An Analysis of Economic Impact on IoT Industry under GDPR

Joint Authors

Lee, Kyungho
Seo, Junwoo
Kim, Kyoungmin
Park, Mookyu
Park, Moosung

Source

Mobile Information Systems

Issue

Vol. 2018, Issue 2018 (31 Dec. 2018), pp.1-6, 6 p.

Publisher

Hindawi Publishing Corporation

Publication Date

2018-12-05

Country of Publication

Egypt

No. of Pages

6

Main Subjects

Telecommunications Engineering

Abstract EN

The EU GDPR comes into effect on May 25, 2018.

Under this regulation, stronger legislation than the existing directive can be enforced.

The IoT industry, especially among various industries, is expected to be heavily influenced by GDPR since it uses diverse and vast amounts of personal information.

This paper first analyzes how the IoT industry handles personal information and summarizes why it is affected by GDPR.

The paper then uses the cost definition of Gordon and Loeb model to estimate how GDPR affects the cost of IoT firms qualitatively and uses the statistical and legal bases to estimate quantitatively.

From a qualitative point of view, GDPR impacted the preventative cost and legal cost of the Gordon and Loeb model.

Quantitative view showed that the cost of IoT firms after GDPR could increase by three to four times on average and by 18 times if the most.

The study finally can be applied to situational awareness of the economic impact on the certain industry.

American Psychological Association (APA)

Seo, Junwoo& Kim, Kyoungmin& Park, Mookyu& Park, Moosung& Lee, Kyungho. 2018. An Analysis of Economic Impact on IoT Industry under GDPR. Mobile Information Systems،Vol. 2018, no. 2018, pp.1-6.
https://search.emarefa.net/detail/BIM-1204910

Modern Language Association (MLA)

Lee, Kyungho…[et al.]. An Analysis of Economic Impact on IoT Industry under GDPR. Mobile Information Systems No. 2018 (2018), pp.1-6.
https://search.emarefa.net/detail/BIM-1204910

American Medical Association (AMA)

Seo, Junwoo& Kim, Kyoungmin& Park, Mookyu& Park, Moosung& Lee, Kyungho. An Analysis of Economic Impact on IoT Industry under GDPR. Mobile Information Systems. 2018. Vol. 2018, no. 2018, pp.1-6.
https://search.emarefa.net/detail/BIM-1204910

Data Type

Journal Articles

Language

English

Notes

Includes bibliographical references

Record ID

BIM-1204910