The Economics Fueling IoT (in) Security

December 13, 2019

Attackers understand the profits that lie in the current lack of security. That must change.

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.

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