PHILADELPHIA — A new report from Stantec and partners has found that most cities are seeing major economic, financial and social benefits from their investments in smart technologies but warns of greater cyber risks if digital innovation is not managed properly.
Stantec partnered with think tank ESI ThoughtLab and others on the Smart City Research Initiative.
The research studied 100 metro centres from across the world, stated an Oct. 1 release.
According to the study, 38 per cent of cities deploying smart mobility solutions are reporting greater customer satisfaction and 32 per cent are improving productivity and delivery times for business.
Likewise, 45 per cent of cities deploying smart environmental and energy initiatives are improving citizen health, 44 per cent are reducing pollution and 43 per cent are stabilizing energy prices.
Commonly used technologies include the Internet of Things, the cloud, mobile technology, biometrics, artificial intelligence, blockchain, robots, drones, 5G, augmented reality and distributed computing.
For cities in the survey, the total cost of cyber loss events over the last year averaged $3.4 million, with 10 per cent suffering losses between $US10 million and $20 million.
The biggest vulnerabilities cited were financial and payment systems (54 per cent of cities), IT infrastructure and telecoms (51 per cent), and mobility and transportation (40 per cent).