The IoT Data Security Market Is Gaining Value — Thanks to Top Tech

Posted by Kayla Matthews

The Internet of Things (IoT) has rapidly become more prominent in today’s society. With the rise of those Wi-Fi-enabled, data-gathering devices come increasing security concerns, especially from the business leaders who still determine if and when to implement IoT technology.

A survey compiled by researchers at 451 Analysts found that IoT security was the leading concern expressed by those deploying the respective technologies. Plus, the majority of people who responded to the survey — 58 percent — said security capabilities were the top attributes that influenced choosing a vendor for IoT technology. Let’s take a look at what’s likely ahead for the IoT and data security.

IoT Data Security Must Become More Robust to Remain Competitive

Statistics collected in 2017 indicated that 46 percent of people who bought IoT security solutions suffered IoT-related data breaches or intrusions within the previous two years. Many companies do not encrypt data before it goes to the cloud, and the lack of that step increases the probability of it reaching cybercriminals.

Also, as the number of connected devices rises, the opportunities for hackers do, too. That means it’s more important than ever for the companies that offer IoT data security to fix their vulnerabilities and prioritize data security strategies. The brands that fail will fall behind as the market becomes ever more competitive and includes numerous companies vying for customers’ attention.

Awareness Could Help Keep Hackers at Bay

Issues related to computer viruses, credit card skimming and phishing attempts have all made it in the news frequently, which has helped both IT professionals and everyday consumers become more aware of how to avoid those issues. As the IoT becomes more embedded in society, awareness of emerging risks should go up, as well.

A global study carried out by a Hewlett Packard subsidiary found that malware is the top threat to IoT software, associated with 50 percent of reported breaches. Human error and spyware were also common culprits, each accounting for 38 percent of the issues mentioned.

If IT professionals and consumers take it upon themselves to stay abreast of current threats, the increased knowledge could make it more difficult for hackers to have such substantial impacts. Heightened awareness makes it easier for people to shop for IoT data security solutions designed to address the risks that concern them the most, too.

When IT specialists are aware of the most pressing threats surrounding cloud-based technologies and IoT devices, they’ll be well equipped to suggest topics for seminars and workshops that could help employees adhere to best practices when using IoT devices.

IoT Data Security Regulations Are Likely on the Horizon

Last year, U.S. legislators began planning regulations that would require IoT gadgets to conform to industry-wide standards and feature specific capabilities, such as the ability to facilitate security-related software updates and password changes.

Besides imposing security-related minimums for IoT devices, the proposal would introduce stronger protection for security researchers who investigate IoT devices for potential security flaws. As such, the laws could encourage those workers to feel more confident to expose their findings without fearing undue risks.

The IoT Data Security Market Is Gaining Value — Thanks to Top Tech

In 2017, the IoT security market’s worth was $6.67 billion, but analysts project the overall market value to reach $29.02 billion by 2022. If investors want to tap into the trend, they could give financial support to businesses on the stock market or startup entities not yet publicly traded to try and reap associated gains.

One startup in Israel called Securithings uses data analytics to keep IoT devices secure by using algorithms that detect anomalies that could signal unauthorized infiltrations. The company’s system works on any cloud platform of a client’s choosing and has compatibility with all Linux devices, which a company representative says accounts for about 80 percent of the total IoT gadgets.

Armis, another IoT data security specialist, recently raised $30 million in Series B funding, bringing the total amount to $47 million. LikeSecurithings, Armis uses a trend-tracking approach for threat reduction. It secures devices without secondary agents, understanding it may be impossible to install those in some IoT devices, such as light bulbs.

Instead, Armis is building an ever-growing database of five million devices and will use that collected information to understand the expected behavior of IoT gadgets. When they deviate too far from the norm, the difference indicates a potential security issue.

As IoT data security continues to be a topic of interest, industries including the medical and business sectors, which theoretically have a lot to lose in the event of breaches are among those that could benefit the most. However, people can expect the overall IoT data security market to have remarkable advantages for anyone who uses IoT devices or extracts data from them.

When security strategies become more responsive to dangerous elements, overall data security goes up. Now is the time for IT professionals and brands alike to plan ways to address threats efficiently and appeal to consumers in the process.