Several high-profile studies over the recent years have divulged the lack of measures taken observed among enterprises when it comes to insecure IoT devices and the usage of insecure IoT devices has been on a consistent increase lately.  No wonder do we have to face an abrupt rise in the spending for appropriate cybersecurity.

Breaches opened for performing illegal operations happen on a regular basis and it has been reported that one in five organizations report this sort of issue due to unsecured IoT devices or applications.

In a recent revelation, it was found that Ponemon Institute will have a tremendous expansion in their IoT devices which will be around 56 % over the next year. It was to be visibly noticed that most of the large enterprises do not possess the thorough inventory for a large group of IoT devices, let alone furnish the necessary cyber security to those devices.

It was bewrayed that around 15 % of organizations trace the IoT devices being used in their enterprises regardless of these devices making their advent internally or being provided by a trusted third party.  The lack of centralized control to have access to all the devices is a major issue in these organizations and most organizations believe that it is not possible to have a detailed list of IoT devices being used.

The lack in secure devices causes a lot of troubles not only to the organization but also to the extended network being connected to it. Most enterprises do not realize the risks posed by such cybersecurity threats and surge in the usage of devices and applications pertaining to IoT is nowhere to slow down in the years coming down the pike.

CISOs and IT stake holders have taken initiatives to create awareness of the IoT security deficit. A recent survey disclosed that almost 55% of IT stakeholders prioritize IoT as their foremost entity and the numbers are gradually increasing as per the analysis. Regardless of the awareness that is created, the security issues prevailing is quite high in number and it would take meticulous efforts to resolve the same.

The research Vice President for IoT at 451 Research, Brian Partridge remarks that the nature of IoT deployment is the prime reason for the difficulties faced in security against cyber threats. The straddling between OT/IT domains has often lead to the strife in assurance of security against cyber threats and IoT projects which take up this cannot resolve this independently. The combination of these domains would upsurge the attack surface exponentially.

Gartner analyst Ruggero Contu emphasizes on the need to have a centralized security by design to deter cyber security issues with more prominence and he also remarks that co-ordination through common architecture or a consistent security strategy is lacking. He says that vendor’s product and the selection of service serves only a particular purpose and is largely based upon device provider’s alliances with partners or the core system that the IoT devices are ameliorating or even replacing.

The recent Gartner forecast divulged that the spending for Internet of Things would reach 1.5 billion dollars in 2018. This is a 28 percent upsurge from that of the previous year. It is also reported that the spending for Internet of Things is likely to reach 3.1 billion dollars in 2021. The demand for services and tools that focus on the improvement of asset management and discovery will increase manifold in the impending years, as revealed by Ruggero Contu, the Research Director at Gartner.

Regulatory compliance will serve as the primary influencer for improvising the IoT security uptake as forecasted by Gartner. Externalizing network connectivity will be taken into account by the organizations which will eventually drive the spending on IoT security to upsurge. Industrial Internet of Things (IIoT) or Industry 4.0 has the potential to greatly influence the spending on cyber security as these implicate operational processes revolving around automation and the deployment of intelligent connected devices like robots and sensors and the installment of cloud-based services to have remote connectivity.

Organizations lack the control over the source and nature of the software that is used by smart connected devices. Hence, the demand for hardware and software security assessment and penetration testing will increase to a great extent. The spending on IoT security will be shared between the spending for gateway security and professional services.

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