The internet has become an integral part of our daily lives, but it also poses significant risks to society. The digital economy operates with a business model that prioritizes growth and profits over safety and security, leaving the public vulnerable to data leaks, cyberattacks, and infrastructure breakdowns.
Researchers warn that the interconnectedness of digital systems and lack of redundancy make them prone to catastrophic failures. Similarities can be seen between the current digital economy and the 2008 financial crisis, which highlighted the dangers of “tight coupling” – a system where high interconnection without sufficient safety nets leads to severe consequences.
Increased interdependence among datasets, platforms, corporations, and networks amplifies the risks. The “move-fast-and-break-things” ethos in the digital sphere eliminates competitors and analog alternatives, increasing complexity and monopolistic control. Warning signs are clear, including massive malware attacks, flight cancellations, and constant data breaches. However, experts caution that a systemic crisis may be inevitable without proactive regulation and stronger safeguards.
While the author acknowledges potential disputes with some points, they highlight the need for increased awareness and regulation to address the growing risks in the digital economy.
Source: https://studyfinds.org/warning-signs-digital-crisis