Insecurity Leads to Uncertainty

Organizations are now investing more in the IoT and getting more in return. However, if we are to enable the rollout of connected devices at scale large enough to transform businesses, industries and society, we have to be able to trust the products and the data they generate.

Unfortunately, confidence is currently low, which has significant implications for device manufacturers.

For example, a survey of 850 organizations conducted by The Economist Intelligence Unit found that concerns about security were limiting the take-up of the technologies. More than one-third of respondents said they were not planning to pursue an IoT strategy because of their fears. Nearly half believed poor security was making consumers wary.

Another report shows that lack of trust even more clearly. More than three-quarters of consumers surveyed for the Arm 2020 Predictions Report said technology companies are not doing enough to ensure their devices are secure.

One respondent was quoted a saying: "The plethora of cyber-attacks and data breaches shows me that, whilst the tech giants are completely focused on 'brave new worlds', they are not putting as much effort into ensuring their technologies are secure from abuse and keeping end users safe."

Greater awareness also means consumers are increasingly security savvy. Almost half of the people surveyed by market research and consulting firm, Parks Associates, said the concerns they have about data privacy and security are stopping them from buying a smart home product.

So is it finally time to think differently about security?

What Have You Got to Lose?

Within the next 15 years, the number of IoT products being produced is expected to increase significantly. According to Arm, there will be one trillion connected devices by 2035. The current insecurity of the IoT means the opportunities for hackers are expanding too. Attacks are more sophisticated, more diverse and easier to carry out.

That means that if you are not implementing appropriate security, you are putting your business at risk.

Skipping Security Poses Significant Business Risks

Sources:

[1] https://www.grantthornton.co.uk/globalassets/1.-member-firms/united-kingdom/pdf/documents/cyber-security-the-board-report.pdf

[2] https://www.internetsociety.org/wp-content/uploads/2019/04/The_Economics_of_Consumer_IoT_Security.pdf

[3] https://www.arm.com/blogs/blueprint/economist-2020-iot-investment

Reputation is damaged.

58% of respondents to one survey said they expected their reputation would be damaged by a cyber attack. [1]

Slowed digital transformation.

37% of companies are not pursuing an IoT strategy because of security concerns, according to one report. [3]

Loss of customers and market share.

One company reportedly lost around 8% of its customer base following a DDoS attack. [2]

Loss of revenue...

Up to 25% in some cases [1]. Fines or penalties imposed.

Investors lose confidence in your company.

Non-compliance with regulations or laws.

It can be hard - and sometimes, impossible - to recover when trust is eroded. That is why we have rallied the industry to help you maximize the opportunities presented by the IoT and minimize risks to your business and your customers...

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