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The Internet of Things is expected to grow dramatically in just a few short years. According to a recent report by Gartner Group, we can expect to see 21 billion connected devices by 2020. The market value is projected to be in the range of $3 trillion for a combination of consumer and industrial hardware and software.

Countries and companies around the globe are scrambling to be at the forefront of execution. At the same time, business leaders are still unaware or confused about the power and impact of IoT. In Canada, for example, a survey of 700 CEOs by Microsoft Canada revealed that many do not know about IoT (53%) or they find it confusing (72%).

With a race to dominate the industry combined with business leaders who do not know or understand IoT, who is keeping an eye on security?

How Silicon Valley is Botching IoT

Competition in the technology market is fierce. The goal for most companies is to get to market first. For many, that means cutting corners on established security practices.

Coding, which is the basis for any IoT device, is not a new practice. For decades now, coders have relied on tried and true approaches to “safe coding” that were designed to minimize the risk of hacking.

“The chief culprit here is not coding but culture. In Silicon Valley, the priority is to get on the latest disruptive platform and rush to be first to market. And we seem to be collectively suffering from amnesia. We keep seeing the same security problems over and over again in the mobile ecosystem, as inexperienced teams rush their apps to market, leaving many of them vulnerable to hacking. Repeating this pattern, we regularly see IoT devices being produced by people with little or no hardware experience and scant background dealing with interaction between hardware, middleware,and software.”

The answer is for tech leaders to step up and implement proper processes, monitoring and auditing to ensure devices are secure before they hit the market. In other words, developers and creators of the newest disruptive platforms and devices must make it a priority.

Consumers Lack IoT Security Awareness: Survey

Security is not at the forefront for developers because consumers aren't demanding it.

Technology comes with its own language. There is little effort by developers and business leaders to provide plain language explanations. For the average consumer, it quickly becomes confusing and daunting. Although they're being told to “trust no one,” many feel they have no choice but to trust the manufacturers or miss out on the newest life-changing device.

The Risk of Things

Will Utilities Drive IoT Security Market Growth?

The good news is that the growth in smart cities and utilities implementing IoT will drive the need for vigilance. Automotive and health care will also demand a higher level of security and will involve experts to ensure it happens.

So while developers may be slow to adopt the security measures we'd like to see in place, and consumers continue to struggle with understanding the full scope of the issue, there is hope. Large scale implementations that must take in the health and well-being of its users will continue to drive the need.

Contact TrustPoint Innovation today to learn how your development team can be a leader in combining innovation and security.

About this Blog

The TrustPoint Innovation Blog covers security industry topics relating to Certificates, Elliptic Curve Cryptography (ECC), Machine-to-Machine (M2M) Communication, Near Field Communication (NFC), Vehicle-to-Vehicle (V2V) Communication, and more.

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