The Internet of Things continues to grow, with IHS Markit
forecasting the number of IoT installed devices to reach 40 billion
by 2020. While so many connected IoT devices offer new
functionality and added efficiencies for end users, such vast
growth also brings added security risks. Considering the rapid
adoption and sheer volume of connected IoT devices available, the
cybersecurity threat landscape is growing exponentially.
The explosion of IoT devices marks great progress for the IoT
movement, but there remains a problem with such a massive influx of
connected devices: many device manufacturers are taking a “connect
now and secure later” approach. While such an approach is fiscally
understandable due to the investment required for adequate security
on devices, that approach has risks; it is often more expensive to
address security flaws after a vulnerability has been discovered
than it is to conduct comprehensive internal testing before
releasing new devices.
Effective data management and rigid IoT device security are
major challenges for both enterprises and consumers alike. It’s
common knowledge that breaches happen all the time, with noteworthy
ones making the news for credit card companies, major retailers,
and even healthcare providers. In some cases, up to 3 billion
people have had their personal data exposed to the public. With
such a wide-ranging number of connected devices available, from
smart speakers to heart monitors to smart meters and more, the
level of data that can be obtained by a breach is both costly for
businesses and terrifying for users.
With that said, cybersecurity is becoming a priority for device
makers: IHS Markit forecasts that the IoT data security market will
become the fastest growing segment in the IoT cybersecurity market,
with revenues growing from $3B in 2019 to $7B in 2022.
Liz Cruz is the associate director of IoT and smart cities at IHS
Markit
Posted 21 June 2019