The rapid growth of the internet of things (IoT) is raising critical concerns about its security, according to a new report.
GlobalData’s Internet of Things report outlines that the fragmented security standards landscape and the weak security of many internet of things (IoT) devices could hold back further adoption of the technology. Furthermore, it suggests that existing IoT deployments could become a security risk due to the current state of affairs.
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“Despite ongoing industry efforts, there are no globally accepted IoT security standards,” the report. “Many IoT devices have limited computing capacity and cannot run effective security software, leaving them and the networks to which they are connected vulnerable to cyberattacks.”
Indeed, the report explains that the vulnerability of IoT devices is growing due to their proliferation, which it says, “has significantly increased potential points for cyberattacks and created a massive security gap.” The report goes on to suggest that current IoT ecosystems lack adequate security regulations to address this gap and that, without the establishment of a global IoT security standard, pervasive IoT remains unlikely.
“IoT security encompasses a range of threat vectors that can be device-based, app-based, network-based, or data-based,” it explains. “For IoT technology, the primary focus is endpoint security, which refers to protecting all connected devices, from fridges to manufacturing tools. Attacks on industrial equipment and critical national infrastructure can be a significant threat. The big challenge is that most devices have weak or no security controls.”
The report notes that the IoT security market is slowly evolving in two areas to address security gaps.
“First, IoT-related regulations, such as the US IoT Cybersecurity Improvement Act, which focuses on securing federal IoT ecosystems, are emerging,” it says. “Second, more manufacturers are designing IoT devices with prebuilt security applications and providing their users with the necessary software updates to patch security breaches.”
It contends that these developments are not enough, however, and states: “The world needs a unified, global IoT security standard for pervasive IoT to become a reality.”
Despite the serious security concerns outlined, the report forecasts that the global IoT market will grow at a strong compound annual rate of 13.5% from $959.6bn in 2023 to a little over $1.8trn in 2028. Enterprise IoT (comprising industrial internet and smart cities devices) accounts for around 70% of the market, while consumer IoT (comprising wearable tech, automated home and connected car devices) for around 30%.
