“It can take 20 years to build a strong business and reputation, and a few minutes of one cyber-incident to ruin it. ”
This quote comes from Stéphane Nappo, Global Head of Information Security for the French-based financial services company SocGen. It’s a quote that, sadly, is applicable not solely to businesses with two decades under their belts, but businesses new and old and of virtually all sizes.
IoT businesses are no exception. In fact, the rapidly escalating adoption of connected IoT devices and networks has increased cybersecurity concerns. As connectivity is so important in the world of IoT, so too is the need to secure the interrelated devices and digital machines that rely on said connections. And since the IoT security market was estimated at $799.611 million in 2020 alone, the demand for IoT security solutions is of titanic significance. Being able to detect and resist malicious attacks as well as recover confidential data from IoT devices are needs accelerating unprecedentedly.
Relatedly, a recent report from Research and Markets has shared IoT security data and forecasts for the coming years, two of which we’ll cover here:
High penetration of mobile devices and platforms will continue boosting demand for IoT security innovations.
Cyber attackers consistently use malware to seize control of IoT devices and connected machines, conducting malware activities spanning BFSI (banking, financial services and insurance), healthcare, retail and other industries. For hackers, account usernames, passwords, credit card details and unfortunately more can be up for grabs without the right security procedures in place.
As a result, many governments are implementing stricter regulations on IoT devices to reduce cyber threats and their severities. And while this does hugely apply to security for businesses, even smart homes (and the providers of IoT smart home tech) could be at risk. Thus, market players in global IoT will need to keep launching solutions that will diversify security portfolios. For instance, network equipment manufacturer TP-Link recently released its new HomeCareT Pro, powered by Avira. This combines TP-Link’s router expertise with Avira’s device security to double down on consumers’ smart homes and their privacies therein.
North America holds quite a notable market share.
Global IoT security is segmented by type, component and end-user industry, but that’s not to leave out geography. For example, in smart transportation, North America ended up accounting for the major market share back in 2019, and Research and Markets will expect it to remain in this position for some time.
Moreover, specific to the IoT security market, the North American region has a high rate of adoption of advanced tech. Research and Markets noted that, in California, a law was implemented to regulate the security of IoT devices; this took effect on January 1, 2020. This law still aims to address grave data security risks associated with increased connectivity in workplaces; offices, factories and elsewhere.
What’s notable about this in particular is that it was the first IoT-specific security law in the U.S. to require all IoT devices sold in California to be equipped with more regulated security measures. This is just one reason why big names in global IoT are expected to bunker the hatches on their IoT service providers and security solutions.
Overall, the long-story-short of this news and Research and Market’s forecasts boils down to reassurance. Networks, applications and cloud securities in end-user industries around the world will see more cybersecurity requirements swinging down as markets shift and IoT branches out further than it already has.
Edited by Alex Passett