TY - GEN
T1 - An analysis of economic impact on IoT under GDPR
AU - Seo, Junwoo
AU - Kim, Kyoungmin
AU - Park, Mookyu
AU - Park, Moosung
AU - Lee, Kyungho
N1 - Funding Information:
ACKNOWLEDGMENT This work was supported by Defense Acquisition Program Administration and Agency for Defense Development under the contract. (UD060048AD)
Publisher Copyright:
© 2017 IEEE.
PY - 2017/12/12
Y1 - 2017/12/12
N2 - The EU's GDPR is expected to come into force on May 25, 2018. By this regulation, it will be possible to enforce even stronger legislation than the existing Directive. In particular, GDPR is expected to have a major impact on IoT industry, which uses diverse and vast amounts of personal information. This paper first examines why the IoT industry is affected by GDPR. Then, the paper describes how the GDPR will affect the IoT firm's cost qualitatively by using the cost definition of the Gordon and Loeb model and quantitatively by estimating cost using statistics and legal bases. As a qualitative view, the GDPR affected the preventative cost and legal cost of the Gordon and Loeb model, and the quantitative view showed that after the GDPR, the firm's cost could increase by 3 to 4 times on average, and by 18 times if it was more.
AB - The EU's GDPR is expected to come into force on May 25, 2018. By this regulation, it will be possible to enforce even stronger legislation than the existing Directive. In particular, GDPR is expected to have a major impact on IoT industry, which uses diverse and vast amounts of personal information. This paper first examines why the IoT industry is affected by GDPR. Then, the paper describes how the GDPR will affect the IoT firm's cost qualitatively by using the cost definition of the Gordon and Loeb model and quantitatively by estimating cost using statistics and legal bases. As a qualitative view, the GDPR affected the preventative cost and legal cost of the Gordon and Loeb model, and the quantitative view showed that after the GDPR, the firm's cost could increase by 3 to 4 times on average, and by 18 times if it was more.
KW - Economic Impact
KW - GDPR
KW - Gordon & Loeb Model
KW - IoT
UR - http://www.scopus.com/inward/record.url?scp=85046894638&partnerID=8YFLogxK
U2 - 10.1109/ICTC.2017.8190804
DO - 10.1109/ICTC.2017.8190804
M3 - Conference contribution
AN - SCOPUS:85046894638
T3 - International Conference on Information and Communication Technology Convergence: ICT Convergence Technologies Leading the Fourth Industrial Revolution, ICTC 2017
SP - 879
EP - 881
BT - International Conference on Information and Communication Technology Convergence
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 8th International Conference on Information and Communication Technology Convergence, ICTC 2017
Y2 - 18 October 2017 through 20 October 2017
ER -