increased standard of living.

C. The prototypical customer for this opportunity is any consumer looking to purchase a product or service.

D. I don’t think this opportunity is very hard to exploit at the moment. In this global market, people are ready to spend and as long as a commodity becomes relatively popular it will be purchased by many. With the internet and global reach these days, it has become easier than ever for businesses to access consumers. While businesses may be able to exploit this opportunity, they must also face increased competition on the global market.

3) While many people may look at this article and not see an opportunity because there has been a rise in consumerism over the past couple of decades, I can see an opportunity because people are spending at an astronomical rate in some areas of the world. On top of that, the standard of living and financial security people have now makes them more likely to spend. As the article mentions, even in countries with distress and economic instability, people are continuing to spend. This increase in consumership provides a great opportunity for businesses to exploit all over the world.

2) Opportunity #3:

A. While I was looking for regulatory trends for 2020, I came across this article that described the necessity for innovative methods that tie bank security and expansion together going forward. I found this article on https://www.ey.com/en_us/banking-capital-markets/four-major-themes-dominating-the-regulatory-landscape-in-2020.

B. I believe an opportunity exists because banks are continuing to keep interest rates low, to encourage loans and consumership. Despite this, they face a period of “re-scoping and evaluation.” Over the past few years, technological advances have made online banking and transactions even more prevalent. Banks need to adapt to these technological shifts and advances, while protecting consumers and preserving their systemic stability. As regulators debate how to accomplish this, business owners and industry heads have a real opportunity to shift policy in their favor as banks make this transition.

C. The prototypical customer for this opportunity would be the public. If business owners and industry heads are able to shift bank regulations to favor them in the future, they would be able to provide more products/services to the market for consumer purchase.

D. While it remains ambiguous as to which way banks will swing, in terms of increasing or decreasing regulations on corporations, I think the opportunity to sway policy towards favoring businesses exists. As the article mentions, with more technological advances than ever before and new systems of money management, banks need to be on top of this change and shift their regulatory policies to reflect this new era. If business heads are able to influence policy it could benefit them in terms of getting loans, having nominal interest rates and better renewal plans.

3) While I see this as a major opportunity for industry and businesses, others may not because this transition for banks has been in the works for several years and may still take a long time to get accomplished. Also other competitors that favor a small market and individualistic organizations may influence bank policy going forward. Despite this, I do think industry and big businesses have more convincing power and can shift policy to promote their agenda, as banks try to find a new regulatory policy to reflect innovations and technological progress.

2) Opportunity #4

A. As I was searching for ways in which government regulations would affect businesses in 2020, I came by this article on https://www.forbes.com/sites/waynerash/2019/12/19/regulation-in-2020--new-ways-the-government-will-affect-your-business/#683f36263f23.

B. According to the article, going forward in 2020, new government regulations have the potential to impact big businesses in a major way. In particular, the 3 sectors that will be of focus are privacy, security and 5G security. Tech companies and businesses like major airlines have an opportunity to create new security measures to enhance consumer support. These days everything is digitalized and hotels/airlines/hospitals all have a tremendous amount of information about an individual. Protecting this information will not only increase consumer support for that company, but mean that the consumer will most likely purchase from the company again and tell their friends about it.

C. I think the prototypical consumer for this opportunity are people who want to purchase a product or service, but want to protect their identity and financial details from hackers.

D. This opportunity may be difficult to exploit because in today’s day and age nearly everything is electronic. Data from people’s social security number to credit card information is recorded online and can be made accessible by those on the internet. Many hackers and companies specifically targeted at obtaining personal information about individuals exist.  Cyber security is key in gaining consumer confidence in 2020. Companies that can figure out how to increase trust in their brand, will see growth.

3) I see this as an opportunity because nobody wants their data hacked, or financial details stolen. Every time you give out personal information to purchase a product or service, you do so in the hope that your information will remain private. If there are constant breaches and security threats to a company, you are less likely to engage with that company and will look elsewhere. Thus I think finding ways to enhance cyber security according to government regulations will help businesses grow and expand.