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Digital Ecosystem
What is a Digital Ecosystem?
What is a Digital Ecosystem? A “digital ecosystem” refers to a network of interconnected technologies, platforms, businesses, and individuals that interact with each other through digital means, creating a complex system where data, applications, and services can function as a unit, often with the goal of optimizing workflows and delivering value to users; essentially, it’s a digital environment where different entities collaborate and rely on each other to achieve a shared objective. See also Third-Party Risk Management (TPRM)
- Interconnectedness:
These can include customers, suppliers, partners, competitors, and developers, all interacting within the system.
These ecosystems are constantly evolving with new technologies, user behaviors, and market trends.
What are some examples of digital ecosystems?
Like Amazon, where sellers, buyers, and delivery services interact within a single online environment.
Where developers distribute apps and users access them through a unified platform.
Like Facebook, where users connect and share content with each other.
Are small businesses also digital ecosystems?
Yes, absolutely. For example;
- A small real estate firm who relies on mobile devices, a CRM software application, real estate service vendors who provide appraisal reports, flood elevations and property value data, and local attorneys who manage closings, settlements and more is a digital ecosystem.
MORE INFO on digital ecosystems
Whats should digital ecosystems do about cybersecurity?
They should communicate, establish standards, and hold each other accountable for maintaining and improving those standards. This can be done with periodic cyber risk assessments, written information security plans (WISP), incident response plans, baseline cybersecurity insurance policies, cybersecurity solutions and more.
