Since security has immediate and future consequences, what is the real cost of solving — or not solving — the internet of things security problems?

Investing In The Internet Of Things Security


Security is a complex challenge. As the smart, autonomous future dawns upon us, the risks for the rapidly growing intrinsic web of connected things across cyberspace, aquaspace, geospace, and space (CAGS) are becoming complex.

As the number of things and devices being added to the internet of things (IoT) increases every day, so does the potential security threats. It is no longer only about the nature of connected things and the connectivity of an enterprise or critical infrastructure; the reality today is that the internet of things is now connecting everyone and everything. As a result, everyone is vulnerable to security threats. This changes everything, as hackers can now gain access to anyone’s networks through either a thermostat, digital locks, refrigerators, baby monitors, light bulbs, smart meters and so much more. It is no brainer that securing the IoT is fundamental to the well-being, privacy, data security, personal safety, and security of everyone and everything across nations.

This is mainly because the connected devices commonly use tiny processors for embedded functions. While these processors are cost-effective and efficient, these devices do not have the necessary computing and memory power to incorporate the current security solutions to be resilient. Nor can they be upgraded when new information becomes available on any emerging security threat from cyberspace or beyond. Moreover, in the absence of global standards, interoperability and integration are getting complex. Also, the low cost of things (devices) and the resulting mass production makes it impossible to keep track of.

This is primarily a cause of concern because while we are still struggling to manage the security risks from cyberspace, security is becoming even more challenging as everyone and everything is getting connected across CAGS. As Jeff Williams of Bain Capital says in this Risk Roundup, “The adversaries have now moved towards going after these devices because it’s easy access to the network we’ve all spending so much money and time protecting.” Now, when quantum computing is well on its way to becoming a reality, solving the already complex problem of the internet of things is getting even harder.

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