Gemalto, the digital security specialist, has revealed that only (48%) of businesses can detect whether or not any of their Internet of Things (IoT) devices suffers a breach. Despite companies having an increased focus on IoT security. Spending on protection has grown (from 11% of IoT budget in 2017 to 13% now, in fact). Nearly all (90%) believe IoT security is a big consideration for customers, while almost three times as many now see IoT security as an ethical responsibility (14%) compared to a year ago (4%).
With the number of connected devices set to top 20 billion by 2023, businesses must act quickly to ensure that their IoT breach detection is as effective as possible.
Surveying 950 IT and business decision-makers globally, Gemalto has found that companies are calling on Governments to intervene, with 79% asking for more robust guidelines on IoT security and 59% seeking clarification on who’s responsible for protecting IoT.
Despite the fact that many governments have already enacted or announced the introduction of regulations specific to IoT security, most (95%) businesses believe there should be uniform regulations in place.The findings also revelaed that (95%) consumers expect IoT devices to be governed by security regulations.
“Given the increase in the number of IoT-enabled devices, it’s extremely worrying to see that businesses still can’t detect if they have been breached,” said Jason Hart, CTO, Data Protection at Gemalto. “With no consistent regulation guiding the industry, it’s no surprise the threats and, in turn, vulnerability of businesses are increasing. This will only continue unless governments step in now to help industry avoid losing control.”
Security remains a big challenge
With such a big task in hand, businesses are calling for Government intervention because of the challenges they see in securing connected devices and IoT services. This is particularly the case for data privacy (38%) and the collection of large amounts of data (34%). Protecting an increasing amount of data is proving an issue, with only three-in-five (59%) of those using IoT and spending on IoT security admitting that they encrypt all of their data.
Consumers are clearly not impressed with the efforts of the IoT industry, with (62%) believing security needs to improve. When it comes to the biggest areas of concern, (54%) fear a lack of privacy because of connected devices followed closely by unauthorised parties like hackers controlling devices ( 51%) and a perceived lack of control over personal data (50%).
Blockchain gains pace as IoT security tool
While the industry awaits regulation, it’s seeking ways in which to address the issues itself, with blockchain emerging as a potential technology. The adoption of blockchain has doubled from 9% to 19% in the last 12 months.
Around 23% of respondents believe that blockchain technology would be an ideal solution to use for securing IoT devices, with 91% of organisations that don’t currently use the technology likely to consider it at some point in the future.
As blockchain technology finds its place in securing IoT devices, businesses continue to employ other methods to protect themselves against cyber criminals. The majority 71% encrypt their data, while password protection 66% and two-factor authentication 38% remain prominent.
Hart concluded: “Businesses are clearly feeling the pressure of protecting the growing amount of data they collect and store. While it’s positive they’re attempting to address this issue by investing in more security such as blockchain, they need direct guidance to ensure they’re not leaving themselves exposed. In order to receive that guidance, firms need to be putting more pressure on Government to act as it’s them that will be hit if they suffer a breach.”
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