|19 February 2016|
by Iain Robertson
The Internet of Things (IoT) is central to the digital revolution radically transforming the way we live our lifes.
The rapid growth of devices and people communicating with one another via the internet offers endless opportunities. It is the cybersecurity sector which will be key to managing the risk.
And with spending on IoT set to reach $1.3 trillion within four years, according to a report by the International Data Corporation, it is vital that individuals and organisations have the confidence to take full advantage of IoT.
As the industry continues to evolve it is incorporating virtually all aspects of our lives, including health products, so creating a robust cybersecurity infrastructure really is of life and death importance.
Alec Ross, author of The Industries of the Future, said cybersecurity is set to grow by around 20% per year.
“The constant threat of hackers mean there is a big market there,” he said.
And with the 2015 KPMG Cyber Security and IoT Survey finding that 92% of IoT users are concerned about security, the opportunities for companies working in this area are massive.
“For the technology sector, the message from businesses and consumers is clear: be innovative, be bold, and be secure.” said Gary Matuszak, KPMG’s Global Chair,Technology, Media &Telecommunications.
Florence Hudson, Senior Vice President and Chief Innovation Officer Internet2 (formerly with IBM) said: “Security really needs to be designed into IoT solutions right at the start. You need to think about it at the hardware level, the firmware level, the software level and the service level. And you need to continuously monitor it and stay ahead of the threat.”
IoT regulations and standards will also need to be established at national and global levels.
Earlier this montb US President Barack Obama told his administration to implement a Cybersecurity National Action Plan and others will need to follow suit.