Recent research by Gartner on IoT security spending foresee that spending will double and reach $547.20 million by 2018. This forecast sheds light on the fact that IoT risks will keep on growing and getting more complex, why else would spending increase for IoT security. But what else should CEOs and IT security pros take away from Gartner’s report?
Let’s start with their Forecast for 2016 where Gartner predicts that by 2020 more than 25% of identified attacks in businesses will involve IoT, although IoT will account for less than 10% of IT security budgets. This statistic alone should be enough for businesses to avoid waiting to increase their security budgets overall and to start focusing on how to better protect from IoT security risks.
Even though as of today the market for IoT security products is small, security isn’t only a technology process, so your spending doesn’t have to focus on IoT security technology that doesn’t exist yet. If you structure your security posture holistically, you’ll be able to have eyes on your potential vulnerabilities.
A holistic security posture is by far the best investment any business can make if they are serious about securing sensitive data and reassuring customers, as well as business partners or investors. When you’re consistently scanning your network for vulnerabilities, checking your applications and continuously monitoring your connected devices and data access points, as well as learning to spot false positives and implementing those security policies and procedures you spent so much time setting up; if you’re doing all of this you’re going to be ready to protect against IoT risks. Also, when IoT security products catch up, they’ll be able to add to that layer of defense you’re already implementing on a daily basis.
Another important note on IoT security that CEOs and IT security executives should note is that IoT requires software and hardware security, cyberphysical security. To secure an IoT infrastructure requires an in-depth strategy. If you have yet to develop one, you should seriously sit down and start. If you don’t know where to start, there are industry experts, like us here at NCX Group, who are ready to impart that knowledge and build a solid security strategy with you. A security strategy that doesn’t only prepare you for IoT risks, bull for the number of other cyber threats your enterprise can face now that everything is going digital.
Gartner’s forecast may be about spending, but the message is clear if you take a closer look. The CEOs and CIOs who get it aren’t waiting for 2018 or 2020 to get on board with IoT security, or data security in general. Unfortunately, many studies, including ones by the Ponemon Institute or the recent Verizon DBIR, show that businesses are still far from where they need to be with holistic security practices.
If your business is one of those who sees the bigger picture and isn’t about to wait for breach or the right time to get your data and IoT security on track, feel free to reach out. We offer a free consultation and if you’re still thinking about it, browse through our blog. There’s a lot of helpful information, as well as industry studies that can give you more insight into the value behind having a good security program or what happens when security isn’t part of your business process.
How are you preparing for IoT security risks?
Photo courtesy of Sergey Nivens