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— Blog

The Exponential Growth of IoT Security Needs

Don Schuett, VP of Commerical Management
November 2, 2016

The Internet grows larger every single day. When a new tablet is purchased, a new car rolls off the assembly line, a smart thermostat is installed in a home, or a DNA analysis device for pathogen monitoring is used, the interconnected world of software, hardware, and data grows just a little bit bigger.

This is, as you’ve probably already heard, known as the “Internet of Things”, or IoT. Every item that relies on software, network connectivity, or sensors is part of the IoT. And every item in the IoT can be hacked.

This vulnerability to hacking is driving the exponential growth of the IoT security market. You might not think your washing machine needs to have software security measures in place, but if you're using a smart washer, it does. And it should go without saying that if your company relies on tablets, smartphones, and other items that consume and transmit data, your company does as well.

A study of this growing market from www.marketresearchreports.biz entitled “Global IoT Security Market 2015-2019” analyzed the IoT security market in-depth. The study examined the projected compound annual growth of this market and predicted that the market will grow by approximately 55 percent in the span of 4 years. This growth is projected to happen simply to meet the needs of the growing IoT.

As the IoT becomes more connected, companies need to worry not only about their own security, but about the security of their vendors and their users. A compromise anywhere in a system can put everybody at risk for data loss, network deactivation, and unauthorized access that can lead to identity theft, asset theft, and file corruption.

It's like the evolution that occurs in nature. When a prey species becomes faster or stronger, its predator needs to do the same in order to stay alive. Yes, it would be great if hackers went extinct, but the reality is this: they're not going to. So, companies need to be proactive and keep all aspects of data security in mind when developing new tech initiatives.

The IoT seems poised to be an exciting addition to a number of industries, but companies must be mindful of the security threats brought about by the IoT. There’s no one-size-fits-all solution to IoT security, but the best first step is at least being aware that IoT devices are not without fault.

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