In the recent times, the Internet of Things persists to rise quickly, but the foremost concerns are about the security which remains a significant barrier and is also hindering the implementation of the IoT devices.
Research by the Bain & Company finds that the enterprise customers would be eager to purchase more IoT devices and their worries are all about the cybersecurity risks that were addressed. On an average, at least 70% of more than what they might purchase only if their worry remains unsolved. Additionally, surveyed said that almost 93% of the executives would pay an average of the 22% more for devices with some better security. However, the Bain also estimates that improving the security solutions for these devices can also be growing the IoT cyber security market by approximately $9 billion to $11 billion in the upcoming year.
For the IoT device vendors, companies which make the IoT devices as well as those which provided some related solutions, then the message is very clear: to Improve the security only to gain a competitive edge and also expand your market.
Almost 60% of the executives surveyed and said that they are very worried about the risks of the IoT devices pose to their companies are not surprising, and also given the damage which an IoT security breach can cause to the operations, safety and revenue. When protected poorly, then the IoT devices can allow the access to the enterprise systems will result in the large data breaches.
However, those Executives who handle the security matters said that they really want some solutions which are very highly effective, flexible to deploy and easy to integrate. So now the Companies will take a high range of approaches only to assemble their security needs which are based on their availabilities and the capabilities of the marketplace solutions directly from the vendors. It is only about a third of IoT cybersecurity solutions that are used today are from the IoT device vendors which indicating that the vendors are either not providing the holistic, high-quality solutions that meet the needs of the consumer, or might be not promoting them enough.
Some of the research also finds that the companies with some most advanced cybersecurity capabilities will rely more on the inside developed security solutions, not because they might have more complex needs but because they are more likely to have some resources only to develop their own solutions. As it might be expected by others, and the companies with some ad hoc security capabilities have the most gaps which are across all the IoT layers that the researchers already tested.