About this blog
The ‘Internet of Things’ or simply IoT; is evolving at a great pace to become one of the fastest-growing enterprises whole over the business world. The recent report on IoT security states that spending on IoT-relate devices will soon reach $1.6 billion just in the next five years. Furthermore, widespread popularity for IoT devices has resulted in more and more people opting for IoT app development. So, many financial opportunities have come to the front, yet some concerns concerning security have also come to the floor.
Security issues have devastated the growth of IoT technology and created a barrier in having successful integration into all the business spheres (ranging from smart homes to large industrial estates). To cope up with it successfully, many IoT application development companies are searching for new tools and technology to enlarge their IoT security standard manifold.
Now, the focus will shift towards understanding the seriousness of security for IoT devices!
Why IoT Security is so Critical?
Before moving forward, it is important to get an understanding of IoT. Basically, IoT is an interconnection of devices with the internet to have mutual sharing of data. It includes not only PC, laptops, or smartphones, but also contains objects equipped with chips to communicate data over a network.
The global IoT market will be worth $1.11 trillion by 2026, much higher from $190 billion in 2018! What does the given fact reveal? It discloses that there has been a significant growth in the IoT market that will not die so soon.
Nevertheless, the continuous success of IoT at a global level has made it work under the constant threat of data privacy and security breach, and even unwanted monitoring. A recent report on cybersecurity says that there has been a 300% increase in cyber-attack on IoT devices since last year.
Likewise, findings from Statista disclose that by 2021, most of the organizations across the globe will be spending over $3,118 million on securing their devices. So, there is no surprise that most of the companies are spending a large amount to protect their IoT devices from cyber-attacks that might severely affect the working of the devices. Some major reasons make the security of IoT devices more important.
I. Nothing is more important than ‘Data’
IoT devices contain a large amount of personal data that makes it target for hackers or other unethical users. What will happen if the data falls in the wrong hand? It will result in compromising the working of all the companies and might affect their reputation.
II. Highly Vulnerable IoT Devices Encourage Hackers
IoT technology is still in its nascent phase. The developers still lack adequate hardware to analyze and encrypt data in the limited available space. Furthermore, no synchrony across the several platforms renders them helpless in creating uniform security protocol.
III. Cyber Attack Compromises the Aim of IoT Execution
One of the drawbacks of IoT devices is that there is no development of robust privacy protection laws. It is a loophole that is exploited well by hackers. Besides, it also results in severe loss of revenue deriving from the investment into IoT product-based ventures.
What Challenges do Developers Face in Offering Security for IoT devices?
There are various challenges faced by the IoT app solution that results in their slow development and adoption rate. They arise from both users and manufacturers and the reason is due to:
- Lack of adequate knowledge among the users
- Inconsistency in maintaining the production standards
- Pitiable updates and maintenance of IoT devices
- Use of insecure passwords
- The high cost of maintenance security
- High Vulnerability due to the involvement of humans
Now, let’s talk about some of the challenges faced by IoT companies that are more threatening to them.