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Internet of Things Market to Have 21.40% CAGR from 2015 to 2021

The Internet of Things is the next big thing in the evolution of wireless networks. IoT has transformed not only the industrial sector but, in a very tangible way, the way society functions as well. It is no secret that the Internet of Things is the next big thing in the technological arena. Already, objects such as cars, medical devices, electric meters, and more are connected to the internet.

The point to consider here is that before more devices are connected to the internet, experts feel that the cyber security industry needs to put in more efforts to enhance public safety controls, especially the ones employed on IoT-enabled machines. The most important factor to consider here is that people trust internet-connected devices and wish to use them as frequently as possible. The main focus of many organizations thus has to be to secure internet-connected devices.

Why do Internet-connected Devices Need more Protection?

So far, the Internet of Things has performed admirably, with several applications emerging in crucial walks of life. But at an Atlantic Council event last week, experts stated that internet-connected devices need to be more thoroughly protected from hackers. The adoption of internet-enabled devices in the near future could be affected by the recent instances of malicious attacks and software vulnerabilities. Internet-connected devices can also malfunction due to software glitches or errors in interpretation of received data.

For instance, in February 2016, an incident was reported where Google’s self-driven car ran into a bus in Mountain View, California. This was the first incidence where a vehicle without a driver caused a crash.

This way, the adoption of internet-enabled devices can be hampered in the years to come if precautionary measures are not taken. So far, the trust and confidence in IoT devices have been in the mixed state.

According to an Intel Security survey released on Wednesday, around 75% of 9,000 respondents shortlisted from nine countries, including the U.K. and the U.S., state that smart homes could improve the standard of living but 66% also state that there is a risk of criminals hacking into their web content and connected gadgets.

Secure Remote Updates to Prevent Spread of Software Failures

The good news is that a few frameworks are already planned to enforce security on various smart devices in the near future. Last month, Atlantic Council released a report on smart home technologies, which stated that IoT device makers are expected to try to instill faith in their customers simply by providing secure remote updates. These updates enable safer default settings and prevent the spread of software failure. Companies should concentrate more on integrating cyber security in the product cycle to minimize the risk of both malicious attacks and software failures.

Of course, security is not something that can simply be layered on to the devices; rather, it is a tool that needs to be inherent in the broader structure and design philosophy of devices. Again, experts also suggest that the lack of proper guidelines for internet-connected devices could be a costly affair for consumers, and both companies and consumers need to be extra careful while connecting any devices to the internet.

Written By

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers.

1 Comment

1 Comment

  1. Jeffrey Ito

    August 14, 2016 at 7:13 pm

    I wonder what all the potential applications for Internet of Things can be?

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