Investments in Internet of Things (IoT) startups are taking northward route in success graphs as security concerns in the IoT landscape multiply. The expansion of IoT devices connecting to corporate networks has led to a corresponding increase in security threats. These threats, coupled with supply chain disruptions, chip shortages and geopolitical instability, have impeded the growth of the technology, challenging earlier predictions.
The magnitude of the IoT security problem has prompted 52 IoT startups to secure an impressive $840 million in funding during the latest quarter. This substantial investment underscores cautious optimism about the future of IoT. Research firm IDC anticipates a substantial expansion of the IoT market, with projections of 55.7 billion connected IoT devices and a staggering 80 billion zettabytes of generated data by 2025.
Enterprises grappling with IoT-based security threats are increasingly turning to startups to address these challenges. Here are five key security issues that organizations encounter and how startups are stepping in to provide solutions:
IoT security breaches, such as unauthorized access to baby monitors and hacked surveillance cameras, highlight the growing vulnerability of IoT devices. With the advent of edge computing and advanced 5G networks, the attack surface for IoT devices is expanding. While new networking specifications aim to enhance security, attackers are already targeting IoT networks, necessitating immediate action and engagement with new vendors.
The fragmented nature of the IoT market, with no dominant vendor, presents interoperability and visibility challenges. Institutions like Dayton Children’s Hospital and Mount Sinai Health System are struggling to manage the influx of IoT devices, hampering their ability to provide consistent connectivity while adhering to safety and privacy regulations.
Many organizations rely on legacy Cisco infrastructure, necessitating seamless integration with existing systems when implementing IoT security solutions. This integration is crucial for the continued operation of vital services.
