The Internet of Things (IoT) market is set for massive expansion in the coming years. According to a report from IoT security firm Sequitur Labs, this raises a few security questions that merit close consideration.
The company’s latest report claims the IoT market could hit $1.5 trillion by 2027, with manufacturing, retail, government, healthcare, consumer, transportation, IT and telecom markets the biggest users. In the next few years, there could be more than 75 billion smart devices in use across the world.
However, these devices are likely to be vulnerable to various cybersecurity attacks, and as they grow in number, the likelihood of disaster increases too.
Citing recent Forrester Consulting research, Sequitur Labs says 84 percent of security professionals believe IoT devices to be more vulnerable than computers. What’s more, two-thirds of enterprises have already experienced a cybersecurity incident linked with their IoT devices, while just 16 percent of enterprise security managers believe they have adequate visibility of their IoT devices.
Although device management represents just shy of a third of IoT spend, not enough attention is being dedicated to deploying the best security practices, the report concluded.
“Security is a critical element of IoT deployment, yet it is often neglected in the development process,” said Phil Attfield, CEO, Sequitur Labs. “IoT manufacturers need to come up with security practices to protect both proprietary edge device IP and customer data/privacy."
"Lack of IoT device security exposes customers to the danger of a breach that can lead to IP theft, damage to a company’s brand, and loss of customer trust. With trillions of dollars on the line, there is an immediate need to secure devices across their entire lifecycle to help overcome complex cybersecurity challenges.”
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