In Conversation With... The Experts
The Cost of Insecurity
The IoT brings new opportunity as a business driver and customer experience game-changer, but where there's new opportunity and digital enablement, there's also risk. IoT hits a roadblock when security challenges remain unsolved. Skipping security can add significant costs to your business - both financially and in terms of reputation and business value.
The risk has increased in just the past few years. The average household has seven smart home devices in 2019, an increase from 3.5 in 2016, according to Parks Associates.
As consumer perspectives shift, business perspectives on security must shift, too.
"A consumer will buy one small, cheap product for their home and think it's low risk. Like a video doorbell, for example" explains David Rogers, CEO of IoT security specialists Copper Horse, "and it has virtually no security and could be taken over easily, what happens when that's scaled up to millions and millions of those products and then those millions of products are potentially targeted against something else?"
Financial and Business Costs of Security Inaction
Cybercrime is anticipated to cost the U.S. six trillion dollars in damages by 2021. Developers need to think about designing security into their product, or face public and measurable implications, including:
- Device failure
- Increased total cost of ownership
- Data breaches
Though less tangible, the impact of insecurity on the customer experience your business provides can't be underestimated. Consumers are savvy. Studies have found that security concerns were as strong a deterrent for consumers as the cost of a device.
A device hack affects customer percpetion and trust of your business, and can:
- Damage your reputation
- Impact future purchases
- Compromise customer loyalty
Protecting Your Investments and Valuable Data
To instill trust and confidence throughout the entire value chain, security must be integral - built in from the ground up. Building security into the heart of a device, from the silicon Root of Trust all the way up to the application level, ensures devices deliver genuine data and users can make accurate and impactful decisions, accelerating digitization.
Products built on security frameworks that align to comprehensive security guidelines also have lower up-front costs:
- Components built on a single security standard offer assurance and a cost-effective and efficient way to build an IoT device so companies can innovate quickly without security engineering expertise
- Frameworks offer specialized knowledge and out-of-the-box functionality, security is taken care of by the experts, lowering development time, and research and development costs
- Independent product assurance provides evidence across the value chain and to users that products can be trusted. There is no need for time-consuming verification processes and when each component is independently assessed, liability is spread across the value chain, allowing companies to focus on their specialty
- Marketing that lets your users know that you have followed security best practices and aligned with global standards and requirements helps make your product globally applicable and builds trust and loyalty among your customer base
Balancing Cost With the Right Level of Security
An essential security consideration is to define how much security is required for your particular device and use case. There has to be a balance between protecting your investments and building cost-effective products that can scale. For instance, a smart refrigerator doesn't need the same physical security elements as a smart door lock. Thinking rationally about the level of security designed into the product can help control costs and meet security requirements.
"When you create that foundation, that platform of trust... it gives innovators the ability and the confidence to be able to build future services that are secure and that are really, really truly innovative for the future"
David Rogers, CEO, Copper Horse
Navigate disparate 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