The IoT revolution presents the biggest security challenge

The advent of the IoT revolution presents the biggest security and privacy challenge. The very ethos of the Internet of Things is the largest collection of consumer data of all time: access to real-time data at a level never before experienced, a large part of which is Personal data. These monitoring sensors, patches and devices register when you are at home, your behaviour and preferences – this information is then shared between other connected devices and data is stored in databases by companies.

Some thought-provoking statistics are available in the recent report:- Forecast: IoT Security, Worldwide, 2016 published by Gartner.  Gartner estimate that more than 25% of identified attacks on enterprises will involve IoT, yet the IT security budget allocation for IoT will amount to only 10% of the overall budget. There is a lot of opinion on the expected impact this insight will have on the development of security suppliers in IoT.

Looking at statistics, also from Gartner, global spending on Internet of Things (IoT) security has grown by almost 25% between 2015 and 2016 (from $281.5 million to $348 million) and is expected to reach $547 million in 2018.

Further Reading

Middle East largely unscathed after WannaCry cyber attack by Triska Hamid, Computer Weekly, May 22, 2017. The impact of WannaCry on the Middle East was reduced due to the attack falling on a weekend, but it is a stark warning.