Home Security Greater risks for business pushing IoT security spend to US$6b: report

Greater risks for business pushing IoT security spend to US$6b: report

Greater risks for business pushing IoT security spend to US$6b: report Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Growing business risks and regulatory minimum standards are driving massive growth in the spending on Internet of Things cyber security solutions, according to a newly released report.

According to the study from Juniper Research, spending on IoT security solutions is set to reach over US$6 billion globally by 2023 – with spending by product and service providers (in consumer markets) and end-customers (in industrial and public services markets) to rise nearly 300% over the forecast period.

Juniper claims that there are major differences in the way in which IoT business risk is perceived and perceptions on how regulation should be applied.

The research company cites the home as an example of where “poor long-term device support and little fear of ramifications in case of a breach” would serve to keep spending low.

“The interconnected nature of the IoT means that even innocuous devices like the connected fridge can become a threat. Vendors see that risk as low, while little has been done from a regulatory perspective to protect consumers”, says research author Steffen Sorrell.

And Juniper forecasts that smart home IoT security spending would be less than 17% of the consumer market in 2023.

But in contrast, the study identified what Juniper describes as “glaring security issues” in the smart energy market.

Juniper notes, however, that strict minimum standards, such as those applied by Germany and the EU’s General Data Protection Regulation, would drive spending impetus.

And the research company forecasts that IoT smart energy security spending will reach US$1 billion annually in 2023.

The research also  forecasts that the rise of edge computing services to enable near-real-time IoT applications would present additional security challenges – which in turn will drive industry spend.

The report cites an increased attack surface as raising business risk – with Juniper commenting that the need to ensure data reliability would emphasise the need for lifecycle management and device security solutions.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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