As per a recent DigiCert survey report entitled “2018 State of IoT Security Survey,” top-tier companies which are much concerned about IoT security and bottom-tier companies that are most security-challenged are miles apart when it comes to the IoT security, and this security chasm often leads to costly security missteps.
The survey which included 700 businesses globally, revealed that a mere 32 percent of top-tier security-savvy companies ever reported making a security misstep, while each of the bottom-tier companies made at least a few security missteps. These figures clearly indicate how secure and reliable IoT best practices, which includes authentication, encryption, and integrity, can impact global businesses in terms of success rate.
When it comes to the cost these companies bear in these security missteps, the figures are astonishingly surprising, among the most challenged by IoT security bottom-tier companies, roughly one fourth, i.e. 25 percent reported losses of at least $34 million over the past two years, in contrast to top-tier security-savvy companies.
The reported losses were mainly in five key areas of expenses, namely: 59 percent – in monetary damages; 59 percent – in loss of productivity; 43 percent – in legal/compliance penalties; 40 percent – in loss of reputation; and 31 percent – in stock price fluctuations.
The survey results further revealed a huge potential gap among companies. Some were apt and doing incredibly well at tackling IoT security, while others seriously struggled at providing security to their IoT connected devices. Based on these lackings, companies were further categorized as Top-tier companies – which reported the fewest problems and the most mastery of IoT security; Middle-tier companies – which were squarely in between the two extremes at providing IoT security; and Bottom-tier companies – which reported far more problems and had much difficulty in mastering IoT security.