According to Altman Vilandrie & Company, “More than 40% of American firms who have initialized their steps towards the Internet of Things (IoT) are facing security problems.” The research was conducted earlier this year, which looked into 400 IT companies operating under different industries. Amongst all, 46% companies experienced at least one security breach.
In 2016 alone, companies having annual revenue less than $5 million lost 13% of their revenue due to cyber-attacks. Whereas companies with annual revenue $2 billion or more, spent approximately $20 to tackle the cyber-attacks. Companies who did not have any issues related to security breach invested 65% more on IoT security compared to others who got their system hacked.
According to the survey, most companies considered IoT as a brilliant platform while others mentioned it was out of their budget. More than 75% of the total companies were interested in investing in the IoT. They were looking forward to integrate different IoT solutions to solve their unique business needs. However, companies have to incorporate IoT solutions with robust security to mitigate cyber-attacks. They should show concern towards preventing customer information and business data to take their security to the next level.
Another company called the Ponemon Institute surveyed 648 individuals related to different industries to create a report. Most explained that there is lack of oversight in security implementation, departmental communication, and lack of supervisors to efficiently operate IoT devices. Besides that, the communication gap between IT specialists and third party service providers are creating a barrier while securing IoT devices. Companies should map out practical strategies to connect with third party service providers and address potential threats. If companies are willing to integrate IoT, they must find effective ways to mitigate risks.