An analysis of economic impact on IoT under GDPR

Junwoo Seo, Kyoungmin Kim, Mookyu Park, Moosung Park, Kyung Ho Lee

Research output: Chapter in Book/Report/Conference proceedingConference contribution

10 Citations (Scopus)

Abstract

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.

Original languageEnglish
Title of host publicationInternational Conference on Information and Communication Technology Convergence
Subtitle of host publicationICT Convergence Technologies Leading the Fourth Industrial Revolution, ICTC 2017
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages879-881
Number of pages3
Volume2017-December
ISBN (Electronic)9781509040315
DOIs
Publication statusPublished - 2017 Dec 12
Event8th International Conference on Information and Communication Technology Convergence, ICTC 2017 - Jeju Island, Korea, Republic of
Duration: 2017 Oct 182017 Oct 20

Other

Other8th International Conference on Information and Communication Technology Convergence, ICTC 2017
CountryKorea, Republic of
CityJeju Island
Period17/10/1817/10/20

Keywords

  • Economic Impact
  • GDPR
  • Gordon & Loeb Model
  • IoT

ASJC Scopus subject areas

  • Computer Networks and Communications
  • Computer Science Applications
  • Information Systems
  • Information Systems and Management

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  • Cite this

    Seo, J., Kim, K., Park, M., Park, M., & Lee, K. H. (2017). An analysis of economic impact on IoT under GDPR. In International Conference on Information and Communication Technology Convergence: ICT Convergence Technologies Leading the Fourth Industrial Revolution, ICTC 2017 (Vol. 2017-December, pp. 879-881). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICTC.2017.8190804