The rapid ascendency and popularity of the Internet of Things (IoT) has facilitated incredible opportunities for the digital transformation of goods and services. However, as the number of global connections scales and we see the world embracing digital transformation across multiple sectors, we also see a rise in cyber security threats. Hackers now have a myriad of new markets and verticals to focus on and exploit. This brings manufacturers and vendors a new set of risks that can not only affect their reputation, but also their bank balance. As we embrace this new world, we’ll start to recognize that device-level security is critical, and businesses will start to mandate good practices in their supply chains. It will touch every area of the ecosystem, from chip to cloud. We’ll also see other influencers taking charge: including governments exploring legislation and cyber insurers who will want to quantify risks. Security implementation doesn’t come without barriers of course. Some of the most prominent IoT security challenges center around manufacturers and software vendors working in fragmented siloes, whilst weighing up the cost of security implementation against wanting to keep the cost per unit as low as possible. These tensions are met with further challenges: such as the lack of resources and security expertise, especially in smaller companies.
