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Man & Robot

Is your Internet of Things (IoT) strategy a security risk?

18 Jan 2021

The Internet of Things (IoT) is essential technology for many businesses.

From improved efficiency to realising new products and services, our IoT Spotlight Report found that 61% of businesses have experienced a significant value and return on investment from IoT technology.

Many adopters reported that it has helped them improve their business in key areas, such as employee productivity (50%) and asset uptime (42%).

In fact, one fashion retailer was able to use IoT to monitor its entire supply chain from manufacturing to the store. A process that used to take the warehouse two days to deliver, now takes under two hours.

With so much data travelling back and forth, many are turning their attention to the topic of security.

Security is a challenge, not an obstacle

While adding millions of connected products to the network creates potential entry points for cyberattacks, IoT security is constantly evolving to meet these new challenges.

For example, encryption and authentication are being deployed to help make endpoints more secure, while cloud security and network monitoring play a role in ensuring the entire network stays healthy.

This is why, for many, the benefits of IoT far outweigh the security concerns. Only 18% of businesses listed security concerns as a barrier to IoT deployment in our IoT Spotlight Report.

Part of the reason for this confidence may be because a significant percentage (61%) believed the data they collected from their devices has no value to a hacker. Just under three-quarters (74%) said their concerns about IoT security were no greater than for any other new technology.

Nonetheless, organisations were not complacent, seeking to bolster their defences against cyber criminals through specialist teams with 44% recruiting IoT security specialists and 46% training existing staff on the topic.

With cyberattacks on the rise, security needs to be baked into your technology and processes with regular upgrades and reviews as a key part of that.

Preparing for tomorrow

As IoT evolves and 5G becomes more prevalent, we will progress from monitoring and sensing to being able to take control in real-time.

Technologies like haptic and tactile sensing will help people ‘feel’ things remotely, which can benefit anything from remote surgery to handling delicate or dangerous materials.

Explore the world of IoT and prepare your business for the challenges of tomorrow.

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