We have stated multiple times at IoTSources.com that a failure of the IoT industry to address security could seriously impede the estimated growth of the market overall. Estimated by McKinsey and Company, IDC Research and others as a $1 trillion plus market within the next five years, the Internet of Things carries tremendous promise. Further, as we have expounded upon in a previous article, the IoT is building momentum today among innovators and early adopters who are more comfortable with risk; however, the real upside of the market occurs when the industry “crosses the chasm” to the early majority. The question, in my mind, is how far will the IoT market stretch before security concerns begin to slow or even worse, stall growth. Potentially one significant attack on an IoT network that triggers a nationwide or global public relations media storm could be the impetus to weaken the fortitude of the greater market population for adopting the IoT.
The author of the article linked to below carries a similar opinion about security. After attending the recent 5th Annual Internet of Things Global Summit in Washington DC, the author stated that this security concern was shared by many speakers as well. He stated, “The opinion of many of the speakers is that security has the potential to impede the success of IoT devices, applications, and services.”
Analysts are talking about the Internet of Things as the next evolution of industry similar to the Industrial Revolution. The hope is great but the industry needs to effectively address the security challenges now in order to grease the path for minimal friction to a grand future.
Also published on Medium.