The number of industries using IoT technology is growing, and their general lack of concern for security leaves corporate data at risk and increases the chances of breaches. On one side, the opportunities offered by the internet of things data-collecting sensors are tremendous for the B2B market. On the other, the fierce competition in the market lowers the bar instead of establishing guidelines.
“Although the secure by design approach is the right one to adopt, it is rarely applied in the Internet of Things development process,” reads Capgemini’s World Quality Report for 2016-2017. “This is due to a number of reasons, including a lack of expertise, rush to market and low security maturity compared to traditional IT.”
Due to the falling price of IoT sensors and their established efficiency, the market for sensors in IoT devices is projected to grow at a CAGR of 26.91 percent globally until 2022, research says. Some 100 billion connected devices are expected to be built in 2025, generating almost $10 trillion in revenue.
Through data analysis features, IoT has increased efficiency and optimized human-to-machine interaction in multiple sectors, including automotive, goods and services, consumer durables and industrial and utility components. High demand for IoT sensors in industries such as healthcare, transportation, retail and manufacturing opens up major concerns especially in terms or privacy.
Attacks on IoT infrastructures are spreading to industrial networks. Privacy is a top concern of think tanks around the world, because the more sensors are used, the more data will be collected in real-time. This data will be leveraged by third-parties as well, in some cases. To protect IoT sensors, companies have to first address the vulnerabilities and then developing strategies to secure access points.