Despite IoT Security Concerns, Market Marches On

A whopping 97% of Internet of Things (IoT) adopters express concern about security, but this is not stopping them from implementing IoT solutions. So says a recent Microsoft-commissioned survey of 3,000 enterprise decision-makers involved in IoT and who represent a range of industries in the U.S., U.K., Germany, France, China, and Japan.

There is no question that the IoT is transforming our way of life and doing business, especially during Covid times. Data-collecting sensors are installed nearly everywhere now – in cars, doors, traffic lights, wearables, medical equipment, appliances, homes, office buildings and factories. These devices are transmitting data through the Internet about location, health status, temperature, operating efficiency, and much more.

But how vulnerable are these Internet-connected IoT devices? How are consumers and businesses exposed to privacy invasions and security breaches as information is transmitted over the public Internet, and therefore, open to potential attackers? IoT device manufacturers are racing to develop and roll out new products and solutions that include built-in security and continually push out updates to software once IoT devices are in production. It’s an uphill battle as unforeseen threats continue to emerge.  

Nevertheless, only 7% of survey respondents listed security as their No. 1 challenge. Complexity and technical challenges were actually cited as the biggest barriers to adoption, followed by budget and staff resources, and lack of knowledge about IoT. And even among those 7% who did feel security was their biggest challenge, they realize it’s worth the investment. Per the study results, 91% reported increased efficiency and yield, and 85% cited increased quality once they adopted IoT, along with improvements in productivity, production, customer satisfaction and decision-making, and a reduction in expenses.

If you are just beginning to develop an IoT strategy or wondering how your company might fit an IoT project into its business processes, the report has an informative list of IoT use cases and applications across five industries – manufacturing, retail/wholesale, government, transportation and healthcare. In retail environments, for example, an IoT implementation could help optimize inventories, aid in loss prevention, or improve surveillance. IoT adopters in retail/wholesale also report benefits from in-store contextualized marketing and digital signage.

Despite security concerns, don’t be left behind your competitors are likely already onboard with IoT. It may take a little extra due diligence, but the effort is worth the results that IoT can bring to your organization.