Several high-profile studies over the recent years of IoT Device Cybersecurity have divulged the lack of measures taken observed among enterprises when it comes to insecure IoT devices. 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 IoT Device cybersecurity.
Breaches opened for performing illegal operations happen on a regular basis. One in five organizations reports this sort of issue.
Now its time to implement IoT Device Cybersecurity very effectively.
In a recent revelation, Ponemon Institute in their IoT devices will have a tremendous expansion. Which will be around 56 % over the next year.
It was visibly noticed that most of the large enterprises don’t possess thorough inventory for a large group of IoT devices, let alone furnish the necessary cyber security to IoT devices.
Around 15 % of organizations trace the IoT devices using in their enterprises, regardless of these devices making their advent internally or 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.
Insecure devices causes a lot of troubles not only to the organization but also to the extended network being connected to it.
Most enterprises don’t realize risks posed by such cybersecurity threats and surge in the use of devices and applications pertaining to IoT is nowhere to slow down in the years coming down the pike.
CISOs and IT stakeholders have taken initiatives to create awareness of the IoT device 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, 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 facing in security against cyber threats.
The straddling between OT/IT domains has often lead to the strife in the 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 IoT device cybersecurity 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 on the Internet of Things would reach 1.5 billion dollars in 2018.
This is a 28 percent upsurge from that of the previous year. It was also reported that spending on the 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.
As a result, Regulatory compliance will serve as the primary influencer for improvising the IoT device 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 the upsurge.
Difference between IIoT and IoT :
However, Industrial Internet of Things (IIoT) or Industry 4.0 has the potential to greatly influence the spending on cybersecurity. As these implicate operational processes revolving around automation and the deployment of intelligent connected devices. likewise: robots and sensors and the installment of cloud-based services to have remote connectivity.
In conclusion, Organizations have lack the control over the source and nature of the software which is using by smart connected devices.
Hence, the demand for hardware and software security assessment and penetration testing will increase to a great extent. IoT security spending will be share between the spending on gateway security and professional services.