In Conversation With... The Experts
Overcoming the Hurdles of IoT Security
Stuck in an Endless Product Development Cycle
Changing market requirements put businesses in a perpetual state of what looks like the beginnings of digital transformation. Rapid innovation within product development cycles introduces new digital technologies and devices to the market at a record pace. The customer data generated can be used to improve revenue, increase productivity, and chart new paths of connectivity that create demand for IoT products.
Customers enjoy the resulting benefits and crave more. Invaluable data insights shape the next product development cycle, paving the way for more new products - and seemingly, market success.
Lack of Strategy Limits Potential
This demanding cycle drives growth and fuels competition in the IoT ecosystem. Nine out of ten senior executives in technology, media, and telecom companies say IoT growth is critical to their business, and estimates project 41 billion IoT devices will hit the market by 2027.
Companies expect IoT to power digital transformation to create new revenue and support brand differentiation. But Hector Tejero, IoT Solutions Architect at Arrow Electronics, sees through the frantic flurry of this cycle and notes two essential elements that limit these efforts: trust and security.
"Successful digital transformation will require trusted devices but also trusted data" explains Hector, because ultimately, "digital transformation is founded on trust."
Understand the Role of IoT Security in Your Digital Transformation
To product innovators, "the IoT space is a great opportunity" explains Svein-Egil Nielsen, Chief Technology Officer at Nordic Semiconductor. "It gives you the opportunity to tap into markets or areas of unsolved problems, which an entrepreneur is always looking for" because it opens doors to new partnerships with companies not considered before.
Yet the anticipated rate of IoT adoption is taking longer than expected due to a lack of digital maturity. Security, as a by-product of this lack o maturity, is inhibiting reliable digital services and therefore, large IoT adoption. The entire ecosystem needs to collaborate to provide the technology, the means, the tools and the materials to enable companies to embrace digital transformation by adopting and securing technologies that underpin it. This will, in turn, enable trusted reliable services.
As companies accelerated their digital transformations back in 2018, Gartner predicted that 60 percent of digital businesses would suffer major service failures by this year - 2020 - due to the inability of security teams to manage digital risk. With IoT devices, the implications of this kind of failure resonate beyond a single device and extend into the larger ecosystem. One weak link is all it takes to bring the entire system down.
Security and trust are so important in the context of digital transformation
Hector Tejero, IoT Solutions Architect, Arrow Electronics
Navigate disparate security requirements and ensuring compliance across the value chain.
The Cost of Insecurity
Cybercrime is anticipated to cost six trillion dollars by 2021. How can you protect your investments?
Balancing Security Risks
How much security does your device need? Tackle the cost vs. innovation debate.
Reducing IoT Fragmentation
Overcome discrepancies between standards and frameworks for IoT security solutions.
05 A Holistic Solution
Embrace innovation and digital transformation with a holistic security framework