The Information Economy and Cybersecurity

What is the Information Economy?

The production, distribution, and consumption of information and knowledge in a society is called the information economy.

?The Information Economy

The information economy is purely based on digital (0 and 1) technologies, such as the internet, computers, mobile phones, and social media, to create, store, process, and share information.

The benefits of the information economy for society, especially our developing country are manyfold. In the Information economy, there are no longer consumers, but stakeholders.

One of the key components of the Information economy is that it requires the development and implementation of effective security policies and regulations that can balance the interests and rights of stakeholders, as well as ensure the quality, reliability, and interoperability of data and information.

Information economy enhances transparency, accountability, and empowerment of all types of users or inclusively. It enhances access and sharing of information can improve the quality of decision-making, reduce corruption, and enable citizens to participate more actively in public affairs. This is crucially important to our youth who crave for better and modern life.

The information economy gives credit to ideas, creativity, and collaboration this is a type of economy well suited to the young generation of Africa including Ethiopia where close to 70% are youth.

Before moving further, we also need to address the distinction between Information Economy and Digital Economy. Information economy focuses on the role of information and knowledge as inputs and outputs of economic activity (production, distribution, and consumption)

Information Economy creates business opportunities, especially for data intermediaries and start-ups (that use innovative ideas and technologies), who collect, aggregate, analyze, and provide data to other users, such as governments, businesses such as Facebook, Google, amazon, or individuals.

The information economy is crucially important to Africa since it fosters innovation, entrepreneurship, and competitiveness in various sectors of markets.

It is a time for Africa to shine very well by encouraging the youth that the other parts of the world crave, let’s educate our young men and women to embrace technology and be cybercrime resilient as well.

We must use the information economy, which enables the exchange of knowledge, ideas, and best practices among researchers, educators, health professionals, and policymakers.

In my homeland Ethiopia, I see that time management needs monumental improvement. We need to eradicate the so-called “Habesha Qatero” from our vocabularies. Time and technology have no friends, they serve best whoever uses them in the right manner. Let’s manage our time to move at the right speed with the Information Economy.

However, the information economy also comes with some limitations and challenges. Some of the main limitations and challenges of the information economy require careful attention and action from various stakeholders, such as governments, businesses, civil society, and individuals. Some of the major challenges are:

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1. Cybersecurity and privacy

The challenge of protecting information and systems from unauthorized users is of paramount importance in the Information Economy.

The information economy relies on the collection, storage, and analysis of large amounts of data valuable for various purposes, such as marketing, research, or governance. In the process issues such as:

a)???? Risks to privacy

Risk to privacy security, and rights of data subjects and users are one of the major concerns. This is where cybersecurity, Cybercrime resilience, and guarding of stakeholders’ precious data come in. The information economy involves the collection, processing, and sharing of large amounts of personal and sensitive data, such as health, financial, or biometric data, or what is called PII (Personally Identifiable Information).

b)??? Identity theft

This can seriously expose data subjects and users to potential threats, such as identity theft, cyberattacks, surveillance, discrimination, and manipulation.

Due to the risks associated, the Information Economy requires adequate and appropriate governance and regulation. If not governed effectively it can pose complex and dynamic challenges that require the involvement and coordination of multiple stakeholders, such as governments, businesses, civil society, and international organizations.

Digital and physical infrastructure is vitally important for the Information Economy and for all African businesses and society. To address businesses and consumer expectations on the availability, cost, speed, security, and reliability of the internet, including mobile and wireless access, are increasing all the time.

2. Information asymmetry

Some parts of society have more and better information than others do not, leading to unfair and inefficient outcomes. Those with not enough information to compare the quality and prices of products are worse off.

3. Digital divide

The digital divide is the gap between those who have better access to digital technologies and those who do not. ?The disparity is caused by income, education, geography, gender, age, and disability.

4. Ethical and social issues

The Information Economy creates unprecedented ethical and social dilemmas regarding the responsibility and accountability of digital platforms including the governance of AI (Artificial Intelligence). Ethical and social issues are all about consideration of the moral and societal implications of the information economy, such as the impact on human dignity, autonomy, justice, and democracy.

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