In this series, we recap some of the most important technology trends and developments of 2023, and discuss some of the implications of these developments for New Zealand businesses.
Cyber Threat Landscape
This week is Cyber Smart Week – part of CERT New Zealandannual campaign to raise awareness of the importance of cybersecurity. Cybercrime remains a board-level risk for New Zealand organisations. In the second quarter of this year, CERT NZ responded to almost 2,000 cyber incidents, with a reported direct financial loss totaling $4.2 million.
CyberSmart Week is a timely reminder of the importance of security awareness, particularly from a legal point of view. For more information, see our Cybersecurity series here.
This year has seen unprecedented growth in the development and use of AI by businesses and individuals around the world. Companies are already considering how best to leverage this technology within their own organizations, its potential impact on their operating models, and working to deploy policies and protocols for acceptable use of AI at scale. organisation.
A key development in this area is the development of AI regulation on a global scale. For example, the European Union is in the final stages of negotiating European AI law, and China has passed laws regulating the development and use of AI tools to provide services in China. At the local level, New Zealand regulators and legislators have also shown increasing interest in this topic. The Office of the Privacy Commissioner recently published guidance for New Zealand organizations that are using or considering using AI tools in their business.
Advances in quantum computing
Another key trend of 2023 is quantum computing, which is expected to have a transformative effect on a global scale. Experts are increasingly talking about quantum computing in the context of AI because, when combined, they are expected to provide even more powerful computing that will help us solve some of the most complex problems facing society.
Countries are already considering their national quantum computing strategies, with Australia releasing its national quantum strategy earlier this year. Key themes emerging from the Australian strategy include investing in research and development, building a skilled workforce, supporting national interests and developing a trusted, ethical and inclusive ecosystem. It will be interesting to see if New Zealand follows suit over the next 12 months.
Progress in the Metaverse and Web3
Enthusiasm for virtual reality worlds (more commonly known as metaverses) has exploded during the pandemic. While investment in this space has slowed post-Covid, Apple’s announcement of Apple Vision Pro has renewed industry interest in the metaverse during the second part of 2023.
Growing interest in the metaverse has also had a knock-on effect on the development of Web3 technologies, such as decentralized finance platforms and NFTs. These technologies are embedded in virtual worlds that allow users to interact with digital assets.
New Zealand continues to benefit from a robust and collaborative green technology ecosystem and is considered a global leader in this area. More than 80% of our electricity is renewable and the Government is aiming for 100% by 2030. This presents real opportunities for New Zealand to lead the way in facilitating low carbon energy intensive industry, and we We have seen a proliferation of investments in green energy. data centers in New Zealand in 2023.
As part of the 2022 Budget, the New Zealand Government has committed $339 million to establish the Agricultural Emissions Climate Action Centre. The Center is a public-private partnership and its funding is allocated to help strengthen the role of research and development of tools and technologies to reduce on-farm emissions.
The technology regulatory landscape has also seen many developments this year, both in New Zealand and overseas. At the local level, the government published the Consumer and Product Data Bill, New Zealand’s Consumer Data Right Framework, and enacted the Digital Identity Services Trust Framework Act, creating a legal framework for the provision of digital identity services secure and reliable for individuals and organizations. .
Coming in this series
We’ll discuss some of these key trends in more detail over the coming weeks, starting with green technologies next week. We can’t wait for you to join us.