Make sure the blockchain technology you choose supports the type and kind of data (and customers) you deal withReview required legal frameworks and compliance requirements before embracing the technologyEnsure that the technology you opt for allows you to improve the security and authenticity of transactions
The telecom industry has witnessed rapid development in recent years. It has ushered in a global era of connectivity. Whether it is the IoT, 5G, or Application-to-Person (A2P) messaging, the telecom industry has been responsible for simplifying communication and making it faster. The transition to wireless connectivity, implementation of 5G, and increased usage of IoT devices are just a few of the several advancements made by the industry in recent years. It’s fair to call the telecom sector the backbone of life and business worldwide.
No wonder the global telecom services market size was $1657 billion in 2020 and is expected to grow at a CAGR of 5.4% between 2021 and 2028.
However, the rapid transformation and innovation have also led to rising security concerns such as cyber risks, revenue leakage, and even espionage or security compromises in the industry.Telecom fraud is one of the leading reasons for revenue losses in the industry. According to a joint report published by Europol’s European Cybercrime Center and Trend Micro, telecom frauds lead to a revenue loss of $32.7 billion. This has negatively impacted operator revenue margins across the board. As telecom networks expand and more data gets exchanged through connected devices and users, telecom operators will have to find ways to counter these issues. Although new offerings such as 5G and IoT are laying the ground for ever more sophisticated ways to secure the network, hackers always find a way to breach the system and impact operations. Telecom operators must continuously audit their security framework and processes and establish ways to eliminate frauds and prevent revenue losses.
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