Reader Respond Final Edited Draft 4

 According to Lecomte (2019), the real estate industry needs a proper certification program to mitigate risks for innovative technology, which is prone to hacking and cyberattacks. Lecomte states that a "smart building should have common standards" and metrics similar to green buildings. Lecomte also says that there are no official international standards for intelligent construction in the current context. Consequently, developers can only rely on the "Honeywell Smart Building Score (HSBS)" as it is a well-known corporate indicator in this field. In comparison, countries like China would self-implement a framework that caters to their occupants' needs. Lecomte also suggests that if an official international standard were to be established, cyber security in an intelligent building should be considered a framework factor. In Lecomte's statements, he states that there have been numerous breaches in recent years. Hackers gained client information through building maintenance operators (ANREV, 2013 cited in Lecomte, 2019). While the authority implements technical aspects to improve the quality of life in smart buildings, challenges like high prices in cyber-security products and maintenance hinder developers' options. In addition, some developers choose to spend more on high-end technology to satisfy only occupant's needs. 

As much as cyber-security is a crucial factor in today's smart building, the cost of the security system is relatively high due to the multiple layered of protection required. The average price spent by companies in cyber-security is about '0.5%' of the annual revenue and around '$2,000' per full-time employee (Secure Brain, n.d). When it comes to the cost of cyber-security, there is no standard price that fits all. The cost of security is heavily dependent on the types of security protection wanted by building developers. These could be broken down into protection against [1]Ransomware, [2]Data breaches, [3]Phishing attacks, [4]Domain name server(DNS) hacking, [5]Crypto-jacking, [6]Insider threats and [7]Denial of service attack  (Proven Data, n.d), which explains the hefty cost of cyber-security. One specific method would be regularly running and updating the firewall system to prevent possible cyber-attack. 

 

Besides the initial cost of cyber-security, the amount of technological assets acquired by the building also contributes to the high price. The rise in using network Internet of Things(IoT) devices and sensors make buildings more intelligent and comfortable for users to work. The increased use of all these technologies adds to the cost of cyber-security as the hardware technology needs to be protected (Nelysis, n.d). Besides that, building developers might also need to customise sophisticated software with multiple layers of security to protect their technology. Another factor determining the cost of cyber-security would be the number of people using the facility of the building and the amount of user data stored in the system. Thus reducing the cost of cyber-security products is essential to increase the protection of the building. 

 

However, challenges like the high cost of cyber security systems will no longer be a reason for developers to compromise their building security. The high cyber security price weighs less than the loss that occurred in a cyber-attack. The average cost of a cyberattack could go up to '$200,000',  and with the ongoing digital transformation, a staggering '$5.2' trillion costs in cybercrime worldwide within the last five years (Steinberg, 2020). Besides that, the high cost of maintenance in cyber-security software could be mitigated by running regular security checks on the system. Another solution would be frequent updating of password policy, strong password management, and using VPN, which help hide IP addresses, making the system virtually untraceable (Terkel, 2021). Cyber-security is more cost-effective than the loss that occurred in a cyberattack in the long run. 

      

 Another critical factor will be the high maintenance cost due to the constant upgrading of cyber-security software. The constantly evolving tactics of cyber-criminal post a threat in the system, and not keeping up to date is similar to setting up a defeat. The high cost of maintenance is mainly cost by the need for hardware upgrades and skilled specialist programmers to keep a close eye on the system. Advanced hackers are also a factor in the high maintenance cost due to more sophisticated protection software (Paxelpin, 2018). 

 

In conclusion, the importance of cyber security should not be left out due to its costly investment. The key factors like the high initial cost of security products, maintenance and upgrades would eventually be accepted by building developers as the industry moves towards modernising a smart building.

 

References

 

Lecomte, P. (2019, January 29). Smart building: What smart really means. The Business Times. https://www.businesstimes.com.sg/opinion/smart-buildings-what-smart-really-means

 

Nelysis. (n.d). Cyber security for smart buildings. https://nelysis.com/cybersecurity-for-smart-buildings/

 

Pixelpin. (2018, August 5). Cybersecurity is becoming more and more expensive.:https://www.pixelpin.io/press-blog/cybersecurity-is-becoming-more-and-more-expensive/  

 

Proven Data. (n.d). How much does cyber security cost: Common cyber security expenses and fees:https://www.provendatarecovery.com/blog/cyber-security-cost-expenses-fees/

 

Secure Brain. (n.d). Cyber security cost: What you need to know. :https://www.securebrain.co.jp/eng/blog/cybersecurity-costs/

 

Steinberg, S. (2020, March 9) Cyberattacks now cost company $200,000 on average, putting many out of business. CNBC. https://www.cnbc.com/2019/10/13/cyberattacks-cost-small-companies-200k-putting-many-out-of-business.html

 

Tervel. (2021, August 4). Eight low-cost ways to improve cybersecurity. CIOinsight.:https://www.cioinsight.com/security/improve-cybersecurity-low-cost/