Gartner Says Worldwide IoT Security Spending Will Reach $1.5 Billion in 2018

Gartner Says Worldwide IoT Security Spending Will Reach $1.5 Billion in 2018

We have been examining the importance of the growing IoT market and how valuable the data is for our clients.  The recent Gartner survey illustrates the lack of security policies currently in practice. While highlighting to our team here at SkyFlok the importance of a backup plan for your IoT data. Do you have a plan for storing your IoT data with a secure cloud storage?

 

Internet of Things (IoT)-based attacks are already a reality. A recent CEB, now Gartner, survey found that nearly 20 percent of organizations observed at least one IoT-based attack in the past three years. To protect against those threats Gartner, Inc. forecasts that worldwide spending on IoT security will reach $1.5 billion in 2018, a 28 percent increase from 2017 spending of $1.2 billion.

“In IoT initiatives, organizations often don’t have control over the source and nature of the software and hardware being utilized by smart connected devices,” said Ruggero Contu, research director at Gartner. “We expect to see demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. In addition, organizations will look to increase their understanding of the implications of externalizing network connectivity. These factors will be the main drivers of spending growth for the forecast period with spending on IoT security expected to reach $3.1 billion in 2021 (see Table 1).”

“Although IoT security is consistently referred to as a primary concern, most IoT security implementations have been planned, deployed and operated at the business-unit level, in cooperation with some IT departments to ensure the IT portions affected by the devices are sufficiently addressed,” explained Mr. Contu. “However, coordination via common architecture or a consistent security strategy is all but absent, and vendor product and service selection remains largely ad hoc, based upon the device provider’s alliances with partners or the core system that the devices are enhancing or replacing.”

The absence of “security by design” comes from a lack of specific and stringent regulations. Going forward, Gartner expects this trend to change, especially in heavily regulated industries such as healthcare and automotive.

“Interest is growing in improving automation in operational processes through the deployment of intelligent connected devices, such as sensors, robots and remote connectivity, often through cloud-based services,” said Mr. Contu. “This innovation, often described as Industrial Internet of Things (IIoT) or Industry 4.0, is already impacting security in industry sectors deploying operational technology (OT), such as energy, oil and gas, transportation, and manufacturing.”

Click here to view original web page at cloudtweaks.com

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