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Cybersecurity: The fastest growing IoT market

21 June 2019 Liz Cruz

The Internet of Things continues to grow, with IHS Markit forecasting the number of IoT installed devices to reach 40 billion by 2020. While so many connected IoT devices offer new functionality and added efficiencies for end users, such vast growth also brings added security risks. Considering the rapid adoption and sheer volume of connected IoT devices available, the cybersecurity threat landscape is growing exponentially.

The explosion of IoT devices marks great progress for the IoT movement, but there remains a problem with such a massive influx of connected devices: many device manufacturers are taking a "connect now and secure later" approach. While such an approach is fiscally understandable due to the investment required for adequate security on devices, that approach has risks; it is often more expensive to address security flaws after a vulnerability has been discovered than it is to conduct comprehensive internal testing before releasing new devices.

Effective data management and rigid IoT device security are major challenges for both enterprises and consumers alike. It's common knowledge that breaches happen all the time, with noteworthy ones making the news for credit card companies, major retailers, and even healthcare providers. In some cases, up to 3 billion people have had their personal data exposed to the public. With such a wide-ranging number of connected devices available, from smart speakers to heart monitors to smart meters and more, the level of data that can be obtained by a breach is both costly for businesses and terrifying for users.

With that said, cybersecurity is becoming a priority for device makers: IHS Markit forecasts that the IoT data security market will become the fastest growing segment in the IoT cybersecurity market, with revenues growing from $3B in 2019 to $7B in 2022.

Liz Cruz is the associate director of IoT and smart cities at IHS Markit

Posted 21 June 2019


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