“Cyber systemic risk” is Internet-driven risk that threatens to destroy the business viability of industry ecosystems.

While cybersecurity risk may be the familiar and recognizable type of cyber systemic risk, it is only recognizable like the tip of an iceberg is recognizable, because most cyber systemic risk lurks well out of view, deep beneath the surface in the ocean of virtual ones and zeros.

“Cyber systemic risk” generally is the Internet version of the financial crisis’ hard lesson of “systemic risk,” where the world learned that risks or disruptions to one or a few financial institutions could cascade to become risks or disruptions to the broader financial ecosystem. That’s because the inherent inter-linkages and inter-dependencies of financial institutions’ debt and liquidity exposed the then underappreciated fragility of the interwoven financial system.

The financial crisis exposed the need and the requirement for corporations to be more vigilant concerning enterprise risk management (ERM). Consequently the next crisis exposing enterprise risk is less likely to happen from a replay of known financial systemic risks, but from new unappreciated or ignored cyber systemic risks.

Cyber systemic risk is arguably more serious than financial systemic risk. That’s because the Internet inherently is: the most inter-linked, inter-dependent, intermediary system ever created; an insecure and un-private system; and more centralized and concentrated at the top than the financial ecosystem.

Please don’t miss my latest Daily Caller op-ed:” Presidential Candidate Lawrence Lessig’s Far Left Net Neutrality Agenda.”

• It explains the central part net neutrality plays in his Presidential candidacy and it also poses two relevant accountability questions about whether or not Mr. Lessig’s net neutrality movement has respected his call for getting big moneyed interests out of America’s political process.  

The modern world has never before seen a company with the scale, scope, reach and speed of Google’s business dominance. Expect Google’s antitrust problems to proliferate with its proliferating dominance and abuses.

Google has extended and consolidated its unprecedented dominance at unprecedented rates over the last ~three years.

No other company has ever grown several separate and very different, stand-alone verticals simultaneously, by several hundred million users each, in less than ~three years.

The single most important Google accountability article I have ever read, out of the literally ten thousand plus that I have read in my nine years researching Google in depth, is Dr. Robert Epstein’s article in Politico entitled “How Google could rig the 2016 election.”

Anyone, who has any interest in, or concern about, the integrity of elections in democracies in the digital age, and/or Google’s market power over what information people access, must read this article.

Please don’t miss my latest Daily Caller op-ed entitled “America’s Upside Down Cyber-Priorities.”

• It spotlights the national travesty of the government prioritizing net neutrality openness to the detriment of cybersecurity and a more secure Internet.

There is more to learn from the Alphabet-Google restructuring than Google’s PR narratives.

First for those paying close attention, this restructuring and Alphabet branding should spotlight Google’s truly amazing accomplishments to date, and Alphabet-Google’s breathtaking ambitions going forward.  

At core this restructuring formalizes Alphabet-Google’s very real transition, from a Gcosytem focus of disintermediating and dominating much of the Internet and tech sectors, to a Gconomy focus of disintermediating and dominating much of the rest of the economy.    

Google Fiber’s motto is “Think big with a gig,” as in gigabit fiber broadband speeds.

However, if one is open to considering non-Google data, there is substantial evidence that Google Fiber’s de facto motto may be more like “Think vig for the pig,” as in the non-transparent, corporate-welfare vigorish that Google Fiber takes to feed Google Inc.’s porcineappetite for 1) Local government subsidies and special government treatment; 2) immunity from state and local law enforcement; and 3) FCC price subsidies and use of consumers’ private-information without consent. 

Everyone should have the freedom to innovate and compete in America, the land of opportunity.

There should be no innovation or competition double standard where government politically picks winners and losers by rigging competition via denying some companies the freedom to innovate and compete spectrally while granting it to their competitors.

With radio spectrum, America has created different but symbiotic spectrum models. One is licensed spectrum where spectrum for exclusive use is auctioned to the highest bidder. The other is unlicensed spectrum where anyone is free to share the same spectrum if they play nice and do not interfere with other spectrum sharers’ use. These models have never been either/or; they have always been free and open to use separately or together to maximize innovative, commercial, and competitive opportunity.    

I.  Summary

Google’s market capitalization has approached a half trillion dollars as its stock hit an all time high, because of a positive quarterly profit surprise and because Google’s new CFO signaled that “Google cost discipline” may no longer be an investment oxymoron.

The market appears to be ignoring that Google’s legal status as a corporation changed in 2Q15 to an FCC Title II regulated common carrier that is subject to very strict and preemptive behavioral non-discrimination requirements to mitigate potential abuse of market power on Google’s network -- per the FCC’s new Open Internet Order which reclassified Internet infrastructure as Title II common carriage regulated to enforce strict net neutrality.

This analysis of Google’s many new common carrier liabilities has four parts: I) the investment and regulatory relevance of Google being a common carrier; II) the evidence of Google being a major Internet access player via the surprising size of its Internet infrastructure, communications, traffic carriage, and market power; III) a listing and explanation of Google’s many new FCC common carrier liabilities, including nine potential net neutrality violations, three privacy, and three transparency; and IV) a conclusion about what this could mean for Google and its valuation going forward.

Please don't miss my latest Daily Caller op-ed -- "For Smartphone Users, Spectrum is Speed."

• It spotlights how the Administration/FCC strong bias for wireline Internet over wireless Internet conflicts with what consumers want.