This article originally appeared on TechTarget’s IoT Agenda blog. Click the link below for the full version.
After years of embarrassing breaches and botnet abuses, IoT device manufacturers are finally realizing what consumers are looking for in their new products: advanced digital security to protect their networks, privacy and data.
Despite public mistrust and hesitancy, the IoT market is booming. In fact, Bain predicts market growth up to $520 billion by 2021 — which is more than double what was spent in 2017. These new devices are even more innovative and collect and pass far more data over the internet than those that came before. From autonomous vehicles that receive firmware updates over the airwaves to medical devices that go home with the patient and directly improve experiences and outcomes, the impact of IoT cannot be understated.
Connected products need to be impeccably secure so hackers can’t take control — devices left unprotected can turn from helpful to harmful in a heartbeat. From the same Bain study, the average data breach costs businesses more than $1.2 million, and 93% of enterprise executives are ready to increase budget to purchase devices with improved security.