Data Breaches and Security are the Biggest Headwinds to IoT adoption

Bracing For IoT In The Enterprise (Forbes)

• The article compares the rise of the IoT to the move to bring your own device (BYOD) to work in the mid-2000s.
• While these non-sanctioned devices increased employee efficiency and performance, managing their security on networks became a daunting task – similarly to how the increasing number of connected devices in the workplace is seen as a cybersecurity risk.
• The article concludes that while the flood of new IoT devices in the workplace is set to produce greater efficiencies and improve performance, operation and security are essential to achieving such benefits.

Comments

• With iOT, the key to unlocking its true potential lies with addressing the rising cybersecurity concerns. Hardly a week passes by without reports of large scale data breaches and IoT fuelled cyber attacks – have a look at the World’s Biggest Data Breaches & Hacks visualised as bubbles if you want to get an idea of the scale of the issue.

World’s Biggest Data Breaches & Hacks

Select losses greater than 30,000 records

• We therefore do not find it surprising, that a recent study by Bain found that customers would not only be willing to pay an average of 22% more for secure IoT devices, but also buy 77% more IoT devices on average, if they were secure.
• As a result, premiums and greater sales could boost the IoT cybersecurity market by USd9-11bn.