A recent study by, Gemalto, the global leader in digital security company, surveying 950 IT & business decision makers globally, reveals that only 48 percent of businesses were able to detect an IoT breach, i.e. nearly half of the survey respondents were actually able to point if an IoT device has been exploited and the other half couldn’t. These results are astounding if we take in the efforts companies put in on IoT security.
Further delving into the study, reveals that, IoT security spending has gone up from 11 percent in 2017 to 13 percent in 2018; 90 percent of the respondents believe that it is a big consideration for customers; and 14 percent that’s almost thrice of what it was in 2017, i.e. 4 percent, who believe IoT security is an ethical responsibility.
With the number of connected devices estimated to cross the 20 billion mark by 2023, companies are calling for government intervention. Of the 950 survey respondents, 79 percent asked for government’s intervention to provide robust IoT security guidelines; 59 percent asked govt.’s clarification on who to blame when IoT breach happens. Despite the intervention of many governments in enacting or announcing IoT specific regulations almost all of the respondents i.e. 95 percent believe there should be a uniform regulatory framework in place.
According to Jason Hart, CTO, Data Protection, Gemalto, with the increase in IoT adoption, it’s a cause to worry to see that businesses still can’t detect an IoT breach. Lack of consistent regulation guiding the IoT industry, the increase in IoT related threats and attack surface is not surprising. This threat will keep growing unless governments intervene to help industry avoid losing control over these connected devices.