Is Inadequate IoT Protection a Threat to Your Organization’s Finances?

By Sunil Sonkar
2 Min Read
Auto Industry Takes the Lead in IoT Race with Help from Consumer Electronics

A recent survey highlights growing concerns about IoT device security and its financial impact on organizations. A surprising 98% of organizations experienced certificate outages in the past year, costing over $2.25 million on average. Ellen Boehm, SVP of IoT Strategies and Operations at Keyfactor, stresses the global imperative for robust security measures. While many use Public Key Infrastructure (PKI) solutions, 97% still face IoT security challenges, signaling the need for improvement.

Advertisement

IoT devices face a rising threat of cyberattacks, with 89% of organizations using them falling victim to attacks averaging $250,000 in cost. In the past three years, 69% have seen such attacks increase, including high-profile incidents like the Amazon Ring breach in March. Ellen Boehm points out that many struggle with IoT security because they lack the knowledge and support needed to handle the complexities of securing these devices, with over half of respondents acknowledging their organizations’ need for better guidance and expertise.

With a 20% rise in IoT and connected product usage in the last three years, organizations are pressing for better IoT security. A significant 88% of respondents seek enhancements, with 37% calling for significant improvements and 60% desiring some upgrades. Implementing (PKI) for IoT device digital identities is considered valuable. However, there is a concern that a substantial portion of the growing IoT security budget might be redirected to cover cyber breach costs. It may risk 52% of the budget.

Furthermore, almost half of the respondents believe that IoT device manufacturers should shoulder a significant portion of responsibility for cybersecurity breaches. As the IoT landscape expands, addressing these security challenges becomes increasingly vital for the financial well-being of organizations.

Share This Article