Smart Cities: Emerging Risks and Mitigation Strategies

Abstract

The number of smart cities is growing rapidly, a trend driven by changing conditions and needs within cities. To ensure the sustainability of smart cities, it is necessary to identify risks and develop appropriate risk response strategies to address the risks that threaten their existence. This chapter intends to constitute a guide on risks and relevant remedies to practitioners and academics who are involved in the development or operation of smart cities, as well as to highlight the required skills to achieve proper risk management. In order to achieve this, a systematic literature review is carried out. A total of 65 risks are identified which are grouped into the following 9 categories: economic, social, organizational, environmental, technological and technical, strategic, political, legal and security, while they are also presented in a Risk Breakdown Structure (RBS). Finally, an integrated risk response strategy system and the rationale behind it are proposed, in order to enhance opportunities and mitigate threats regarding smart city development and operation, by utilizing modern technologies and systems.