IoT is increasingly permeating every aspect of consumer and enterprise activities. With the growth of microelectronics, ubiquitous connectivity, and cognition (predictive computing), IoT is poised for rapid growth. Whether malicious or accidental, malfunctioning IoT devices, such as a connected car or components of a smart grid, can pose a significant risk to consumers, businesses, and societies.
Frost & Sullivan’s insight, IoT Security Market Watch — Key Market Needs and Solutions in the IoT Landscape, predicts that the total number of IoT devices will grow from 12.44 billion devices in 2016 to over 45.41 billion devices by 2023, at a global compound annual growth rate (CAGR) of 20.3 percent. The insight discusses key market needs, leading solutions, the importance of security for IoT operation success, and device component manufacturer activities in IoT security.
“Hardening the security posture of IoT components once the product has been deployed commercially is extremely difficult. Therefore, it is imperative that security is implemented during the device design phase or device manufacturing phase,” says Frost & Sullivan Digital Transformation Industry Director Vikrant Gandhi. “Device OEMs must also use components that have the necessary built-in security capabilities to ensure the appropriate levels of device and data authentication and integrity.”
Key considerations for complete and effective IoT cybersecurity include:
- Operating within the physical and technical limitations of IoT by using efficient and lightweight security technologies;
- The ability to accommodate multiple approaches, including digital certificate-based or certificate-less security mechanisms;
- The protection of IoT data at rest, in transit, and in the cloud;
- A standards-based approach for IoT security; and
- Operating at a scale to support millions of IoT devices with no impact on speed and security of IoT operations.
“One of the challenges is securing IoT without increasing the cost of IoT devices, and without consuming too many computing resources. This is where innovative solutions and approaches can help,” notes Gandhi. “IoT will only be truly secure when every participant in the IoT ecosystem approaches deployments with a collaborative, security-first mind set.”
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