July 10, 2018
Experts Differ on the Impact of IoT Security Concerns
- Gartner projects that worldwide IoT security spending will hit $1.5 billion this year and top $3 billion by 2021.
- Gartner also expects IoT security concerns to inhibit growth, predicting that “a lack of prioritization and implementation of security best practices and tools in IoT initiative planning … will hamper the potential spend on IoT security by 80%.”
- Gil Press, a Forbes contributor, told Data2Go Wireless that standards and security are the biggest obstacles facing the IoT, but tempered that a bit by saying, “The lack of standards and security risks will continue to slow down the adoption of the IoT for years to come. But the sudden emergence of a ‘killer app,’ possibly in the enterprise rather than in the consumer market, could accelerate IoT adoption regardless of any security and interoperability concerns.”
- In its State of the Market, Verizon notes that more than 50% of executive concerns around IoT are related to an “absence of industry-wide IoT standards, coupled with security, interoperability, and cost considerations.”
- However, Verizon expects that, over time, organizations can be more confident about their IoT deployments, stating, “IoT security is always going to be a work in progress, yet it’s important to note that, more so than ever before, security is becoming more and more ‘baked in’ to the IoT value chain on the platform, network, and device level. It is a trend that will surely continue given the reality of increasingly sophisticated breach attempts and the ever escalating financial risks they present.”
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