IoT security spending set to reach $1.5 billion this year

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As the adoption of Internet of Things (IoT) devices has skyrocketed, so to has the number of IoT-based attacks with almost 20 per cent of organisations falling victim to such an attack within the last three years. 

While businesses and governments work to secure this emerging category of connected devices, Gartner forecasts that worldwide spending on IoT security will reach $1.5bn in 2018.  This will be a 28 per cent increase from last year where $1.2bn was spent to secure IoT devices. 

Research director at Gartner, Ruggero Contu explained the steps organisations will take to further improve their IoT security, saying:  

“In IoT initiatives, organisations often don't have control over the source and nature of the software and hardware being utilised by smart connected devices. We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. In addition, organisations will look to increase their understanding of the implications of externalising network connectivity.” 

Although there will be steady year-over-year growth in worldwide spending on IoT security, Gartner predicts that a lack of prioritisation and implementation of security best practices and tools in IoT initiative planning will hamper growth in IoT security through 2020.  This could affect the funds spent on IoT security by as much as 80 per cent. 

Gartner also predicts that regulatory compliance will drive businesses to improve their IoT security by 2021.  As IoT makes its way into the industrial world, industries will have to comply with regulations and guidelines aimed at improving critical infrastructure protection. 

Securing IoT devices is no small task and with more funds at their disposal, businesses can utilise their full functionality without the fear of falling victim to an attack.

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