Breaking Down the Cost of Security
Comparing the costs of implementing best practice security principles with the costs of insecurity
In a connected world, securing your IoT device is the smart choice. The number of products being shipped each year is growing rapidly and so is the level of interest in them. Enterprise security firm, Symantec, detected almost 19 million attacks on its IoT honeypots in the first quarter of 2020, up 13% on late 2019 figures. This increase in activity is worrying news for product developers because the technology and features you implement are all that stand between a hack and an organization's data or someone's privacy.
The rise in attacks against honeypots is a reflection of what's happening in the real world, which means security is a problem we have to address sooner rather than later. Individuals, organizations, and governments are more aware of the risks than ever before, in many cases, because high-profile attacks have been reported in the mainstream media. That means device manufacturers are under increasing pressure to assure their customers their product is secure.
That can be a challenge because security is complex, and it takes time, resources, and expertise to implement. As a result, it is often overlooked in favor of encouraging innovation and reducing time to market. The question is, at what cost?
Upfront Costs of Security Highlighted as Top Challenge
The PSA Certified 2021 Security Report found that while the appetite for security is growing and the industry knows we need to tackle security to succeed, we continue to see devices in the market without a baseline of security or lacking best practice implementation. Pair this with growing challenges including, upfront costs of security and fragmentation of standards, this leaves a gap between where we are now and where we need to be.
There is an anticipated $10.5 trillion of cybercrime damage by 2025
recognize the silicon, software and devices as the core elements holding liability in the case of a hack
cited cost as the biggest barrier to security implementation
In this document you'll find:
- A detailed view of the financial and reputational losses associated with insecurity
- The relationship between insecurity and uncertainty
- Real solutions to reduce upfront security costs
- Actionable insights to build trust with your customers
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