As the Consequences Rise, Where is the Risk Management?
88 Citations•2013•
F. Cohen
EDPACS
The number and magnitude of computer controlled system consequences seems to be rising, and thus the risks seem to be going up at an alarming rate.
Abstract
Abstract Recently, two events in particular seem like canaries in the mine shaft. The massive power failure in India involved some 600M+ people, 300M without power for 8 hours or more. The Knight Capital debacle brought the most aggressive computer trading operation to its knees, losing half the shareholder value in an hour of computerized erroneous trading. The number and magnitude of computer controlled system consequences seems to be rising, and thus the risks seem to be going up at an alarming rate. How can this be?