First things first: IoT is taking over.
The Internet of Things has made data collection and sharing easy using technological devices. However, this technological breakthrough did not come without a downside, that is affecting more and more companies each year. The ability to connect to the larger network leaves the organization’s data exposed and vulnerable to unauthorized and malicious access. 80% of an organization’s data is stored in the private server. When jeopardized by attacks it leaves the organization in serious trouble.
In the past years, many corporates have become victims of IoT security breaches where an IoT device was intruded to attack the central network. For example, in 2010 researchers revealed that the Stuxnet virus was used to physically damage the Iranian centrifuges. It was used to invade and distort instructions sent by programmable logic controllers (PLC).
Corporate bodies are increasingly putting up measures to tighten IoT security. According to the Gartner report, it is indicated that the IoT spending by organizations will reach 3.1 billion by 2021. At the same time, the corporate IoT security market has experienced compound growth of 30.2% between 2008-18, and it is expected to grow significantly in the next 5 years from its present market size of around $17bn.
Why you should look into IoT security.
IoT is Gaining Popularity
Given the increase in cyber attacks, the Internet of Things security is rapidly gaining fame among corporate organizations and individuals. This implies that every loophole that will lead to infiltration into the private server is eliminated. Consequentially, this maintains the efficiency and productivity of the organization.
IoT security also allows a corporate to deliver quality and exceptional service to its customers. This allows them to enhance the customer experience, increase their trust and make them more loyal.
Organization’s Data is an Asset
Data is the most important asset for many businesses; to some companies data IS their business. Loss or denial, even temporarily, of your data as a result of an IoT cyber-attack can destroy your business, either directly or through resulting negative PR. Hence, IoT security safeguards the IoT devices ensuring that the network is not breached. This, in turn, prevents loss of trust of the users and saves financial costs.
Increased Revenue Generation
IoT security is usually a strategic weapon that gives businesses advantages over their competitors. You are discovering IoT security at the right time; there has been huge investment in IoT technology recently, with several fast growing companies offering fast and reliable solutions. Such tech companies include:
- Vectra. Founded in 2010, raised $222.74M
- Auth0. Founded 2013, $213.47M
- SentinalOne. Founded 2013, raised $229.52M
- Dragos. Founded 2016, raised $55.7M
- Lastline. Founded 2011, raised $55.37M
- Claroty. Founded 2014, raised $92M
Final Take.
Any IoT connected device is at the risk of unauthorized access. Securing the Internet of Things is albeit a challenge but it is becoming increasingly essential for businesses and in our lives too. IoT security guarantees increased revenue generation, saves cost, improves security and service that all lead to the growth of the organization.
Don’t let a minor IoT-connected device be the weakest link in your corporate security chain.
