Across the globe, businesses are watching in anticipation for the latest networking technology that will not only improve company efficiency but open markets to accepting professionals from other backgrounds.
With the launch of 5G, the government is hoping it will encourage companies to transition to remote computing, which is in keeping with Hong Kong’s Smart City initiative.
Hong Kong is predominately placed for cloud readiness and the Asia Could Computing Association was ranked second in the region in 2018 based on cloud security, infrastructure and regulations. However, despite the governments support, Hong Kong businesses are reluctant to embrace cloud technology. With the city’s prime location for secure data facilities and plans to adopt its own cloud services, why aren’t a significantly larger percentage of businesses on board?
Always with the future in mind
One goal for the Hong Kong government is to bridge the ‘knowledge gap’ that is preventing more companies from adopting cloud technology and being on board with it.
The government has outlined plans for the next five years and after, to develop its approach to technology and innovation. Leading by example, it is developing its very own next generation ‘GovCloud’ and big data analytics platform, that has been planned to launch in the third quarter of 2020.
“If we embrace these technologies, we can take all the friction out of running our own infrastructure, and we gain access to the very latest data technologies from the people who invented big data in the first place.” David Knott, chief architect, HSBC Technology
What do we know?
The finance industry uses huge amounts of data, and fundamentally stands to gain from this technology.
- HSBC, one of the world’s largest banks is migrating petabytes of data to the cloud (leading by example).
- $45 billion (HKD) has been earmarked for technology driven projects in Hong Kong.
Though, these steps are not to be taken lightly; a big challenge of promoting cloud technology is to reassure companies that deploying the cloud won’t incur major security risks. However, low budgets for cyber security and a poor approach to integrating cyber security throughout an entire business can encourage such risks.
Companies in Hong Kong are cautious by nature and this can affect the willingness to immediately embrace new tech with open arms. To mitigate this, the HKMA founded the Cybersecurity Fortification Initiative, which is tasked with developing the skills of cyber security professionals and encouraging them to share cyber intelligence.
Take advantage of the opportunity
Cyber security is going to be on the agenda for a high percentage of companies moving forward as cloud technology is seen as a fundamental steppingstone to achieving a ‘smart city’. Professionals will have support to improve their knowledge, have their skillsets in high demand and play a vital role in the city’s progression.