The Internet of Things (IoT) is a big business and as studies predict more than 60% of all new businesses will use IoT by the end of 2020. In addition, business IoT spending will reach $238 billion and worldwide spending will reach $1.2 trillion. The number of connected IoT devices will reach 73 billion by 2025.
With a major influx of spending moving towards IoT, new cybersecurity measures need to be put in place to combat the security threats in this unique and complex network.
The concept of intertwining multiple technologies and networks creates potential issues because technologies like wireless sensor networks, 5G and cloud computing, all have their own vulnerabilities and security requirements. Security systems will need to be 100% operational and reliable to keep the IoT networks secure and up so critical infrastructure doesn’t fail.
It’s important to note that Chief Information Officers will be managing three times the endpoints in a process by 2023 and will be responsible for keeping personal data safe.
With 91% of people agreeing to terms and conditions without reading them, personal data security is a key area that needs protection. Most consumers trust brands to be accountable for the ways their data is stored and used. Companies will need to consider the benefits and dangers of sharing customer data and decide when to ask for users’ permission.