Security Risks Follow Unsurpassed Convenience of IoT

The time when the only connected device was a PC, is not here anymore. The connected revolution series continued with laptops, tablets, smartphones, and much more. Internet of Things rolled in with millions of devices with Internet connectivity. However, a majority devices are registered to foray markets with critical security flaws that are too risky to ignore.

Securing IoT

Internet of Things, the world where everything is connected with each other and with the Internet, leaves no second chance for security when hacked. IP networks, hard drives, cameras, smart cars, meters, smart TVs, and everything else that offers real-time information, is prone to a security breach. Whether the information is personal or related to business, if there are no filters, security cannot be taken for granted. The hyperconnectivity that IoT imposes, brings with it an indispensable need for scalable security.

According to research, the top IoT security threats for organizational infrastructure include manufacturing, retail, and fleet management. Governmental IoT infrastructure is foreseen to be at the greatest security risk this year. Moreover, more than half of the newly entering businesses processes will comprise at least one IoT component within the next few years. This highlights critical necessity of the appropriate IoT security products.

Current status

IoT security products are being increasingly implemented in personal or organizational IoT infrastructure since the recent past. Several IoT device manufacturers are also considering provision of surplus security for embedded systems in a bid to secure application and data. According to a recent study conducted by Future Market Insights, the global sales of IoT security products totaled around $ 7.8 Bn in 2014. By the end of 2020, the sales are anticipated to expand at a massive rate; the compound annual growth rate of the global IoT security products market will be roughly 16.5% through 2020.

While network, device, and cloud infrastructure are the most vulnerable points of IoT, ensuring device and cloud security is the key to overcome the challenge. Security lifecycle management is the next crucial step. Currently, device authentication, network security, and device encryption are the most sought after IoT security strategies; security analytics, identity management, and blockchain will possibly soon join the list as well.

Among hardware and software products implemented for IoT infrastructure security, both the segments accounted for around $ 3.9 Bn of revenues in 2014. However, Future Market Insights’ research indicates that the software segment will see faster growth by 2020, compared to the hardware segment.

Device security:

With soaring number of IoT connected devices, data usage and software implementation are constantly on the rise in consumer electronics as well as enterprise assets. Unregulated environment adds up to the list of vulnerable attack points. Securing each device connected across the Internet of Things thus becomes of paramount.

Cloud security:

In order to explore the complete potential of a cloud network, it is necessary that the cloud is secure to the highest level. An appropriate cloud security solution can also ensure the security of intellectual property across the network.

Security lifecycle management:

Though an often overlooked aspect of the IoT security, security lifecycle management forms a critical element of an overall strategy for long-term, robust security of the network. This feature can achieve sustainable security lifecycle management for the entire IoT infrastructure, whether personal or organizational.

Internet of Things is an evolving world of technology. However, the security nightmare that comes along, can be conquered only with a top-notch set of security solutions in your arsenal. The aim is to explore the unsurpassed convenience of IoT without getting significantly hit by the security risks.

All the insights related to IoT security products market are sourced from Future Market Insights’ recent report outlook,

Author: Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.