The potential trillion dollar Internet of Things (IoT) business opportunity rests precariously on one critical factor – security. 71% of executives in our survey agreed that security concerns will influence customers’ purchase decision for IoT products. However, despite increasing cyber attacks and ample warning from security experts, most organizations do not provide adequate security and privacy safeguards for their IoT products. In fact, only 33% of IoT executives in our survey believe that the IoT products in their industry are highly resilient to cyber security attacks. Further, despite rising consumer concerns regarding data privacy, 47% of organizations do not provide any privacy related information regarding their IoT products.
So, why are organizations lagging behind in securing their IoT products and systems? Key reasons for this include an expanded attack surface, inefficiencies in the IoT product development process, and the lack of specialized security skill-sets. For instance, our survey showed that only 48% of companies focus on securing their IoT products from the beginning of the product development phase. Building a secure IoT system begins with the recognition that security needs to be as much of a priority as the features and functionality of an IoT product. The report highlights the key measures that organizations must take in order to put security at the core of their IoT value proposition.