For years, smartphones have been the epicenter of innovative technology. Is the torch being passed to IoT? If you ask consumers and enterprises alike, the answer is yes.
You can expect there to be up to 5.8 billion enterprise and automotive IoT devices in use by the end of 2020, with the adoption of utility IoT devices increasing 17% over the previous year. By 2022, the North American IoT market is expected to reach $500 billion. As businesses and their clients get comfortable with the Internet of Things, we’re likely to see the same explosion of new and ingenious IoT products as we did with smartphones.
However, along with the benefits and value IoT devices provide, they are also uniquely vulnerable to cyberattacks. Fraud and cybercrime is on the rise in 2020, according to security researchers and as many as 57% of IoT devices may be vulnerable to medium or high severity attacks.
For consumers, this combination may mean loss of privacy, as in the case of an incident in Singapore where hackers stole private home security camera footage and distributed it online. For enterprises and corporations, a compromised mission-critical IoT device can have serious and even life-threatening consequences.