Security Intelligence, Opportunity and Innovation
The “Secured IoT: Worldwide IoT Security Intelligence, Opportunity, & Innovation 2018 to 2025” report has been added to ResearchAndMarkets.com’s offering. This research forecasts that the IoT security market will grow to become a US$61.39 billion industry in 2025, growing at a CAGR of 32% during 2018-2025. The IoT is exceedingly penetrating from industries to consumer and civil applications such as connected homes, connected cars, health monitoring and smart utility meters. It’s true that IoT devices offer exciting opportunities to improve customer satisfaction and engagement. However, they also introduce new security challenges. Which is not just about tapping billions of devices, but also different operating systems, networks, and protocols. Already we are seeing hacks on IoT applications. In 2012, a malware infected high-risk pregnancy monitors at a Boston hospital in the US. The malware slowed down fetal monitors used on women with high-risk pregnancies being treated in intensive-care wards. In 2014, the European crime agency Europol warned that the IoT creates new types of risks and threats not only in consumer applications but also in critical infrastructure control systems. In 2016, a group of Chinese researchers found vulnerabilities in the Taiwanese-made Edimax smart plug, a device routinely used for home automation. The team was able to gain access to user credentials by exploiting cryptographic flaws. In 2017, Xiongmai Technology, an IoT camera manufacturer from Hangzhou admitted its cameras had been exploited by the Mirai malware to form part of a botnet and launch a distributed denial-of-service (DDoS) attack targeting websites including Twitter, PayPal, and Spotify. The assault was one of the worst in US history. These are not isolated cases; numerous other security flaws are being reported frequently from all over the world. The research tried to find out why are IoT solutions not secure and is it really that difficult to achieve. Our study revealed that the competition in the IoT space is so ruthless that vendors are rushing products to the market, with security often added as an afterthought (if at all) rather than being built-in from the start. For IoT service providers, speed of delivery and low cost are more important than robust security and thorough testing. It doesn’t help that, currently, IoT devices lack a common set of compliance requirements. However, the scenario is going to change soon as next potential IoT adopter (Industry, consumer or government) refuses to embrace IoT solution lacking strong inbuilt security features. The growing penetration of IoT devices will also force governments to set standard for IoT devices and strict guidelines for security and privacy of data and parties who will be accountable in cases if security is compromised. This has opened the door to innovation and added a new dimension to the global competition among IoT security solutions providers. The role of specialised IoT security solutions will eventually grow as the market matures.
