Cybersecurity for the IoT: How Trust Can Unlock Value
Currently, IoT is at a crossroads, facing a decision between continued incremental value in siloed clusters or unlocking massive value as a fully interconnected ecosystem. The integration of IoT and cybersecurity is crucial for this transition, as cybersecurity risks are a major barrier to trust and integration in IoT networks. This integration is vital for applications in key areas such as automobiles, healthcare, and smart cities.
Despite the expansion of IoT across industries, it hasn’t scaled quickly due to cybersecurity deficiencies, preventing a seamless IoT experience. Traditional approaches to IoT security are insufficient, lacking multilayered security in design and requiring frequent updates and patches.
The convergence of IoT and cybersecurity involves integrating technical, functional, and commercial elements of IoT with cybersecurity. This convergence is essential for creating a trusted, secure, and seamless IoT experience. However, there’s a mindset gap between IoT buyers and providers regarding the importance of digital trust and privacy, and the pace of IoT adoption.
Cybersecurity can unlock market opportunity. By 2030, the IoT suppliers’ market could reach $500 billion. Adequate management of cybersecurity concerns could increase spending on IoT by 20 to 40 percent, unlocking additional value for IoT suppliers. The interconnectedness of IoT devices increases the risk of cyberattacks, data breaches, and mistrust.
Cybersecurity risk multiplies in the IoT due to the interconnectedness of IT and operational technology. The current IoT infrastructure has security gaps along the value chain, and the approach to cybersecurity needs to be comprehensive, involving risk identification, protection, detection, response, and recovery.
Different industries face varied cybersecurity risks. For example, remote patient monitoring in healthcare prioritizes confidentiality and availability, while autonomous vehicles focus on availability due to safety concerns. Contactless payments in financial services depend on data integrity.
Achieving convergence in IoT and cybersecurity will require a significant shift in IoT solution design and a holistic approach. This involves embedding security in the IoT design process, creating IoT-specific certifications and standards, and tailoring cybersecurity solutions to industry-specific needs.
The future IoT environment will consist of billions of connected devices, requiring a comprehensive approach to cybersecurity. Convergence will enable more advanced IoT use cases and a seamless IoT experience. It will involve a combination of traditional and bespoke security tooling and security-centric product design.
The convergence of IoT and cybersecurity is essential for unlocking the full potential of IoT. It requires a shared cybersecurity responsibility model, strategic partnerships, and a comprehensive approach to security. Successful convergence can lead to a more secure, interconnected IoT ecosystem, enhancing trust and unlocking significant value in the IoT market.