There is a growing security concern around IoT adoption which is universal in nature concerning all and across industry. 97% of companies are concerned about security when implementing IoT (though this is not hindering adoption). Collectively, the top security priority is software/firmware management (e.g. encryption protocols 34%, hardware/software testing 32%, and updating software and firmware 31%).
IoT device management is another security issue where 38% of organizations are concerned about tracking and managing each IoT device as well as creating security endpoints for devices (i.e. the hardware device to which IoT information is communicated). Additionally, securing and authenticating accounts plays a factor where in 43% of companies cite ensuring network-level security with strong user authentications for network-level data as their main concern.
THE ESSENCE OF IOT SECURITY
With IoT devices becoming a gateway to homes, workplaces, and sensitive data, they also become targets for attacks. The immediate costs of a data breach can be in the millions of dollars, but damage to the brand reputation as a result of the breach can further compound these costs in the long term.
Companies implementing IoT worry about security, regardless of country or industry – 97% of enterprise IoT decision makers across the US, UK, Germany, France, Japan, and China say security is of concern with IoT. Similarly, enterprise leaders in manufacturing, transportation, retail/wholesale, healthcare, and government almost unanimously view security as a concern.
Companies have 3-4 security considerations on average, falling into four main areas: software/firmware management, device management, accounts and authentication, and training for involved employees. Within software/firmware management, enterprise organizations are thinking about how to ensure that software, firmware, and encryption protocols are up to date and properly tested.
Securing devices is another key concern, particularly provisioning, tracking, and managing devices. Additionally, IoT adopters need to establish strong user authentications and safeguard passwords/credentials to reduce the risk of data breaches. Despite these concerns, security isn’t a top barrier to using IoT more: most businesses view security as a less challenging issue than technical complexity or lack of resources. IoT network security is more challenging as compared to the traditional network security as it involves a broader range of standards, communication protocols, and device capabilities, thereby increasing complexity.
Even for those with significant security challenges, IoT is worth the investment, now and in the future. Among adopters who consider security a top concern, 93% are satisfied with IoT, and 84% perceive its current value as critical. They also intend to keep using IoT in the future and believe IoT will continue to be critical to the success of their company.
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