2018 might be remembered as the year security truly made its entry into the minds of enterprise Internet of Things (IoT) users. As a consequence, device manufacturers have learned to appreciate the value that security brings to their brand and its impact on their sales, while customers — specifically, enterprise users — have started to use the power of their wallets to demand security be baked into the products they buy.
Earlier this year, Bain & Company reported that enterprise IoT customers would be willing to pay 22% more for and buy 70% more of IoT devices if security was better. For an industry valued at $157 billion just over a year ago, the economic growth that could follow improved security would be astronomical.
But it isn't only the manufacturers who see security as a key source of increased income; attackers have begun to understand the profits that lie in the current lack of security. Cybercriminals are noticing the security flaws in the ever-growing connected devices world that can lead to handsome profits.