Although IoT deployments have been omnipresent in recent times, very little has been done in terms of the security of these devices.
The worldwide IoT installed base will hit 27.5 billion in 2020 and is projected to reach 45.9 billion in 2025, as per the latest Omdia report “IoT Devices Market Tracker.” The rise in the number of IoT devices has also increased the overall threat landscape. IT leaders and CISOs need to implement security measures from the start to protect IoT devices from cyber threats and attacks.
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Take Active Efforts for IoT security
Enterprises focus on endpoint security which is most important for IoT cyber security efforts; however, it is essential for them to take the responsibility of effective IoT device and data protection instead of completely relying on OEMs. Companies need to establish their own detailed security strategies for secure IoT deployment along with the support of the manufacturer’s security maintenance life cycles for devices.
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The increasing IoT supply chain also results in new security complexities and challenges that can be controlled with establishing effective and robust security partnerships between a wide range of IoT device manufacturers and security solution vendors.
Internal best practices
Develop IoT security best practices internally. In the absence of cohesive and comprehensive industry legislation and standards, organizations will need to develop and enforce their own best practices for IoT security.
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5G needs additional security
The 5G technology adoption will revolutionize the IoT market with some of its key benefits
including greater bandwidth, lower latency, and increased capacity, among others. The threat landscape is expected to increase further owing to a spike in thousands of devices per square mile to millions. It will also result in poor security practices. The COVID-19 pandemic has forced companies to move to a virtual global workforce that could
result in faster deployment and adoption of 5G. 5G is said to be a primary driver of the overall IoT security market.
In addition to the IT and software industry, the healthcare sector will see growth of IoT cyber security. The pandemic has given a rise to more virtualized health services to help ease patient treatment demands. IoT tech facilitating remote patient monitoring capabilities, equipment, and telehealth services will help drive greater market investment. In the next five years, effective IoT security is expected to double to protect highly sensitive medical equipment and healthcare data is projected to double.